Teachers Retirement System (TRS) held its bimonthly meeting Jan. 26, 2022. TRS net assets in December 2021 reached $105,820,026,080. Executive director L.C. "Buster" Evans presented an update on pending legislation. This year is the second year of the legislative biennium (2021-2022). Legislation having a fiscal impact on TRS that was introduced last year and sent for actuarial study over the summer may be voted on this year.
In December, there were 281,311 members in active status, 240,448 actively contributing, and 140,901 retirees.
Jan. 1, there were 126,443 service retirees with an average monthly benefit of $3,494 and an average age at retirement of 59.
TRS net position in November 2020 was $91,230,164,815. TRS net position in November 2021 was $102,979,575,445.
TRS net position in December 2020 was $94,180,392,953. TRS net position in December 2021 was $105,820,026,080.
The following two fiscal bills were sent for actuarial study over the summer and are eligible to be voted on this legislative session: House Bill 385: Proposed legislation that would enable retired educators to return to work full-time, after a 12-month waiting period following retirement, while continuing to draw full TRS benefits. The bill would restrict employment to high-needs areas in each region as determined by Regional Education Service Agencies (RESAs) and to retired educators who have a minimum of 30 years experience. Learn more in the PAGE Capitol Report HERE. Senate Bill 267 by Sen. Sheikh Rahman (D-Lawrenceville) would allow retired TRS members who elected to participate in an optional retirement allowance that included one or more beneficiaries to change a beneficiary one time every three years. The member’s retirement allowance or allowance to a named beneficiary would be recalculated to ensure the cost of the benefit would be actuarially equivalent to the allowance in effect prior to naming a new beneficiary.
The next TRS Board Meeting is scheduled for Wednesday, March 23, 2022.