Teachers Retirement System (TRS) held its bimonthly meeting Jan. 25, 2023. The TRS net position at the end of December was $87,699,566,638. The 2023 Legislative session is underway and is the first year of a two-year legislative biennium. The board heard the executive director’s operational status report and reviewed the Medical Board Fee. The board also approved a 5% pay increase for the executive director.

Financial Statement

• The TRS net position in November 2021 was 102,979,575,445.

• The TRS net position in November 2022 was 91,031,687,190.

• The TRS net position in December 2021 was 105,820,026,080.

• The TRS net position in December 2022 was 87,699,566,638.

Membership Report

In December, there were 289,115 members in active status with 244,841 actively contributing and 145,027 retirees. Of the 145,027 retirees, the average monthly benefit was $3,550. The average service credit was 25.58 and average age at retirement was 59.

Legislative Report

The 2023 Legislative session is the first year of a two-year biennium. Any legislation having a fiscal impact on TRS will need to be introduced in the first year of the biennium and cannot be voted on until the second year of the biennium. Follow the PAGE legislative updates for information on legislation impacting TRS.

Medical Board Fee

The board voted to increase the fee paid to Medical Board members from $75 to $100 per case reviewed.

Next TRS Meeting

The next TRS meeting will take place March 22, 2023.