Teachers Retirement System (TRS) held its biannual meeting March 23, 2022. The TRS net position in February 2022 was $98,899,548,138. The board heard an update to the strategic plan, approved the amended FY 22 and FY 23 budget, and heard a legislative report.
TRS net position in January 2021 $93,690,003,723
TRS net position in January 2022 $100,884,603,489
TRS net position in February 2021 $95,518,505,891
TRS net position in February 2022 $98,899,548,138
In January, there were 281,506 members in active status, 237,158 actively contributing, and 141,178 retirees.
In February, there were 282,230 members in active status, 237,140 actively contributing, and 141,148 retirees.
The board approved the following budget amendments:
FY 22 approved $45,267,213
FY 22 amended $46,988,859
FY 23 approved $45,712,213
FY 23 amended $48,727,498
HB 173 by Rep. Tommy Benton (R-Jefferson), which allows retired state employee associations to recommend advisory members to the board overseeing the Employees Retirement System (ERS), passed the General Assembly in 2021, the first year of the legislative biennium. HB 173 also authorizes large public retirement systems, excluding TRS and ERS, to invest up to 10 percent of their funds in alternative investments. The TRS and ERS alternative investment allowance remains capped at 5 percent. HB 385 by Rep. Shaw Blackmon (R-Bonaire), which allows retired educators to return to work full-time while continuing to draw full TRS benefits after a 12-month waiting period, was recently signed into law by Gov. Brian Kemp. Employment is restricted to high-needs areas, as determined locally by Regional Education Service Agencies (RESAs), and to retired educators who have a minimum of 30 years of creditable service. Unused sick leave can be used to reach the 30-year requirement. HB 385 is part of Gov. Brian Kemp’s teacher pipeline initiative. SB 267 by Sen. Sheikh Rahman (D-Lawrenceville) sought to allow retired TRS members who elected an optional retirement allowance that included one or more beneficiaries to change a beneficiary one time every three years. However, substantive provisions regarding TRS have been stripped from the legislation, and SB 267 now pertains only to the Judicial Retirement System. The bill passed the Senate but stalled in the House Retirement Committee.
The next TRS Board Meeting is scheduled for Wednesday, May 11, 2022.