Teachers Retirement System of Georgia (TRS) Board of Trustees held its annual meeting May 10, 2023. The TRS net position in April 2023 was $92,151,360,049. The board heard a presentation from actuarial firm Cavanaugh Macdonald. Based on this report, the board set FY 2025 employer and employee contribution rates. The board selected the Maximum Percentage Increase to determine TRS benefits for FY 2024 and elected board members for FY 2024.
Financial Statement
The TRS net position in March 2022 was $99,546,619,313.
The TRS net position in March 2023 was $91,691,389,295.
The TRS net position in April 2022 was $92,898,480,066.
The TRS net position in April 2023 was $92,151,360,049.
Membership Report
In April 2023, there were 291,707 members in active status with 242,263 members actively contributing. There were 142,211 retirees.
In May 2023, the average age at retirement was 59, the average service credit was 25.55 years, and the average monthly payout was $3,540.
Maximum Percentage Increase for Two-Year Average Salary Fiscal Year 2024
Georgia law limits the amount of salary increase that can be used to calculate retirement benefits for TRS members whose current date of membership is on or after July 1, 1984. The General Assembly approved an increase of 3.03% for Board of Regents employees and the Department of Education approved an average increase of 2.47% for classroom teachers for FY 2024. The General Assembly, under O.C.G.A. § 47-3-120(d), allows an additional 2.5% to be included in the calculation of Maximum Percentage Increase. Employees of Board of Regents: 5.53% (3.03% + 2.5%) All Others: 4.97% (2.47% + 2.5%)
Adoption of FY 2025 Employee and Employer Contribution Rate
The FY 2025 Employee Contribution Rate is capped at the statutory maximum of 6%. The employer contribution rate for FY 2025, based on actuarial recommendation, is 20.78%.
Adoption of FY 2025 Employee and Employer Contribution Rate
The FY 2025 Employee Contribution Rate is capped at the statutory maximum of 6%. The employer contribution rate for FY 2025, based on actuarial recommendation, is 20.78%.
Election of Board positions for FY 2024
Board chair is Deborah Simonds
Vice Chair is Jason Branch
Trustee Skilled in Investments is Thomas Norwood
Click here to access a list of all TRS Board of Trustees members and their contact information.
Next TRS Meeting
The next TRS meeting will take place July 26, 2023.
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