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Teachers Retirement System of Georgia Board of Trustees Meeting - May 2025

The Teachers Retirement System of Georgia (TRS) held its bimonthly meeting May 14, 2025. TRS trustees received operational and legislative updates, heard from actuarial consultants about TRS valuation, adopted Fiscal Year (FY) 2027 employee and employer contribution rates, and elected officers and committee membership.   



The full agenda and all meeting materials can be found by clicking the button below.


Legislative Update References Recently Audited Return-to-Work Program

In his brief legislative update, TRS Executive Director Buster Evans characterized the 2025 session as relatively quiet for TRS. He highlighted two fiscal retirement bills, SB 150 and SB 209, approved by the Senate Retirement Committee for actuarial study.

 

SB 150, by Sen. Billy Hickman (R-Statesboro), extends the sunset date on Georgia’s return-to-work program, which is set to expire in 2026 unless legislators act. The program allows retired educators with at least 30 years of service to return to work full-time while drawing TRS benefits. Educators can only return to work after a 12-month waiting period and must teach in a high-needs subject area as determined by their local Regional Education Service Agency (RESA). SB 150 also seeks to reauthorize the return-to-work program until 2034, drops the required years of service for program participation from 30 to 25, and the waiting period from one year to 60 days. It would allow educators to return in any subject area other than athletics and coaching.


(Click to Read Report)
(Click to Read Report)

A recent state audit of the teacher return-to-work program found it beneficial in addressing teacher vacancies and had a minimal financial impact on TRS. SB 209, by Sen. Russ Goodman (R-Homerville), would permit Public School Employees Retirement System (PSERS) employees to make a one-time irrevocable decision to join TRS. Learn more about pending return-to-work legislation, including several House bills which have not yet been approved for actuarial study, started on p.17 of PAGE’s 2025 Legislative Session Summary.

Fiduciary Net Position & FY 2025 Rate of Return

  • The TRS net position in March 2024 was $105,607,271,834

  • The TRS net position in March 2025 was $108,667,821,101

  • The TRS net position in April 2024 was $101,731,438,980

  • The TRS net position in April 2025 was $108,647,523,518

TRS reports a 4.09% rate of return for FY25.


Changing Faces of TRS: New Deputy and Longtime Trustee’s Retirement Announced 

Evans provided an overview of the recent work of all TRS divisions and introduced outgoing Oconee County School Superintendent Jason Branch. On July 1, Branch will join TRS as chief operating officer and deputy executive director.

 

Evans congratulated longtime TRS Board Member Bill Sloan, who recently announced his retirement as Georgia Retired Educators Association (GREA) president. Johnny Smith will serve as GREA's new executive director.


CavMac TRS Valuation and FY27 Employee and Employer Contribution Rates

Actuarial consultants from CavMac provided a report on the health of TRS, explaining that robust rates of return in recent fiscal years have blunted the impact of 2025 market volatility. 

 

When highlighting their actuarial assumptions, the consultants noted several fun facts about TRS members:

 

  • The oldest TRS retiree is currently 110

  • There are 89 TRS retirees over the age of 100

  • The oldest active (still employed in a TRS position) TRS member is 92

  • The youngest active TRS member was born in 2006


Upon completion of CavMac’s presentation, which included recommended Fiscal Year 2027 (FY27) contribution rates, trustees unanimously adopted an employee contribution rate of 6% and an employer contribution rate of 22.32%. The FY26 employee contribution rate was 6%, and the employer rate was 21.91%.  


Trustee Elections and Committee Assignments

Current Board Chair Deborah Simonds was reelected as board chair, and Kenneth Dyer was elected as vice chair. Members of the investment committee were also elected.

 

Also adopted were trustee assignments to Administrative Procedures, Audit, Goals and Objectives, Joint Management, and Salary Review committees.   



Next Meeting


The next Board of Trustees meeting will be July 23.



The full calendar of 2025 TRS Board of Trustees meetings can be found HERE.


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