Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Teachers Retirement System reports highest funded ratio in its history; trustees project full funding by 2035
Summary
The Teachers Retirement System told the Banking, Pensions and Financial Services committee it reached a 77% funded ratio in FY 2024 — the highest in its 81‑year history — and projects full funding by 2035, while warning that unfunded liability remains the state's largest fiscal exposure.
Sarah Green, executive director of the Teachers Retirement System (TRS), gave an overview of the pension plan’s finances, investments and operational work to the Banking, Pensions and Financial Services Committee. She said FY 2024 delivered strong investment returns and marked the plan’s highest funded ratio in its history: “FY 24, TRS achieved our highest funded ratio in the 81 year history of our plan. So we are now 77 funded,” Green said, adding the board projects full funding by 2035 if current assumptions hold.
TRS reported an actuarial value of assets of about $22.68 billion and an unfunded actuarial accrued liability of roughly $6.76 billion as of June 30, 2024. Green said the plan’s funded period shortened to 11 years from the prior year and that investment returns for FY…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
