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TRS director warns university supplemental rate must rise sharply to meet 2033 amortization
Summary
Teachers Retirement System director told the committee that to amortize university-system liabilities by July 1, 2033, the MUSRP employer supplemental rate would need to rise from 4.72% to 14.21% or a $214 million lump sum would be required; the director said funding is not in the governor's budget.
Sean Graham, executive director of the Teachers Retirement System, briefed the House State Administration committee on TRS membership, cashflow and two bills on the board's agenda.
Graham said TRS currently serves about 20,000 active members and roughly 18,000 benefit recipients, with about $5 billion in assets. He told the committee the system's funded ratio rose to 74.2% as of July 1, 2024, and the system amortizes its liabilities over 21 years under current actuarial assumptions.
Graham described an outstanding unfunded liability…
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