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Witnesses tell committee TRS funded ratio remains below 80% amid assumption changes, pay raises and past retiree COLAs
Summary
Retirement Systems testimony flagged TRS funded ratio at about 66% in the latest actuarial valuation and attributed the decline to lower assumed returns, retiree COLAs granted in the 2000s, wage increases and GASB accounting changes, with committee members asking for asset/liability breakdowns.
Representatives from the Retirement Systems explained to committee members that the Teachers’ Retirement System (TRS) funded ratio has fallen from near 100% in 2000 to roughly 66% in the most recent actuarial valuation.
The witness explained the funded ratio measures actuarially determined liabilities against assets and that multiple…
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