TRS held its bi-monthly Board of Trustees meeting on January 24, 2018. TRS net assets in December climbed to $75,762,925,041. Membership numbers remain steady with 268,726 members. Dr. Skinner updated the board on pending legislation for 2018.
Financial Division
TRS net assets in November 2016 were $66,529,008,180. TRS net assets in November 2017 were $75,278,284,850.
TRS net assets in December 2016 were $67,238,875,063. TRS net assets in December 2017 were $75,762,925,041.
Membership Reports
On December 1, 2017 there were 268,726 active TRS members(individuals who made a contribution in the last four years). 235,703 of those members are considered actively contributing(members who contributed in the last four months).
On January 1, 2018, there were 123,787 retirees.
January 1, 2017, there were 111,060 service retirees who receive an average monthly benefit of $3,291. They average 25.98 years of service with an average age at retirement of 59.
Legislative Update
2018 is the second year of the 2017-2018 legislative biennium. Any legislation having a fiscal impact on TRS must be introduced in the first year of the biennium (2017). If approved by House and Senate retirement they are sent for actuarial study and may be voted on in the second year of the biennium. There are currently four bills carried over from last year:
HB 218 by Rep. Stacey Evans (D - Smyrna), who is no longer a legislator and is running for governor, is a fiscal bill allowing individuals who made an irrevocable election to join the Regents Optional Retirement Plan (ORP) to revoke the election and join TRS. Any person employed after July 1, 2018 with at least 5 years of university system employment must make the election to transfer no later than December 31, 2018. No transfer may accrue an unfunded liability.
HB 418 by Rep. Tommy Benton (R - Jefferson) is a fiscal bill that allows individuals to establish service credit for international teaching service.
SB 282 was a fiscal bill related to the Employee Retirement System (ERS) of Georgia but was substituted by sponsor Sen. Ellis Black (R - Valdosta) with language that amends the Public Retirement Systems Standards Law. Any establishment of service credit requires full actuarial funding. This bill allows the system to establish a payment plan for funding not to exceed 120 months. This substitute is a non-fiscal bill.
SB 293 by Sen. Black is a fiscal bill that requires the employer of a TRS retiree to pay the employer and employee rates. Retirees continue to receive their retirement benefit but do not accrue additional service credit.
