Facts at a glance is a quick glimpse into information on TRS, the pension fund's membership, investments and funding. For more detailed information see the following reports:
Key membership, investment, funding and administration data tables:
Membership
| Number of | Aug. 31, 2025 | Aug. 31, 2024 |
|---|---|---|
| Current Members | ||
| Active Contributing | 976,406 | 970,874 |
| Inactive Nonvested | 459,673 | 439,889 |
| Inactive Vested | 143,256 | 138,146 |
| Total Current Members | 1,579,335 | 1,548,909 |
| Retirement Recipients | ||
| Service | 490,457 | 475,891 |
| Disability | 12,189 | 12,127 |
| Survivor | 21,011 | 20,683 |
| Total Retirement Recipients | 523,657 | 508,701 |
| TOTAL MEMBERSHIP | 2,102,992 | 2,057,610 |
Members Retiring Fiscal Year Ended 8/31/25
| Number Retiring | 26,212 |
|---|---|
| Average Age at Retirement | 60.7 |
| Average Service Credit | 23.9 |
| Life Annuities | $2,317 |
|---|---|
| Disability Annuities | $1,372 |
| Annuities Certain | $1,325 |
Investments
| Year | Value (in millions) | Annual Rate of Return |
|---|---|---|
| 2016 | $132.762 | 7.40% |
| 2017 | $145.916 | 12.60% |
| 2018 | $154.700 | 8.20% |
| 2019 | $157.433 | 5.20% |
| 2020 | $164.642 | 7.24% |
| 2021 | $201.163 | 24.98% |
| 2022 | $183.509 | (6.72)% |
| 2023 | $186.608 | 3.85% |
| 2024 | $209.541 | 12.83% |
| 2025 | $225.275 | 9.77% |
Asset Allocation
| Asset | Market Value (in millions) | % of Total |
|---|---|---|
| Public Equity - All Country | $83,719 | 37.16% |
| USA | $0 | 0% |
| Non-US Developed | $12,113 | 5.38% |
| Emerging Markets | $2,193 | .97% |
| Private Equity | $34,503 | 15.32% |
| Government Bonds - Nominal | $19,609 | 8.7% |
| Government Bonds - Real | $7,044 | 3.13% |
| Absolute Return | $8,806 | 3.91% |
| Stable Value Hedge Funds | $10,959 | 4.87% |
| Real Estate | $30,228 | 13.42% |
| Energy, Natural Resources & Infrastructure | $15,495 | 6.88% |
| Commodities | $365 | 0.16% |
| Risk Parity | $10,856 | 4.82% |
| Cash | $4,404 | 1.95% |
| Asset Allocation Leverage | ($15,019) | (6.67)% |
| Total | $225,275 | 100.0% |
Pension Fiduciary Net Assets
| Account Category | 2025 (in billions) | 2024 (in billions) |
|---|---|---|
| Net Position | $226.3 | $210.543 |
| Member Contributions | $5.093 | $4.922 |
| State Contributions – General Fund | $2.565 | $2.484 |
| Pension Payments to Retirees & Beneficiaries | $14.368 | $15.240 |
Funding Status
| Funding Metric | 2025 | 2024 |
|---|---|---|
| Statutory Contribution Rates | ||
| State | 8.25% | 8.25% |
| Member | 8.25% | 8.25% |
| Actuarial Information | ||
| Covered Payroll | $64.9 billion | $61.4 billion |
| Normal Cost % | 12.61% | 12.10% |
Unfunded Actuarial Accrued Liability (UAAL) | $64.9 billion | $60.6 billion |
| UAAL as % of Pay | 99.9% | 98.70% |
| Funded Ratio | 77.5% | 77.8% |