Total Membership | 2,057,610 |
Average Years of Service | 24 |
Participating Employers | 1,349 |
Types of Employers | Public School Districts |
Fund Value as of Aug. 31, 2024 | $209.5 billion |
Why aren't we able to provide this morning's market value? There's a lot to reconcile on any given day. Picture several hundred moving targets, like financial honeybees. It's difficult to choose the right moment to count them all. So, we've provided numbers from the end of the most recent fiscal year. Our main source: TRS' FY 2024 Annual Comprehensive Financial Report.
Open Printable 'Fund Insights'
Open, save and print the most recent copy of the TRS 'Fund Insights' document.
(Source: TRS ACFR, as of Aug. 31, 2024, except where noted)
TRS' pension trust fund is the sixth largest public pension fund in the U.S. defined by assets under management (excluding the Federal Thrift), according to Pensions & Investments magazine's annual survey of the top 1,000 Funds.
TRS' pension trust fund is considered actuarially sound according to recent independent reporting from actuary, Gabriel, Roeder, Smith & Co. (GRS).
Funding Period: 28 years
Funded Ratio: 77.8%
Unfunded Liability: $60.6 billion
TRS' pension trust fund meets the statutory definition for actuarial soundness by having a funding period of less than 31 years.
Benefit Enhancements: With the pension fund actuarially sound, the Texas Legislature passed laws in the 88th Regular Session allowing for a cost-of-living adjustment (COLA) and a stipend to be paid to eligible annuitants
- Vision: Earning your trust every day
- Mission: Improving the retirement security of our members by prudently investing and managing the trust assets and delivering benefits that make a positive difference in their lives
- Core Values: Member Focus, Ethics, Respect, Excellence, Innovation
- Purpose: Founded in 1937, the Teacher Retirement System of Texas is responsible for managing pension and health benefits for more than two million active and retired participants and their beneficiaries. Read a historical timeline here.
- Total Membership (as of Aug. 31, 2024): 2,057,610
- Membership Increase in 2024 (net): 55,636
- Current Active Members: 1,548,909
- Average Age of Members: 44.7
- Average Years of Service: 10.2
- Retirees (as of Aug. 31, 2024): 508,701
- Average Age: 72.7
- Average Age at Retirement: 60.6
- Aged 100 and Older: 400
- Average Years of Service: 24
- Retirements in 2024: 26,618
- Monthly Benefit Payments: 508,701
- Average Monthly Life Annuity: $2,294
- Benefit Payments Paid in FY 2024: $15.1 billion*
- Monthly Payroll: $1.24 billion
- Annual Pension Fund Revenue:
- Investments: 62%
- State and Employers: 19.5%
- Members: 18.5%
*Includes the most recent one-time stipend and cost-of-living adjustments for eligible retirees.
One in 19 Texans is a member of TRS. Most retirees (93%) remain in Texas and spend their annuity checks at local businesses, contributing to the state's economic growth. This is shown in TRS' biennial publication 2024 TRS Value Report that highlights the pension trust fund's economic benefit for Texas.
Impact that TRS Benefit Payments have on Texas' Economy: $29.5 billion (2024)
Operation: As authorized by the Texas Legislature, TRS is a defined benefit plan, with retirement benefits determined by a preestablished formula in state law. The pension trust fund is sustained principally by three sources—member contributions made during their working careers, state and employer contributions, and investment returns.
Board of Trustees:TRS' nine-member board of trustees is made up of five investment/financial experts and four who are TRS members. Read more here about appointee biographies, meeting agendas/minutes/summaries and board and committee books.
Location: TRS is headquartered in Austin, Texas. The agency's new Member Center opening date: May 20, 2025. Learn about TRS' newest home here. TRS also operates a regional office in El Paso.
Website: www.trs.texas.gov
Social Media:Facebook (Meta), Instagram, LinkedIn, Threads, YouTube, X
Publications:Read publications here such as TRS News, Fresh Picks e-newsletter
Videos: Watch videos here on pension education resources, financial awareness, member spotlights
News Releases: Read TRS news here
Member Portal: Access MyTRS
Investment Returns: For the 12 months ending Aug. 31, 2024, the pension trust fund delivered investment returns of 12.83%. This is 3.55% above the fund's benchmark. For the five- and ten-year periods, TRS' average annual rates of return exceeded the 7% long-term assumed actuarial rate of return.
Excess returns for the past three years were more than 8.9 billion (ending Sept. 30, 2024, per TRS' Investment Management Division). These are revenues generated beyond passive investments and above benchmarks. These funds are reinvested in the pension fund.
- Public Equity and Fixed Income Holdings: View monthly reporting here
- Private Markets holdings and other public information may be requested through Media Relations or via TRS' Open Records Portal
Investment Strategy:TRS follows a well-diversified portfolio structure to take advantage of various market scenarios. Such a balanced portfolio helps ensure TRS meets long-term target return objectives while managing risk.
Under guidance of the board of trustees to stay within the risk tolerances specified in the Investment Policy Statement, the asset allocation of the pension trust fund has both a long-term target position as well as a maximum and minimum range.
In October 2024, per a five-year schedule, TRS revised its Strategic Asset Allocation (SAA). Read more on our SAA process.
The portfolio is currently divided into:
- 54% Global Equity
- 21% Stable Value
- 21% Real Return
- 5% Risk Parity
- -4% Net Asset Allocation Leverage
Pension Services:
- Contact center staff who answer calls
- Benefit counselors who work with members on retirement-related activities
- Benefit processors who maintain member accounts, prepare retirement estimates, process retirement applications
- Payroll specialists who process monthly payroll activities and provide tax documents, and
- Employer services staff who work with TRS' nearly 1,350 employers to report member data.
Health Services:
- Provides high-quality care to over 636,000 participants - including 420,000 in TRS-ActiveCare and 216,000 in TRS-Care,
- Paid more than $4.9 billion in claims for medical care and prescriptions for participants across all plans in fiscal year 2024, and
- Strives to ensure that 98% of TRS health funds are directly paid for medical and prescription claims. 3% was used for administration and claims processing.
Member Services: 1-800-223-8778
TRS Care (Health Care Program): 1-888-237-6762
Office of the Ombuds: Ombuds@trs.texas.gov; 1-833-873-2331
News Media: MediaRequests@trs.texas.gov; 512-784-8035
TRS-Related Legislation: Read a summary of 2023 legislation