TRS 2011 Comprehensive Annual Financial Report
TRS 2011 Comprehensive Annual Financial Report
TRS 2011 Comprehensive Annual Financial Report
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TEACHER RETIREMENT SYSTEM OF TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT <strong>2011</strong><br />
Actuarial Information Pension Trust Fund<br />
Analysis of <strong>Financial</strong> Experience<br />
Changes in Unfunded Actuarial Accrued Liabilities (UAAL)*<br />
Resulting from Differences Between Assumed Experience and Actual Experience<br />
Increase/(Decrease) for Year (in Billions)<br />
<strong>2011</strong> 2010 2009 2008 2007 2006<br />
Investment (Gains)/Losses $ 1.958 $ 1.161 $ 10.321 $ (1.232) $ (4.140) $ (.264)<br />
Legislative Changes/<br />
Benefit Increases .360<br />
Contribution Experience 0.826 0.797 0.149 0.228 .496 .508<br />
Assumption Changes (0.271) .676<br />
Liability Experience (1.350) (0.705) (0.347) (.694) 2.135 .254<br />
Net Increase/(Decrease) $ 1.163 $ 1.253 $ 10.123 $ (1.022) $ (1.149) $ .498<br />
Beginning UAAL 22.899 21.646 11.523 12.545 13.694 13.196<br />
Ending UAAL $ 24.062 $ 22.899 $ 21.646 $ 11.523 $ 12.545 $ 13.694<br />
* Calculated on a 5-year smoothed market basis.<br />
118 ACTUARIAL SECTION
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