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 />
<strong>Financial</strong> Trends Information<br />
Revenues, Expenses, and Changes in Net Assets<br />
<strong>TRS</strong>-ACTIVECARE (ACTIVE PLAN) *<br />
FOR THE FISCAL YEARS ENDED AUGUST 31<br />
<strong>2011</strong> 2010 2009 2008<br />
1 0 - Y E A R S U M M A R Y<br />
Revenues<br />
Health Care Premiums $ 1,549,530,891 $ 1,329,171,411 $ 1,172,011,048 $ 1,096,537,022<br />
Administrative Fees 135,917 125,321 187,813 186,844<br />
Investment Income 3,387,062 6,421,269 11,597,992 21,164,640<br />
Federal Revenue ARRA - Cobra<br />
Reimbursements** 667,746 1,225,158 170,219<br />
On Behalf Fringe Benefits Paid by<br />
the State 67,373 64,328 64,975 61,894<br />
Legislative Appropriations Transfer<br />
From <strong>TRS</strong>-Care (Retired Plan)<br />
State Contributions<br />
TOTAL REVENUES $ 1,553,788,989 $ 1,337,007,487 $ 1,184,032,047 $ 1,117,950,400<br />
Expenses<br />
Health Care Claims $ 1,510,090,981 $ 1,313,114,197 $ 1,122,646,958 $ 952,156,339<br />
Health Care Claims Processing 76,960,951 67,906,654 60,934,432 54,583,499<br />
Premium Payments to HMOs 76,270,706 64,532,253 64,820,440 68,204,743<br />
Administrative Expenses 2,207,051 1,883,148 1,861,949 1,830,258<br />
Legislative Appropriations Transfer<br />
to <strong>TRS</strong>-Care (Retired Plan)<br />
TOTAL EXPENSES $ 1,665,529,689 $ 1,447,436,252 $ 1,250,263,779 $ 1,076,774,839<br />
Change in Net Assets $ (111,740,700) $ (110,428,765) $ (66,231,732) $ 41,175,561<br />
Net Assets - Beginning of Year $ 299,810,127 $ 410,238,892 $ 476,470,624 $ 435,295,063<br />
Restatements<br />
Beginning of Year, As Restated $ 299,810,127 $ 410,238,892 $ 476,470,624 $ 435,295,063<br />
Net Assets - End of Year $ 188,069,427 $ 299,810,127 $ 410,238,892 $ 476,470,624<br />
* The <strong>TRS</strong>-ActiveCare Plan, enacted by H.B. 3343, 77th Legislature, began operations in fiscal year 2003 and is accounted for as a proprietary<br />
fund. Prior to fiscal year 2003, <strong>TRS</strong> accounted for <strong>TRS</strong>-ActiveCare (Active Plan) as a fiduciary fund. The net assets of the Active Plan were<br />
transferred to <strong>TRS</strong>-ActiveCare on September 1, 2002.<br />
** The American Recovery and Reinvestment Act (ARRA) of 2009 which was signed into law on February 17, 2009 was created to preserve<br />
jobs and promote economic recovery.<br />
132 STATISTICAL SECTION
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