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 />
Notes to the <strong>Financial</strong> Statements<br />
Contribution<br />
Rate<br />
Amount<br />
Member 6.400% $ 2,243,954,725<br />
State 6.644 1,595,771,774<br />
<strong>Report</strong>ing Entities 6.644 411,889,817<br />
Federal or Private Funding Sources 6.644 324,764,720<br />
Total $ 4,576,381,036<br />
Effective September 1, 2007, H.B. 2358, 80th Legislature, amended Section 825.406(b) of the Government Code and Section<br />
1575.252 of the Insurance Code, requiring that contributions received by an employer from federal or private funding sources be deposited<br />
in the state contribution account and in the retired school employees group insurance fund (relates to OPEB see Note 10) of <strong>TRS</strong>,<br />
respectively, instead of the general revenue fund of the state treasury.<br />
C. LEGAL RESERVE ACCOUNT BALANCES<br />
The balances in the five legally required reserve accounts are sufficient to meet statutory requirements. As of August 31, <strong>2011</strong> the<br />
reserve accounts had the following balances:<br />
Member Savings Account $ 29,150,974,343<br />
State Contribution Account 15,672,128,723<br />
Retired Reserve Account 62,479,240,823<br />
Deferred Retirement Option Account 83,931,941<br />
Expense Account 34,511,063<br />
Total (Exhibit I) $107,420,786,893<br />
D. FUNDED STATUS AND FUNDING PROGRESS – PENSION PLAN<br />
The funded status of the Pension Trust Fund as of August 31, <strong>2011</strong>, the most recent actuarial valuation date, is as follows (dollar<br />
amounts in millions):<br />
(7)<br />
(3) (4) (5) UAAL as<br />
(1) (2) Actuarial Unfunded Funded Ratio (6) a % of<br />
Valuation Actuarial Accrued AAL Assets as a <strong>Annual</strong> Covered<br />
as of Value Liability (UAAL) % of AAL Covered Payroll<br />
August 31 of Assets (AAL) (3)-(2) (2)/(3) Payroll (4)/(6)<br />
<strong>2011</strong> $115,253 $139,315 $24,062 82.7% $36,797 65.4%<br />
The Schedule of Funding Progress located immediately following the Notes to the <strong>Financial</strong> Statements in the Required Supplementary<br />
Information (RSI) presents multi-year trend information about whether the actuarial value of plan assets is increasing or decreasing over<br />
time. These indicators and trends may be useful in assessing progress made in accumulating sufficient assets to pay benefits when due<br />
for the Pension Trust Fund.<br />
62 FINANCIAL SECTION
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