Meeting on Thursday and Friday, the Board of Trustees of the Teachers Retirement System of Texas was updated on the fund’s assets. Net assets held in trust for pension benefits were $108.5 billion at the end of the second fiscal quarter, Feb. 28. This was an increase of $6.4 billion from the end of the first quarter and an increase of $12.8 billion from the net assets of $95.7 billion at the beginning of the fiscal year. Net assets now are valued at approximately $110 billion. But CIO Britt Harris warned board members to fasten their seatbelts because the markets in the next year are projected to be volatile.
It was announced that the board will not increase premiums for TRS-Care over the next year, but the board did not promise any other aspect of TRS-Care will remain in place. TRS also will conduct a comprehensive review of every aspect of TRS-Care, including plan design, premiums, benefits, and other changes that would improve the long-term sustainability of the program. TRS must deliver the results of the study to the Legislative Budget Board and the governor by Sept.1, 2012.
The next meeting of the Board of Trustees will be Aug. 12.