Teacher Retirement System of Texas
 Teacher Retirement System of Texas in Austin |
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| Agency overview | |
|---|---|
| Formed | 1937 |
| Superseding agency |
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| Type | State Retirement System |
| Jurisdiction | Texas |
| Headquarters | 1000 Red River Street Austin, Texas |
| Employees | 567 |
| Annual budget | $4.2 billion USD (2014-15 biennium) |
| Agency executives |
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| Key document |
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| Website | www |
Teacher Retirement System of Texas (TRS) is a public pension plan of the State of Texas. Established in 1937, TRS provides retirement and related benefits for those employed by the public schools, colleges, and universities supported by the State of Texas and manages a $132 billion trust fund established to finance member benefits. Nearly 1.4 million public education and higher education employees and retirees participate in the system. TRS is the largest public retirement system in Texas in both membership and assets and the sixth largest public pension fund in the U.S. The agency is headquartered at 1000 Red River Street in the capital city of Austin.
A Board of Trustees governs the retirement system. The Board is composed of nine trustees who are appointed to staggered terms of six years. Three trustees are direct appointments of the Governor. Two trustees are appointed by the governor from a list prepared by the State Board of Education. Two trustees are appointed by the governor from the three public school district active member candidates who have been nominated for each position by employees of public school districts. One trustee is appointed by the governor from the three higher education active member candidates nominated by employees of institutions of higher education. One trustee is appointed by the governor from the three retired member candidates who are nominated by retired TRS members.
The Executive Director of TRS is Brian Guthrie. The budget requested for the 2014-15 biennieum was $4.2 billion USD. The 82nd Texas Legislature passed new legislation in 2011 that will impact the composition of the TRS Board of Trustees beginning in 2017. The current higher education trustee position on the board will become an “open” seat at that time. Beginning with the 2017 board election, TRS retirees, members in public school districts, and members in higher education institutions may run for nomination to this trustee position. The top three vote recipients’ names will then be submitted to the governor for appointment.
The effort to establish the Teacher Retirement System of Texas was a 20-year process which began in 1916, with leadership provided by the Texas State Teachers Association (TSTA). TSTA was the only major organization for Texas teachers in that era. The struggle culminated in three final steps: (1) Passage by the 1935 Legislature of a joint resolution which put a proposed constitutional amendment on the ballot for voters in November 1936; (2) voter approval of the constitutional amendment authorizing the Legislature to pass a law setting up the system; and (3) legislative enactment in 1937 of the "enabling legislation" which put the constitutional amendment into action. Governor James V. Allred signed the bill into law on June 9, 1937 and the Teacher Retirement System of Texas was in effect as of July 1, 1937. The system is established and operates under Section 67, Article XVI of the Texas Constitution.
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