TRS News, Member Edition, Spring 2024 Page: 4
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TRS NEWS MEMBER EDITION
A GREAT VALUE: Being an Efficient Steward of Member D
With more than two million total members today, it's important to
TRS that we offer you the level of service you expect - every time
you call, email, or log on to MyTRS. A question many members
ask is are we making the best use of every dollar? The short
answer is, yes; this is our focus every day!
It's common to rank ourselves against comparable pension
systems via the amount of assets under management. By that
yardstick, with more than $180 BILLION in investments, the
Teacher Retirement System of Texas is in the top six U.S. plans
after large peer pension systems in California and New York. But
when it comes to efficiency in terms of dollars spentper member,
TRS ranks even better. We're doing more while spending less.
How We Keep Administration Costs Lower
One way TRS keeps costs lower than our peer systems is from
employing fewer staff while still maintaining service levels,
resulting in lower support costs per member. This is according to
a recent report from CEM Benchmarking, awidely used pension
operations analysis firm. CEM provides objective insights into$600-
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how to maximize value for money in investments and pension
administration.
Other ways we're keeping costs down include the 2022 launch
of an improved MvTRSsecure member portal, recently digitizing
this newsletter, TRSNews (to save on paper and postage), as well
as an ongoing internal modernization of how we safely manage
and store member and other data. We also retain many of our
staff (reducing hiring and retraining costs) and those who come to
work every day on your behalf are productive and motivated, as
indicated by a12th Top Workplace Award.
In short, while your TRS is growing every year, we are focused
on managing your money carefully and in the most efficient
ways possible. This way, we keep the most dollars in the fund for
your retirement security. Read through the most recent budget
presentation from December 2023 to the TRS Board of Trustees.
And learn more about your pension trust fund's operation via the
Annual Comprehensive FinancialReport-CEM Benchmarking Survey, 2023
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Teacher Retirement System of Texas. TRS News, Member Edition, Spring 2024, periodical, Spring 2024; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1679455/m1/4/: accessed June 2, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.