Financial & Actuarial Reports

Financial and Actuarial Reports

TRS adheres to Governmental Accounting Standards Board (GASB) standards in preparing its annual reports.

Final ACFR documents typically are posted on this website each year in late December, following review and approval by the Montana Legislative Audit Division.

TRS's three most recent ACFR documents (PDF) are archived below.

Looking for older volumes?

Many TRS financial reports are publicly available at archive.org.

See our Public Information Requests page for more information.

Actuarial Valuations 

An actuarial valuation measures the plan's funding progress to estimate the amount of contributions and investment earnings necessary to pay promised benefits in full over the long term (GFOA Best Practices). These valuations, which are based on statistical studies and experienced judgment derived from long-term data, are used to estimate future liabilities. 

TRS's consulting actuaries produce a valuation of TRS each year. Every two years, they also perform a valuation to determine the Montana University System's (MUS) future liabilities related to their legacy members of TRS.

Recent TRS and MUS valuations are archived below.

Experience Studies

Every four years, the TRS consulting actuary conducts an experience study for TRS to review the actual economic and demographic experience of the retirement system. This helps the TRS Board to evaluate whether the actuarial assumptions used to budget future costs are reasonable.

The most recent experience study conducted for TRS is archived below.

Actuarial Audits

Every five years, TRS engages an independent actuarial firm to conduct an actuarial audit of the assumptions, procedures, methods, and conclusions used by the TRS actuaries in preparing annual valuations.

The most recent actuarial audit report and the TRS consulting actuary's response are archived below.

Risk Analysis

Actuarial-related risk studies may be performed periodically in compliance with Actuarial Standard of Practice Number 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.

The purpose of the risk analysis is to help the TRS Board and other stakeholders understand potential risks relating to the variance in the measurement of the benefit obligations as well as the contribution rates. Such an analysis was conducted in 2019, and the report is archived below.

Looking for older volumes?

Many TRS actuarial reports are publicly available at archive.org.

See our Public Information Requests page for more information.

The TRS Board's Funding and Benefits Policy outlines their objectives for actuarially sound funding of TRS and provides well-defined parameters for requesting legislative action to ensure the continued soundness of the system. The policy can be viewed using the link below:

GASB 67

TRS financial reporting complies with the Government Accounting Standards Board (GASB) standards related to public pension plans, including the GASB 67 standard. Information in this report is included in the TRS Annual Comprehensive Financial Report (ACFR). The three most recent GASB 67 Reports are archived below.

Note: GASB 68 reports for TRS employers are found in the Employers section of this website.

Looking for older volumes?

Many TRS financial reports are publicly available at archive.org.

See our Public Information Requests page for more information.