TRS aims for financial transparency with its members and employers.
Provided below are current financial reports and audits. Liabilities, expenses, rate adjustments, and more are provided. The Annual Comprehensive Financial Report (ACFR) and Actuarial Valuation occur on a yearly basis, all other reports occur periodically.
Please contact TRS if specific information is not found or if you have any questions or concerns. Older, archived content is available in an accessible format upon request.
Annual Comprehensive Financial Report (ACFR) - 2023 - This is published on a yearly basis and contains information for the most recent, complete fiscal year. It provides a wide variety of detailed financial information about TRS and is audited by the Montana Legislative Audit Division to ensure compliance.
Actuarial Valuation of TRS - 2023- An analysis which looks at the assets and liabilities of the pension fund. This measures the plan's funding progress to determine the amount of contributions that, if contributed consistently and combined with investment earnings, will be enough to pay promised benefits in full over the long term.
Actuarial valuations are based on statistical studies and experienced judgement from derived from long-term data. These are used to estimate future liabilities. TRS follows Government Finance Officers Association best practices.
Actuarial Valuation of the Montana University System -2022- Produced every two years, this looks at the Montana University System Retirement Program (MUS-RP) supplemental contribution rate needed to amortize (pay off) the past service liability of the university members of TRS by July 1, 2033.
Actuarial Audit -2020- An independent firm periodically performs an actuarial audit to analyze the assumptions, procedures, methods, and conclusions used by the TRS actuaries in preparing annual valuations.
Response to Actuarial Audit - 2020-
Experience Study- 2021- Performed periodically, this is a review of the actual economic and demographic experience of the pension system. It helps the TRS Board evaluate whether the actuarial assumptions used to budget future costs are reasonable.
Risk Analysis Report - 2019- Actuarial-related risk studies are 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. This helps the TRS Board understand potential risks relating to the variance in the measurement of the benefit obligations as well as the contribution rates
Government Accounting Standards Board (GASB) 67 Report -2023- For inclusion in the TRS Annual Report
GASB 68 Report - 2024- For use by TRS employers.
GASB 68 Legislative Audit Report -2024- This Independent Auditor's Report includes the schedule of employer and non-employer allocations and pension amounts.
Please visit our GASB page to learn more!
