FRANKFORT, Ky. (KT) – The State Auditor’s office released a report on Monday that shows the Teachers Retirement System improved its net financial situation over the past few years.
The audited financial statements reflect that TRS’ combined fiduciary net position for the period audits increased by $615.4 million, from $21.3 billion in fiscal year 2018 to $21.9 billion in Fiscal Year 2019. In fiscal year 2017, the combined net position for TRS was $19.8 billion.
The audit report also highlights a 2% increase in the fiduciary net position of the Retirement Annuity Trust ($20.4 billion in Fiscal Year 2019, compared to $20 billion in Fiscal Year 2018), which is attributed to increased employer contributions from Kentucky along with improved market conditions.
In addition, the Health Insurance Trust’s fiduciary net position was up nearly 19 percent in Fiscal Year 2019, or $1.4 billion, compared to $1.2 billion in Fiscal Year 2018. The audit report notes the change is due to investment income and contributions from members and employers.
One negative in the report was that the net fiduciary position for the plan was at 58.8 percent at the end of fiscal year 2019 (June 30), compared to 59.3 percent at the end of the 2018 fiscal year.