TRS Annual Reports

Each link below opens a pdf file for that particular report. You must have Adobe Reader installed on your computer to view and download pdf files. You can obtain this program, free of charge, from the Adobe download site.

Actuarial Valuations, Audits, and Experience Studies

Actuarial valuations are used to measure the plan's funding progress and to determine contributions to the pension system so that – if contributed consistently and combined with investment earnings – the funds are sufficient to pay promised benefits in full over the long term (GFOA Best Practices). Actuarial valuations are based on statistical studies and experienced judgment derived from long-term data and are used to estimate future liabilities.

Valuations for Montana Teachers' Retirement System

Valuations for Montana University System (produced every two years)

Experience Studies

Experience studies are performed periodically to review the actual economic and demographic experience of the pension system. This helps the TRS Board to evaluate whether the actuarial assumptions used to budget future costs are reasonable.

Actuarial Audits

In order to provide verification of the TRS actuaries, an independent firm is hired to do an actuarial audit to analyze the assumptions, procedures, methods, and conclusions used in preparing annual valuations.

  • April 2015: Audit performed by Gabriel Roeder Smith & Company
  • April 2015: Response to audit by Cavanaugh Macdonald Consulting, LLC

Comprehensive Annual Financial Reports

Annual TRS financial reports that comply with accounting standards set by the Governmental Accounting Standards Board (GASB). The standards for CAFR reports changed for 2014 so the financial reports in 2014 differed from those in prior years. The annual CAFR is audited by the Montana Legislative Audit Staff.

Government Accounting Standards Board (GASB) 67 and 68 Reporting

The Governmental Accounting Standards Board (GASB) released two new standards in June 2012 for revised accounting and financial reporting related to public pension plans, GASB 67 and GASB 68. For more detailed information about these new standards, please visit the TRS GASB page.

GASB 67 Reports (for inclusion in the TRS CAFR only)
GASB 68 Reports (for use by TRS employers)


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