TRS Annual Reports

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Actuarial Valuations

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

Actuarial Audits
  • April 2020: Audit performed by Gabriel Roeder Smith & Company
  • April 2020: Response to audit by Cavanaugh Macdonald Consulting, LLC
  • April 2015: Audit performed by Gabriel Roeder Smith & Company
  • April 2015: Response to audit by Cavanaugh Macdonald Consulting, LLC

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.

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.

Risk Analysis

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.

Annual Comprehensive Financial Report (ACFR)

TRS's annual financial report complies with Governmental Accounting Standards Board (GASB) standards, which changed in 2014. The Montana Legislative Audit Division audits the TRS ACFR each year to ensure compliance.

Government Accounting Standards Board (GASB) 67 and 68 Reporting

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

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

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