The Teachers Retirement System of Texas Is Increasingly Relying on Risky Investments

The Teachers Retirement System of Texas (TRS) governing board recently received reports that investments for the fiscal year ending June 30, 2019, returned only 6.4 percent, which is well short of the plan’s actuarial assumption of 7.25 percent. For an already-unhealthy pension plan with $46 billion in unfunded liabilities, another

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