Teacher Retirement System of Texas

What Teacher Retirement System of Texas does

Teacher Retirement System of Texas (TRS) is the largest public retirement system in Texas, established in 1937 pursuant to Article 16, Section 67 of the Texas Constitution to provide pension and health benefits to Texas public school employees and their beneficiaries. As of FY 2025, TRS serves approximately 2.1 million members and retirees with a fund valued at $225.3 billion, paying out $14.2 billion in benefits during the fiscal year. TRS operates as a defined benefit pension plan funded by member payroll contributions, State of Texas appropriations, and investment returns generated through in-house public and private market investment teams.

TRS's product suite spans a defined benefit pension plan (TRS Pension Benefits) and a multi-tier health benefits portfolio including TRS-ActiveCare for active members and TRS-Care (Standard, Medicare Advantage, and Dental and Vision variants) for retirees. Members access services through the MyTRS online self-service portal, with supplemental support from regional offices in Austin (headquarters) and El Paso, as well as retirement counseling sessions, webinars, and a video library. The system does not charge member-facing fees; administrative costs are funded from pension assets and external investment manager relationships are procured through institutional processes.

On the investment side, TRS maintains internal teams covering public markets, private markets, risk and portfolio management, trading, and an emerging manager program, supplemented by external managers such as NISA Investment Advisors. The Board of Trustees, appointed by the Governor of Texas, oversees administration and investment policy. TRS faces a structural funding challenge, with an unfunded liability of $64.9 billion as of late 2025 (up approximately $5 billion year-over-year) and a projected amortization period that has extended from 31 to 35 years, driven in part by legislative increases in school funding and salaries.

Name

Teacher Retirement System of Texas

Legal name

Teacher Retirement System of Texas

Website

https://trs.texas.gov

Company type

Public

Founded year

1937

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Teacher Retirement System of Texas is the largest public pension system in Texas, constitutionally established to provide defined benefit pensions and health insurance to 2.1 million active and retired Texas public school employees, managing a $225.3 billion fund.

Ownership category

akta.pro rank

Product category

Public Pension and Retirement Benefits

NAICS

Pension Funds (525110)

SIC

Hospital & Medical Service Plans (6324)

akta.pro primary industry

Pensions & Retirement Benefits Administration (BPAIAKAA)

akta.pro secondary industry

Employee Benefit & Retirement Plan Trust Services (FSAAANAC)

Keywords

• Public pension benefits
• Defined benefit retirement
• Pension fund management
• Public employee retirement
• Health benefits administration

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Investment Returns: The primary revenue stream is investment returns on the $225.3 billion pension fund portfolio, which includes public markets, private markets, and alternative investments.
2. Member Contributions: Active public school employees contribute a percentage of their salary to the pension fund as required by Texas law.
3. State Contributions: The State of Texas provides contributions to fund the pension obligations, with the fund reporting unfunded liabilities of $64.9 billion.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Teacher Retirement System of Texas administers a constitutionally mandated defined benefit pension plan for Texas public school and higher education employees, providing retirement annuities, disability benefits, and survivor benefits. It also offers health insurance programs — TRS-ActiveCare for active members and TRS-Care (Standard and Medicare Advantage) for retirees — supported by the MyTRS member portal, retirement planning tools, and in-person counseling at regional offices.

Product overview

Teacher Retirement System of Texas operates as the largest public retirement system in Texas, serving 2.1 million members with a $225.3 billion fund. The organization offers a unified platform of pension and health benefits managed through the MyTRS Portal. Core offerings include a defined benefit pension plan (TRS Pension Benefits) for active members and retirees, supplemented by health insurance programs including TRS-ActiveCare for active employees and TRS-Care (with Standard and Medicare Advantage options) for retirees. The system provides digital self-service tools including retirement planning calculators, webinars, and online account management capabilities. TRS also manages investment of the pension fund through internal investment management teams covering public markets, private markets, risk and portfolio management, and an emerging manager program.

Differentiator

Problem solved

Functional benefit

Brands

• TRS-ActiveCare: Health insurance plan for active TRS members
• TRS-Care
• TRS-Care Medicare Advantage
• TRS-Care Standard
• MyTRS

Products and services

• TRS Pension Benefits
• TRS-ActiveCare
• TRS-Care
• TRS-Care Medicare Advantage
• TRS-Care Standard
• MyTRS Portal
• Retirement Planning Tools
• Investment Management Services

Quantifiable outcome

• Paid $14.2 billion in benefits to retirees in FY 2025

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• State Teachers Retirement System of Ohio (STRS Ohio): STRS Ohio administers pension and health benefits for Ohio public school educators, closely paralleling TRS's mandate, product mix, and member demographic. Comparable in scale, governance, and benefit administration model.
• Washington State Investment Board (WSIB): WSIB invests assets for Washington state retirement plans, including teacher-focused systems. Comparable to TRS in institutional investment scale and public pension fund governance model.
• California State Teachers' Retirement System (CalSTRS): CalSTRS is the largest teacher-only public pension fund in the U.S., serving California public school educators. It is the most direct functional peer to TRS given its defined benefit pension structure, K-14 educator membership base, and similarly large AUM.
• Florida State Board of Administration (SBA): SBA manages assets for the Florida Retirement System, one of the largest U.S. public pension pools. Comparable to TRS in investment management scale, public-sector mandate, and defined benefit administration.
• Pennsylvania Public School Employees' Retirement System (PSERS): PSERS administers pension and health benefits for Pennsylvania public school employees, mirroring TRS's teacher-focused defined benefit structure. Comparable in membership scale and benefit complexity.
• California Public Employees' Retirement System (CalPERS): CalPERS is the largest U.S. public pension fund, administering defined benefits for California public employees including educators. Comparable to TRS in scale, statutory structure, investment management capabilities, and benefit administration complexity.
• Texas County & District Retirement System (TCDRS): TCDRS provides retirement services to Texas county and district employees, including some overlapping employer relationships with TRS. A direct in-state peer operating a defined benefit model for Texas public-sector workers.
• Employees Retirement System of Texas (ERS): ERS administers pension and health benefits for Texas state employees and is the closest same-state peer to TRS. Operates under similar Texas constitutional and statutory frameworks and shares governance and oversight characteristics with TRS.
• New York State Common Retirement Fund: One of the largest U.S. public pension funds, administering defined benefits for New York public employees. Comparable to TRS in AUM scale, statutory structure, and investment management scope.
• New York State Teachers' Retirement System (NYSTRS): NYSTRS provides pension benefits to New York public school educators, mirroring TRS's teacher-focused mandate. Both systems administer defined benefit pensions with health benefit adjuncts to large educator populations.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/trsoftexas
• YouTubeyoutube.com/user/trsoftexas
• Facebookfacebook.com/trsoftexas
• LinkedInlinkedin.com/company/trsoftexas
• Instagraminstagram.com/trsoftexas

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Teacher Retirement System of Texas