The Massachusetts TRB administers pension benefits for public school teachers and other certificated employees in the state, excluding Boston, which maintains its own retirement system. The Public Employee Retirement Administration Commission (PERAC) provides oversight of and actuarial services for the TRS and the other 105 public retirement systems in the state. Assets are managed by the Pension Reserves Investment Management Board (PRIM), whose nine members include the state treasurer, the governor or his or her designee, elected representatives of the state employees and teachers retirement systems, and elected board members from the SERS and TRS.
Massachusetts Teachers Retirement Board Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Massachusetts Teachers |
35,384.9 |
168,653 |
| Other Plans |
0 |
0 |
| Total |
35,384.9 |
168,653 |
Source: Public Plans Database (as of 2022)
Note: Massachusetts Teachers Retirement Board has 0 other plans.
Assets
Assets at Year-End
Massachusetts Teachers Retirement Board
2001-2022
| Fiscal Year |
Net Assets (billions) |
| 2001 |
15.2 |
| 2002 |
14.2 |
| 2003 |
12.8 |
| 2004 |
15.9 |
| 2005 |
17.9 |
| 2006 |
21.5 |
| 2007 |
24.6 |
| 2008 |
23.6 |
| 2009 |
17.3 |
| 2010 |
18.7 |
| 2011 |
21.9 |
| 2012 |
20.9 |
| 2013 |
22.7 |
| 2014 |
25.5 |
| 2015 |
25.4 |
| 2016 |
24.9 |
| 2017 |
27.1 |
| 2018 |
28.8 |
| 2019 |
29.5 |
| 2020 |
29.3 |
| 2021 |
37.1 |
| 2022 |
35.4 |
Membership
Ratio of Actives to Beneficiaries, 2001-2022
| Fiscal Year |
Massachusetts Teachers Retirement Board |
US State and Local Pensions |
| 2001 |
2.7 |
2.4 |
| 2002 |
2.6 |
2.3 |
| 2003 |
2.4 |
2.2 |
| 2004 |
2.2 |
2.1 |
| 2005 |
2.1 |
2.1 |
| 2006 |
2.0 |
2.0 |
| 2007 |
1.9 |
2.0 |
| 2008 |
1.8 |
1.9 |
| 2009 |
1.7 |
1.9 |
| 2010 |
1.6 |
1.8 |
| 2011 |
1.6 |
1.7 |
| 2012 |
1.5 |
1.6 |
| 2013 |
1.5 |
1.5 |
| 2014 |
1.5 |
1.4 |
| 2015 |
1.4 |
1.4 |
| 2016 |
1.4 |
1.4 |
| 2017 |
1.4 |
1.4 |
| 2018 |
1.4 |
1.3 |
| 2019 |
1.4 |
1.3 |
| 2020 |
1.4 |
1.3 |
| 2021 |
1.4 |
1.2 |
| 2022 |
1.4 |
1.2 |
2022 Membership for Massachusetts Teachers Retirement Board
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 98,926 |
69,727 |
null |
168,653 |
1 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Massachusetts Teachers Retirement Board
2001-2022
| Fiscal Year |
Cash Flow |
Assets |
| 2001 |
203.1 |
15,210.1 |
| 2002 |
-28.7 |
14,219.1 |
| 2003 |
-144.9 |
12,836.7 |
| 2004 |
-275.7 |
15,906.7 |
| 2005 |
-421.0 |
17,946.3 |
| 2006 |
131.6 |
21,513.8 |
| 2007 |
-538.1 |
24,578.5 |
| 2008 |
-393.0 |
23,553.3 |
| 2009 |
-543.7 |
17,310.2 |
| 2010 |
-763.2 |
18,659.9 |
| 2011 |
-742.7 |
21,896.4 |
| 2012 |
-856.2 |
20,913.6 |
| 2013 |
-726.8 |
22,697.3 |
| 2014 |
-930.5 |
25,538.6 |
| 2015 |
-955.1 |
25,429.1 |
| 2016 |
-928.4 |
24,942.1 |
| 2017 |
-903.8 |
27,138.6 |
| 2018 |
-889.5 |
28,791.7 |
| 2019 |
-839.5 |
29,537.0 |
| 2020 |
-800.6 |
29,318.0 |
| 2021 |
-685.4 |
37,088.1 |
| 2022 |
-349.7 |
35,384.9 |
2022 Cash Flows for Massachusetts Teachers Retirement Board (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 3,273.5 |
3,623.2 |
-1,353.5 |
-1,703.3 |
Cash Flow as a Percentage of Assets
Massachusetts Teachers Retirement Board
2001-2022
| Fiscal Year |
Massachusetts Teachers Retirement Board |
National Average |
| 2001 |
1.3 |
-2.1 |
| 2002 |
-0.2 |
-2.4 |
| 2003 |
-1.1 |
-2.6 |
| 2004 |
-1.7 |
-2.0 |
| 2005 |
-2.3 |
-2.2 |
| 2006 |
0.6 |
-2.2 |
| 2007 |
-2.2 |
-2.1 |
| 2008 |
-1.7 |
-2.3 |
| 2009 |
-3.1 |
-3.1 |
| 2010 |
-4.1 |
-3.2 |
| 2011 |
-3.4 |
-3.1 |
| 2012 |
-4.1 |
-3.3 |
| 2013 |
-3.2 |
-3.1 |
| 2014 |
-3.6 |
-2.9 |
| 2015 |
-3.8 |
-2.8 |
| 2016 |
-3.7 |
-3.0 |
| 2017 |
-3.3 |
-2.9 |
| 2018 |
-3.1 |
-2.6 |
| 2019 |
-2.8 |
-2.6 |
| 2020 |
-2.7 |
-2.4 |
| 2021 |
-1.8 |
-2.1 |
| 2022 |
-1.0 |
-2.1 |
