The TRS Board of Trustees meet six times a year at the TRS office in Atlanta. Meeting minutes for items discussed during open session are provided below:
TRS Board of Trustees
Minutes of Bimonthly Meeting
November 19, 2025
The Board of Trustees of the Teachers Retirement System of Georgia met in its bi-monthly meeting on November 19, 2025, at 10:30 a.m. via în person and Zoom Video/Audio Conference. Trustees present in person were Ms. Deborah K. Simonds, Chair, Dr. Mary Elizabeth Davis, Mr. Kenneth Dyer, Mr. Greg S. Griffin, Mr. Christopher A. McGraw, Ms. Miriam M. Shook and Mr. Thomas W. Norwood. Trustees participating via Zoom were Mr. Steven N. McCoy and Mr. Christopher S. Swanson.
TRS staff members present were Dr. Jason L. Branch, Ms. Laura L. Lanier, Ms. Natalie Austin, Mr. Winston C. Buckley, Mr. R. Cory Buice, Ms. K. Paige Donaldson, Mr. Michael J. Jackson, Ms. Dina N. Jones, Ms. Sonya M. Kinley, Mr. Thomas W. McMurry, Ms. Vonnie B. Stewart and Mr. Emmanuel Udombon.
Mr. Caleb Grant and Ms. Katie Stoff were present as legal counsel.
Visitors in attendance: Dr. L. C. (Buster) Evans, Mrs. Debbie Evans, Mr. Chase Jones, Ms. Lindsay McVicar, Mr. Kirk Shook, Ms. Karen Solheim, Mr. Don Splinter, Mr. Josh Stephens and Mr. Nate Weinstein.
Ms. Simonds called the meeting to order and welcomed trustees and visitors present at meeting.
Item 1
Mr. Dyer made a motion to adopt the September 24, 2025, Board of Trustees meeting minutes and the Investment Committee meeting minutes for September 24, 2025, and October 22, 2025. Mr. Norwood seconded the motion. The motion was unanimously adopted.
Item 2
Dr. Branch presented the Executive Director's Operational Status Update. Work items, statistical data and updates for each division were reviewed. The System's financial audit resulted in an unmodified opinion with no material deficiencies identified. The 2025 Annual Comprehensive Financial Report (ACFR) was issued on September 26, 2025. Communications and Outreach Division released new podcast which featured Mr. Rick Gunn, Rose Creek Guitar Owner and TRS Retiree and two TRS Talks videos: Building Wealth and Caring for Family on a Teacher's Salary and Healthcare Decisions: Open Enrollment. Member Services and Outreach visited 12 RESA regions and participated in 21 USG benefit fairs with 3,386 attendees. The November 1, 2025, benefit payroll showed the maximum plan continued to be the most popular plan elected by members at 56%. There were 156,761 benefits recipients who received an average monthly benefit of $3,696, with a monthly total benefit payroll of $559.0 million.
Item 3
Ms. Lanier reported on the financial statements and expense fund as follows:
| 3.1 | Assets restricted for pensions were $123.9 billion, a 13% increase from October 2024. |
| 3.2 | Total contributions received fiscal year-to-date as of October 2024 were $1.5 billion, a 6.6% increase from October 2024. Benefit payments made were $2.3 billion. |
| 3.3 | The expense fund remained on target with normal operations. Year-to-date with 33% of the year completed, TRS has expended 27.4% of budgeted funds. Mr. Norwood made a motion to approve the expense fund. Mr. Dyer seconded the motion. The motion was unanimously adopted. |
TRS Board of Trustees
Minutes of Bimonthly Meeting
November 19, 2025
Page Two
Item 4
Mr. Griffin reported the Audit Committee met on October 22, 2025, and accepted the Independent Auditors' Report as of June 30, 2025. The System received an unmodified opinion with no internal control deficiencies identified. There were no findings of actual or suspected fraud involving the system, management or employees with significant roles in the System's internal control. Mr. Griffin, along with the Audit Committee, thanked the Financial Services Division for the outstanding job put forth during the audit and completion of the ACFR. Mr. Griffin noted the System was awarded the GFOA's Certificate of Achievement for Financial Reporting for the thirty-seventh (37 th) consecutive year.
Item 5
Ms. Simonds introduced Mr. Mike Jackson to present an overview of the Financial Services Division. Mr. Jackson outlined the Division's responsibilities, which included financial reporting, budget development and monitoring, audit coordination and compliance, and cash flow and expense tracking and approval.
Item 6
Ms. Simonds presented the proposed 2026 meeting schedule for adoption. Dr. Davis made a motion to adopt the proposed 2026 meeting schedule. Mr. McGraw seconded the motion. The motion was unanimously adopted.
Item 7
Mr. Dyer made a motion to approve the Board Resolution for Dr. Evans. Ms. Shook seconded the motion.
The motion was unanimously adopted.
Ms. Simonds and Dr. Branch presented the adopted resolution from the Board of Trustees to Dr. Evans to express their gratitude for his exemplary service and long-time commitment to the Board and the betterment of the Teachers Retirement System of Georgia.
There being no further business to discuss, Ms. Simonds adjourned the meeting. The meeting ended at 11:45 a.m.
TRS Board of Trustees Minutes of Bimonthly Meeting signed by TRS Board Chair and TRS Executive Director