January 21, 2016
Brian Guthrie, Executive Director
Teacher Retirement System of Texas
1000 Red River Street
Austin, Texas 78701-2698
Dear Executive Director Guthrie:
I am writing to you on behalf of the 10,500-11,000 University of Texas at Austin employees who currently contribute 7.2% of each paycheck to the Teacher Retirement System of Texas. Participation in TRS is a prized benefit for UT-Austin employees and high on the list of what attracts talented and dedicated workers to the 40 Acres. As such, we take the details of our participation quite seriously.
It was, therefore, with great concern that we noted the recent reporting change implemented by TRS which led to only 11 months’ salary being accounted for in our 2015 Annual Statements. The change and ensuing information we have received from various sources has caused a great deal of confusion regarding the change itself, as well as the response by TRS and TRS’ future plans for addressing our concerns.
In short, University of Texas at Austin employees expect that our TRS accounts will accurately reflect all 12 months of salary earned for each 12 months of a year we work, and that these calculations will accurately be reflected in our annual statements. Respectfully, we request clarification and evidence that this is so for last year, this year, and in future years, and that documentation be readily accessible reassuring us of these facts.
Thank you for understanding the importance of this matter to the talented, dedicated, and hard-working employees at The University of Texas at Austin.
Chair, The University of Texas at Austin Staff Council