TRS (44.92%)
SERS (55.08%)
TOTAL
Volatility Transfer (Sept.) ($ millions)
$273.2
$608.2
$335.0 *$180.4
*$147.2
*$327.6
Operating Surplus (Dec.) ($ millions) * estimated
*$515.4
*$420.3
*$935.7
TOTAL FY24 ($ millions)
Budgetary controls implemented in 2017, known as the fiscal guardrails, capture excess revenues in particularly volatile categories and automatically deposit them into the state’s Budget Reserve Fund (commonly referred to as the “Rainy Day Fund”). That fund has currently reached its legal cap, which was recently raised to 18% of net General Fund appropriations, triggering a provision that directs the remainder of the volatility transfers be used to pay down debt, including in the pension funds. Any budget surplus certified at the close of the fiscal year also gets deposited following the same process. Additional contributions have been made into the state’s pension funds in each of the past five fiscal years, totaling over $8.5 billion:
$61.6 million in Fiscal Year 2020; $1.6 billion in Fiscal Year 2021; $4.1 billion in Fiscal Year 2022; $1.8 billion in Fiscal Year 2023;
An estimated $935.7 million in Fiscal Year 2024. Earlier this month, Treasurer Russell announced that the state’s pension funds added $6.7 billion in assets in Fiscal Year 2024 due to additional contributions in the prior year and an 11.5% investment performance. Updated funded ratios for SERS and TRS will be included in new actuarial valuations published this winter.
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