Highlights from the 2023 TCDRS Annual Report

At TCDRS, we have built a strong and stable plan by taking the long view. Like the resilient peaks of Big Bend National Park, TCDRS has a lengthy track record of strength and adaptability. Our disciplined funding strategy, diversified investments and savings-based benefits ensure the system’s enduring success and protect the financial futures of hardworking Texans.

Each year, we publish our Annual Comprehensive Financial Report. This report highlights our strong financial position, growth and commitment to serving our membership. You can now access our latest report, which covers the year ended Dec. 31, 2023, here.

Here are three important takeaways from this year’s report:

1. 2023 Investment Return

Since 1967, TCDRS has grown into a $46 billion trust. We continue to be well-funded at 94% with a healthy reserves fund that may be used to offset future adverse experience.

TCDRS is a long-term investor with a fully diversified portfolio. The board constructs the investment portfolio to maximize return within an acceptable level of risk. In 2023, the portfolio returned 11.1%, net of all fees, and our 30-year return was 7.6%.

2. TCDRS Powers the Texas Economy

Today, TCDRS partners with nearly 870 counties and governmental districts to provide reliable retirement, disability and survivor benefits to nearly 380,000 hardworking Texans.

In 2023, we paid $2.3 billion in benefits to retirees and former members, and 96% of these benefits went to Texas residents. That income serves as an economic engine to our local Texas economies, creating jobs and generating additional economic activity.

3. Ongoing Digital Transformation

In 2023, TCDRS met our paperless goal and delivered technology and service enhancements to further our digital transformation and ensure a streamlined customer experience. These new service enhancements empowered members to perform most account changes in their online accounts or through the call center. We also gave TCDRS employers the ability to help employees with basic account changes in the employer portal.

Thank you for partnering with us to help make TCDRS a model for retirement and a benefit so many Texans can count on!

Investments & Finance