US - The Teacher Retirement System of Texas (TRS) lost US$34bn during the last months of 2008 - with its actuarial valuation declining from $104.9bn to $70.6bn.
According to the report, TRS' unfunded liability is $40.4bn, while it was $11.5bn on 31 August 2008.
TRS said the current contribution levels - 12.98% with 6.58% of that provided by the state (and employers) and the other 6.4% contributed by TRS members - were no longer adequate to fund TRS's future liabilities.
On its current track, TRS said the fund would not be fully funded within the state-mandated 30-year period.
The report states: "Based on cash projections, if the contribution levels remain unchanged and the trust earns an average of 8% per annum from 28 February 2009, forward, the Trust would have enough assets to cover expected benefit payments through 2040."
TRS added any reduction in contribution rates by the state or by members - or increases in benefits not funded by outside appropriations - could jeopardize the ability of the fund to meet future payouts, particularly if the economy does not rebound quickly.
It also said it did not expect the current level of contributions to be appropriate for financing the current level of benefits over the long term.
According to the report, TRS "would be in favor of a stair step increase in the contribution rates towards a long-term solution, with either an increase in the State's contribution rate or a combination increase of State and member contribution rates."
The report concluded: "We believe the current financial environment is too volatile, with future expectations too uncertain, to create a long term solution during this legislative session.
"Any legislation on the contribution side or benefit side from this legislative session would need to be seen as a temporary bridge towards a more long term approach."
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