How has the dramatic decline in the financial markets impacted TFFR?
While TFFR can make promised retirement benefit payments for many years into the future, the financial markets have declined to unprecedented levels, and economic conditions continue to be challenging. This is predicted to reduce TFFR funding levels significantly in the next few years. At this time, we are closely monitoring the changing economic environment and evaluating options to address the impact of the global market decline on the TFFR portfolio. How to improve the financial well being of the TFFR trust fund is our #1 priority. The TFFR Board believes it is prudent to propose a funding improvement plan during the 2011 legislative session that will address the situation in a comprehensive and effective manner. Such legislation is likely to include contribution increases, and possible benefit changes for new hires.
