This is a special executive director update to address member concerns about the ATRS Board's legislative package. Some members incorrectly assume that the package indicates a financial problem. Actually ATRS is strong and was recently named one of the 6 best teacher retirement plans in the United States by the New York Times. It has top tier investment returns and some of the very best benefits in the country. ATRS has weathered many storms and tries to be prepared for anything. You should expect no less of the ATRS Board. The greatest strength of ATRS is the preparedness of the ATRS Board.
If you have had concerns about ATRS and the 2017 legislative package, please read this email and the attached five (5) page special executive director update. Hopefully, it will give insight into the "insurance policy" vision of the ATRS Board to be prepared come what may. If this update is helpful to you, and you know ATRS members, please share it with them. ATRS is here to serve you and all ATRS members. It is our duty and our honor.
Below is a short summary of what you will find in the special update that is attached.
The Strength of ATRS
ATRS is now 80 years old. In 1937, the legislature created ATRS as a method to recruit, retain, and reward career educators and those helping deliver the educational curriculum in Arkansas public schools. The Arkansas Teacher Retirement System has never been late on paying a retirement benefit to its members and only pays lifetime benefits to retirees. ATRS has survived several wars, economic downturns, droughts, floods, triumphs, and tragedies. Its mission and focus is to ensure that the schools have the best of the best available for our children.
The ATRS legislative bill package in the 2017 session is a package designed to allow ATRS to continue fulfilling its mission through a financial crisis in the markets or other economic downturns. The ATRS Board is determined to protect ATRS and its members by being prepared for whatever may come. Here are 2 questions that appear to be on members' minds as the session continues.
Question No. 1: Is ATRS financially strong?
Short Answer: Yes.
Question No. 2: Why pass these scary bills unless ATRS is in financial trouble?
Short Answer: ATRS views this bill package as you view purchasing insurance. You hope and do not expect your house to be damaged in a fire or a tornado. At the same time, you stay prepared by spending money for insurance to financially protect your home and valuable assets. The ATRS bill package is essentially an insurance policy to protect the system and allow it to repair damage caused by a financial downturn, accounting changes, or other actuarial events.
Respectfully,
George Hopkins
(501) 682-1820 Office
(501) 318-5998 Cell
georgeh@artrs.gov
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