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Montana Teachers' Retirement System
Montana Teachers' Retirement System opened its books in 1937 as a defined-benefit plan for the state's public-school educators. Shawn Graham serves as...
Montana Teachers' Retirement System
Montana Teachers' Retirement System opened its books in 1937 as a defined-benefit plan for the state's public-school educators. Shawn Graham serves as Executive Director, with the TRS Board of Trustees — chaired by Daniel Chamberlin — providing fiduciary oversight from Helena. The fund covers classroom teachers, administrators, and certain support staff across Montana's K-12 districts and community colleges. TRS does not direct its own investments. The Montana Board of Investments holds that mandate, pooling TRS assets with those of other state retirement systems — including the Public Employees' Retirement System and Highway Patrol Officers' Retirement System — to achieve scale. Within those unified pools, TRS gains exposure to private equity buyout strategies, core and value-add real estate, infrastructure, and private credit. A notable vehicle is the EverWest Silver Bow Separate Account, a commercial real estate commitment disclosed in state investment board materials. The fund also participates in a broader real assets program with multiple manager relationships across US property sectors. Plan membership runs to thousands of active and retired educators. TRS holds memberships in the National Council on Teacher Retirement and the National Association of State Retirement Administrators, the two principal professional bodies for US teacher-pension executives. The administrative team operates from a single office in Montana's capital, with no satellite locations. Recent legislative sessions have examined the funded status of Montana's teacher retirement pool alongside other state plans administered by the Montana Public Employee Retirement Administration, though TRS operates under its own enabling statute and board. Structurally, TRS is unusual for an asset owner of its size: it cedes every investment decision to a separate state agency. That clean split between benefit administration and asset management keeps the board focused on plan design, actuarial soundness, and member services — while the Board of Investments handles manager selection, due diligence, and portfolio construction across all asset classes.
General information
Firm type
Pension Fund
Year founded
1937
Location
Region
North America
Country
United States
City
Helena
Corporate office
Helena, MT, United States
Principals
Shawn Graham
Executive Director
Daniel Chamberlin
Board Chair
Sector focus
Frequently asked questions
Who runs investment decisions at Montana Teachers' Retirement System?
No one inside TRS runs investment decisions. The Montana Board of Investments — a separate state agency — holds the sole statutory mandate to invest TRS assets. TRS's Executive Director and Board oversee plan administration, member benefits, and actuarial policy, but all portfolio construction and manager selection happens at the Board of Investments.
How does Montana TRS access private equity and real assets?
TRS participates in the state's Unified Investment Program, a set of commingled pools managed by the Montana Board of Investments. These pools aggregate assets from multiple state retirement plans to negotiate lower fees and gain access to institutional managers. Private-equity exposure takes the form of fund commitments — primarily buyout — alongside direct real estate holdings such as the EverWest Silver Bow Separate Account.
Is Montana TRS structured as its own investor or does it share a balance sheet with other state funds?
TRS maintains a separate actuarial valuation and distinct benefit obligations, but its investment assets are pooled with other Montana plans managed by the Board of Investments. This is similar to the Texas or Alaska models, where a central investment authority handles portfolios for multiple retirement systems.
What is the relationship between Montana TRS and the Montana Public Employee Retirement Administration?
The Montana Public Employee Retirement Administration (MPERA) administers several other state plans — PERS, Highway Patrol, Sheriffs — but TRS operates independently with its own board and dedicated staff under Shawn Graham. Both rely on the Board of Investments for portfolio management, creating a two-tier structure: separate benefit administration, shared investment execution.
Which sectors does Montana TRS explicitly avoid?
Montana's Board of Investments operates under a statutory prudent-investor framework and has historically avoided highly speculative venture capital and cryptocurrency exposure. The board's publicly approved investment policy statement outlines prohibited investments, which include direct commodity speculation and most derivatives strategies beyond basic hedging.
Does Montana TRS participate in any co-investment programs?
The Board of Investments has discretion to evaluate co-investment opportunities offered by existing private-market managers. TRS benefits indirectly when the board exercises that discretion. No stand-alone co-investment program or direct-commitment track exists inside TRS itself.
How is Montana TRS funded, and what is its current actuarial health?
TRS is funded through employer contributions from Montana school districts, member contributions deducted from teacher paychecks, and investment returns. The plan's funded ratio is reported annually in a standalone actuarial valuation released to the legislature, separate from the consolidated investment reports published by the Board of Investments.
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