Earlier this week, TRS issued an Employer Bulletin and a post in the Employer/Supplemental Savings Plan portion of its website regarding employer participation in implementation of the Plan. We are reviewing the new information, with particular attention to the revised employer participation agreement, the recommended resolution and the revised Plan document. We expect to complete the review and issue another Alert by early next week. At this point, it appears that TRS has not established a hard deadline for action by school districts and we recommend not taking any action until the new documents have been thoroughly analyzed. There were substantial problems with the documents issued by TRS last spring which we raised with TRS over the summer and earlier this fall. A close analysis of the new documents is appropriate to assess the extent to which, if at all, those problems have been addressed by TRS and what options exist if they have not been adequately addressed.