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Guthrie explained that the TRS Board of Trustees is considering lowering the investment return assumption for the fundthe single most significant determinant in the fund being soundfrom 7.25 percent to 7 percent, as recommended by TRS actuary Gabriel, Roeder, and Smith (GRS). If for some reason TRS funds were to fall short of what is owed, state taxpayers would ultimately be on the hook for the money. I think if I were advising a teacher, I would think youd want to wait until A) your wages are catching up with inflation, and B) the inflation rate itself has declined a bit. Built by Moticos Studios. TRS board approved the proposal last Thursday, but the pension fund declined to comment on the details of the potential commitment. Senate Bill 10andHouse Joint Resolution 2were heard in the Texas House of Representatives on Friday, Senate Bill 10 and House Joint Resolution 2 have been placed on the calendar to, Tim Lee, the Texas Retired Teachers Associations (TRTA) Executive Director, will be live onFacebookandYouTubetomorrow, April. A provision in the GAA, Article IX, Section 17.03, requires each state agency and institution of higher education included in the group benefits program for the state fiscal biennium beginning Sept. 1, 2021, to contribute an amount equal to 1.0 percent of the total base wages and salaries for each benefits eligible employee of a state agency or institution of higher education to the ERS group benefits program. She worked as an educator for 32 years in the Rio Grande Valley. Capo noted that Texas has embraced the common-sense notion that its more productive to educate children than cast them aside because of their immigration status. Just a few years ago, we were proud to stand with Gov. According to Texas statute, the Legislature may authorize a pension increase for TRS retirees if the trust fund has a funding period of less than 31 years and if that increase does not push the funding period beyond the 31-year mark. To get a pair of high-waisted jeans that are as comfortable as they are fashionable, find a pair with added elastane, Lycra or spandex. The Tuesday Text Mixera to help our endorsed candidates win the May 24 runoffs continue each week! As your TRTA State President, I believe there are two questions we must ask in this moment: Will the Legislature seize the day and pass legislation that provides a COLA; and how much of an increase can and will the Legislature authorize? Most Texas billionaires did OK in 2022. Under the 7.25% IRA, the funding period is 23 years, but under the more conservative proposed 7% IRA, the funding period is 26 years. Greg Abbott told a radio talk-show host that hes considering challenging a Supreme Court decisionPlyler v. Doefrom four decades ago that requires states to offer public education enrollment to any child living in their state, regardless of their legal status to be in the United States. If youve retired after that time, youve never received a permanent increase in your pension! Thank you for being a member of TRTA and supporting issues that affect retired Texas public school personnel. It is my hope that in the near future, the House will consider both of these measures as well.. Educating children isnt a partisan decision. Read the League of Women Voters of Texas guide to the state ballot amendments. He is a 2019 graduate of the Missouri School of Journalism and a 2020 graduate of Georgetowns Masters in American Government program. Edward McKinley reports on Texas state government and politics from the Hearst Bureau in Austin for the Houston Chronicle and the San Antonio Express-News. Use Next and Previous buttons to navigate. Educating children isnt a partisan decision. This is about the custodians and the cafeteria workers who are in the TRS System. In fact, our Texas legislators have done their extra credit, too. Many communities across Texas will hold local electionsincluding for school boardstomorrow, May 7. Like many TRS retirees, she is also subject to the federal Windfall Elimination Provision (WEP). The House defeated the amendment, 79-67. Nancy Byler, who currently serves as the TRTA State Legislative Committee Chair, retired in 2005 and has never had a COLA. Listen to the interview above or read more in the transcript below. In 2021, the firm announced a joint venture with the Canada Pension Plan Investment Board to develop industrial properties in supply-constrained markets across the US. The Teacher Retirement System, the states pension program for educators, does not adjust its pension payments for inflation, which can fluctuate the purchasing power of retired teachers. These changes were considered at the TRS Board meeting last Friday and at the Senate Finance Committee hearing this week. In the following months, well be asking you to step up, demand that legislators keep their promise to educators, and fight for plans that assure ongoing COLA increasesinstead of waiting up to 18 years again for the next little bump to your monthly payment. Lets unite to achieve a COLA this session! All Rights Reserved. The good news: The state can afford a COLA. Dog and cat antibiotics are medications prescribed by a veterinarian that can help treat a bacterial infection. Greg Abbott signed into law a bill that distributed a 13th benefit check for TRS recipients, many of whom are teachers, but who can also be administrators, janitors or anyone who worked in Texas schools. Both systems get health insurance through United Health Care, she said, but she uses the Illinois systems plan because the deductible and out-of-pocket costs are much lower. And so until they receive that increase in wages to restore the purchasing power of their current income, retiring is still going to be faced with the reduced purchasing power based on their low wages relative to the inflation rate that they earned this year. You write about a San Antonio ISD teacher retiring at 62 who worked 37 years in the classroom. According to the Texas Retired Teachers Association, there has not been a COLA since 2013 when one was provided for members who retired before 2004. No purchase necessary to enter or win. Weve always had to budget. Abbotts foolish pursuit of inflicting harm on immigrant children would lead to the targeting of kids and danger to our states economy. And its possible.. NOW is the time for TRS retirees to receive a much discussed, promised, and needed cost-of-living increase! Guthrie stated that the fund was at its highest value ever as of August 31, 2021, at $201 billion. Greg Abbott signed into law a bill that distributed a 13th benefit check for TRS recipients, many of whom are teachers, but who can also be administrators, janitors or anyone who worked in Texas schools. The investment would go to Bridge Industrial, a closely held real estate firm that specializes in warehouses and industrial-type commercial real estate properties. Her friend also needs surgery she cannot afford. I think its going to be a desperate conversation that our members are going to have with elected officials the next time we roll into session.. Dennis Jansen: I have been engaged in some research on education and related to teachers for quite some time, and also some research on Texas pensions, which, as you may know, are somewhat underfunded. I used to teach budgeting. Photographs and illustrations, as well as text, cannot be used without permission from AFT. All of our work and the efforts by our elected officials and the dedication of our TRS investment professionals have finally paid off! The average state pension payment for a retired Texas teacher is just under $2,100 per month. Still Practicing: Tracking Problem Doctors, Texas Coronavirus Vaccine Rollout Investigations, Sign up for More than the Score Sports newsletter, High-waisted jeans that are as comfortable as they, Erwin Center demolition to be completed in 2024, Monster striped bass caught in Lady Bird Lake, Texas ranks No. Rep. Drew Darby, a co-sponsor of the bill, expressed disappointment the bill was not considered in the House on Thursday. I say, youre gonna take my money away and Im going to stop eating. There is also a companion Senate bill that is still in committee. A serious illness to an immediate family member or the employee, including a pandemic-related illness. He previously reported for The Albany Times Union and the Kansas City Star newspapers, and he originally hails from the great state of Minnesota. Austin Music Experience | All Austin musicians and artists | KUTX HD2, Texas Music Experience | Listen anytime at tmx.fm | KUTX HD3, Texas Standard | Amy Jo Baker gives a legislative update to members of the San Antonio Area Retired Teachers Association at San Antonio Garden Center in San Antonio, Texas, Wednesday, Feb. 16, 2022. The TRS is the sixth-largest U.S. public pension fund, however, it is not tied to the state's general revenue nor to any Federal Social Security. Updated: Aug. 6, 2021 View Changes. The TRS pension trust fund is actuarially sound. Weve always had to budget. A spokesman for TRS decline to provide an average amount or example of how monthly payments were affected by 2022 IRS updates, saying its hard to generalize as each persons tax situation is unique. The General Appropriations Act (GAA) provides that the rates for both the employee contribution and the state contribution for members of the Employees Retirement System of Texas (ERS), Judicial Retirement Plan I and Judicial Retirement Plan II will not change for the September 2021 pay period. Rising taxes, medical costs and the highest inflation in a generation are squeezing retired Texas educators who live on their monthly pension checks, underscoring their calls for a cost-of-living increase. Weve all looked forward to this day! Although TRS sent out several letters and published an online FAQ attempting to explain the decrease, many were still confused and alarmed, thinking the lesser monthly payout would stay that way going forward. As the e-commerce industry continues to grow, the demand for warehouse space is expected to remain strong, making it an attractive investment opportunity for pension funds and other institutional investors. Do Not Sell or Share My Personal Information. Get out and vote tomorrowMay 7for local and state amendment elections. Please join us today! It will be more than just a serious conversation. Ramirez said if this bill doesnt survive the 2021 legislative session he plans to lobby to create a bill that would give control of the retirement funds to a board of directors and not state lawmakers. She explained that many South Texas counties experience great financial hardship, forcing many retired school personnel to supplement their income. I mean, is that a way that some of those who tend the books try to keep costs down for themselves? More than 136,000 TRS retirees earn less than $1,000 per month in their annuities, while another 101,000 earn between $1,000 and $2,000. Investment in industrial REITs was up 103 percent from December 2019 to April 2022, according to a report by S&P Global. You can buy if you can get a lump sum payout of some, you can purchase partially indexed annuity, but thats also expensive. Students would face speculation over the color of their skin or their accent, even if they are legal residents, he said. That is all part of the ongoing degradation of retirement benefits over time, said Tim Lee, president of the Texas Retired Teachers Association. Attorney Benjamin Youngblood III talks to members of the San Antonio Area Retired Teachers Association about the importance and process of setting up a will and other retiree legal documents during a member meeting held at San Antonio Garden Center in San Antonio, Texas, Wednesday, Feb. 16, 2022. The need is more than we can afford, Gregg added, but expressed that now is the time to provide a meaningful, substantial COLA, as substantial as we can afford.. Chairman Ancha thanked everyone for their heartfelt testimony, adding he does not know anybody on the committee who is not in complete lockstep with the retirees, calling the committee members demonstrated allies. Though this hearing did not propose any specific legislation, it is the first step on a path forward for a benefit enhancement for TRS retirees in the 88th Legislative Session. I dont think I can really answer why, but I can tell you that it does have provisions for special one-time increases or cost of living, but those are at the discretion of the state Legislature.