The measure would be placed on the ballot Nov. 7. Do you value our journalism? This, coupled with investment returns of 14.4% in 2007, yielded an actuarial valuation that allowed the pension trust fund to pay the supplemental payment and still have a funding period under 31 years. All the states in blue dont pay into Social Security. Greg Abbott included the check on his list of priorities. California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information, The Texas Senate has passed SB 10, which would give retired teachers a cost-of-living adjustment, The bill also provides a $7,500 stipend for teachers over 75, The cost of the bill will be $4.7 billion, with both COLA and stipend, The House has a more modest proposal, which would cost $3.5 billion. Additionally, the TRS pension fund meets the statutory definition for actuarial soundness by having a funding period of less than 31 years. Only Texas and Louisiana have teacher retirement systems that do not offer cost of living adjustments and also do not let teachers participate in the federal Social Security system, which does provide annual inflation bumps, Bryant said. There was an error processing your request. Please stay tuned to theInside Linefor these important updates and any pressing Action Alerts where we ask for your direct participation in contacting your legislators! At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023. 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. But it just doesnt go far enough. Senate Finance chairwoman Jane Nelson, R-Flower Mound, expressed her gratitude for additional money to fund the check. Retired Texas teachers, denied cost-of-living raises since 2004, get Texas lawmakers are acting fast to get an additional pension check to the states 440,000 retired teachers. Good news is we saw movement, and we havent seen that in years, she said. Sign up for The Brief, The Texas Tribunes daily newsletter that keeps readers up to speed on the most essential Texas news.
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