As the bill deadline passed at the Texas Legislature, TRS Retirees are surfacing as a major priority for the 88th Legislature. Two priority bills have been filed that would help Teacher Retirement System of Texas (TRS) retirees struggling to make ends meet, after years of not receiving a cost-of-living-adjustment (COLA).
In the Senate, Senator John Huffman (R-Houston), Chair of the Senate Finance Committee, has identified SB 10 as the bill that would help TRS retirees. In the House, Representative Greg Bonnen (R-Friendswood), Chair of the House Appropriations Committee, has introduced HB 600 as the bill proposed to help TRS retirees.
See below, for details specific to both SB 10 and HB 600. Our Webb County Democratic Party urges all who realize the need for these pieces of legislation to make every effort to reach out to our legislators, reminding them of how important this legislation is to all of us. (Source: https://bit.ly/3JfNpEt)
TEXAS HB 600
- Provide a 6 percent COLA for TRS retirees who retired on or before December 31, 2003;
- Provide a 4 percent COLA for TRS retirees who retired between January 1, 2004 and December 31, 2013;
- Provide a 2 percent COLA for TRS retirees who retired between January 1, 2014 and December 31, 2020;
- Provide a one-time check of $5,000 for all eligible TRS retirees aged 70 and up;
- Create a gains-sharing system for possible future COLAs that would begin in 2028 with a 2 percent cap;
- Implement a methodology for paying down • pension fund liabilities by 2054, thus ensuring the pension fund’s solvency;
- Implement increased contributions for the state and active school employees;
- Would require the passage of a constitutional amendment for the plan’s full implementation.
SENATE BILL 10
- Provide a 4 percent COLA for TRS retirees who retired before September 1, 2013;
- Provide a 2 percent COLA for TRS retirees who retired between September 1, 2013 and December 31, 2021;
- Provide a one-time check of $7,500 for all eligible TRS retirees aged 75 and over;
- The state will provide full funding for the $7,500 supplemental checks, as well as full funding for the cost of the COLA benefit enhancements;
- The plan would protect the actuarial condition of the TRS pension fund.
Inflation Has Really Hurt Texas TRS Retirees. Texas Public School Retirees Need a Raise!