In yesterday’s Inside Line, members of the Texas Retired Teachers Association (TRTA) were grateful to hear about the passage of House Bill 2 in the Senate, as well as the passage of House Bill 2168. As you know, House Bill 2 includes funding to shore up the TRS-Care retiree health insurance program. We appreciate the positive vote from the Senate for the $768 million to keep TRS-Care afloat and protect retiree premiums for the coming biennium.
Click here to send a thank you to your Senator for supporting HB 2!
HB 2168 Explained
TRTA also received several questions from members about HB 2168, which will cause Teacher Retirement System of Texas (TRS) annuity checks to be issued on the last working day of each month that they are owed instead in the following month. The bill, if signed by the Governor, will go into effect in September 2015.
Historically, TRS annuitants have received their paychecks in the month after they were earned. TRS retirees’ annuity payments are currently received on first working day of the following month they are owed. For instance, the July 2015 annuity payment will be received on August 3rd.
The chart below provides an explanation of how your paychecks have been distributed in 2015 thus far, and how they will be distributed once HB 2168 takes effect.
2015 TRS Annuity Check Distribution
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Check Number
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Month Issued
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Date Received
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|
1
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January 2015
|
December 2014 paycheck received on January 2.
|
|
2
|
February 2015
|
January 2015 paycheck received on February 2.
|
|
3
|
March 2015
|
February 2015 paycheck received on March 2.
|
|
4
|
April 2015
|
March 2015 paycheck received on April 1.
|
|
5
|
May 2015
|
April 2015 paycheck received on May 1.
|
|
6
|
June 2015
|
May 2015 paycheck will be received on June 1.
|
|
7
|
July 2015
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June 2015 paycheck will be received on July 1.
|
|
8
|
August 2015
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July 2015 paycheck will be received on August 3.
|
|
9
|
September 2015
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August 2015 paycheck will be received on September 1.
|
|
HB 2168 takes effect September 1. (If approved by the Governor.)
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||
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10
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September 2015
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September 2015 paycheck will be received on September 30.
|
|
11
|
October 2015
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October 2015 paycheck will be received on October 30.
|
|
12
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November 2015
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November 2015 paycheck will be received on November 30.
|
|
13
|
December 2015
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December 2015 paycheck will be received on December 31.
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HB 2168 will address a very concerning issue for many retirees. Under the new payment methodology, TRS retirees will receive their December 2015 annuity a full five days earlier than under the current payment methodology. With December 31, 2015 falling on a Thursday, retirees would have not received their annuity payment for December 2015 until Monday, January 4, 2016. Under the HB 2168, the payment will be in retirees’ accounts by Wednesday, December 30, 2015.
With the passage of HB 2168, retirees are one step closer to being treated like all other state retirees. Their annuity checks will be deposited on the last working day of the month they are owed. This is great news for TRS retirees as their payments will come on time and will not be delayed by weekends or holidays! We are very grateful for Rep. Sergio Munoz (D – Palmview), who filed the bill.
Thank You!
Please be sure to stay tuned into the Inside Line throughout the 84th Legislative Session, as we will be bringing you all the latest updates on our broad legislative agenda, including any bills concerning TRS-Care, the continued funding of the TRS pension trust fund, pension increases for all TRS retirees, and also congressional issues such as the WEP and GPO.
Thank you for your membership in the Texas Retired Teachers Association (TRTA). If you are not a member of TRTA and want more information about joining, please contact us at 1.800.880.1650. Follow us on Facebook and Twitter! Visit our YouTube channel for regular video updates.
