Gov. Greg Abbott, Lt. Gov. Dan Patrick and Rep. Dennis Bonnen held a press conference today covering property tax relief and school finance bills. During the conference, they said they will add additional funding for the Teacher Retirement System of Texas. The funding will make TRS actuarily sound, and it will provide a supplemental payment to retirees with an average of $2,000.
This is great news for TRS retirees and pre-retirees. TRS lowered its rate of return assumption last year. The legislative action to shore up TRS funding was very necessary. The Texas Retired Teachers Association (TRTA) will have more details as they develop, including a date when retirees can expect to receive the supplemental payment. TRS is getting the attention it needs and deserves, and it’s the result of TRTA members and friends in the education community stepping up to raise awareness.