{"id":3082,"date":"2013-05-08T13:55:59","date_gmt":"2013-05-08T18:55:59","guid":{"rendered":"https:\/\/trta.org\/?p=3082"},"modified":"2013-05-08T13:55:59","modified_gmt":"2013-05-08T18:55:59","slug":"senate-votes-unanimously-for-sb-1458","status":"publish","type":"post","link":"https:\/\/trta.org\/es\/senate-votes-unanimously-for-sb-1458\/","title":{"rendered":"Senate Votes Unanimously for SB 1458"},"content":{"rendered":"<p><strong>Breaking News: Senate Votes on SB 1458: 30-Yes, 0-No<\/strong><\/p>\n<p><strong>TRTA Advocacy and Collaboration with Senate and Active Employee Organizations structures an even better deal! TRTA and Many Active Employee\/Employer Groups Support Final Version of Bill!<\/strong><\/p>\n<p>TRTA has been working diligently with all Senate members and active employee stakeholders to pass SB 1458 and get TRS on track to being actuarially sound and protect the long-term health of our TRS defined benefit plan.<\/p>\n<p>This legislation was finalized and voted unanimously out of the Senate this afternoon. <a href=\"http:\/\/trta.us4.list-manage.com\/track\/click?u=139c8c12f5d4628c0bbd65c86&amp;id=4f834cb95e&amp;e=1fe355511f\" target=\"_blank\" rel=\"noopener\">Click here to email a &#8220;Thank You&#8221; note to your Senator!<\/a><\/p>\n<p>The bill\u2019s chief author, Senator Robert Duncan (R-Lubbock), has made it a priority to engage all the stakeholders and craft the best bill possible. Helping Chairman Duncan were Senators Kirk Watson (D-Austin), Wendy Davis (D-Fort Worth), and Royce West (D-Dallas).<\/p>\n<p>TRTA has been an integral participant in these discussions. These efforts have paid off! The newest version of SB 1458 will:<\/p>\n<ul>\n<li>Increase the State\u2019s contribution to TRS in <strong>BOTH <\/strong>years of the biennium to 6.8 FY 2014 and 6.8 in FY 2015;<\/li>\n<li>This will add almost $100 million more to TRS pension fund;<\/li>\n<li>TRS-Care will receive approximately $80 million more in funding;<\/li>\n<li>Active member contribution increases to TRS will be phased-in over two sessions. The rates will be:<\/li>\n<li>6.4 in FY 2014;<\/li>\n<li>6.7 in FY 2015;<\/li>\n<li>7.2 in FY 2016; and,<\/li>\n<li>7.7 in FY 2017.<\/li>\n<li>School district contribution for non-coordinated Social Security districts remains at 1.5 percent beginning in FY 2015;<\/li>\n<li>New minimum age 62 with a 5% adjustment will remain for non-vested TRS employees as of <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1109026225\"><span class=\"aQJ\">September 1, 2014<\/span><\/span>.<\/li>\n<\/ul>\n<p>Other major parts of SB 1458 remain unchanged:<\/p>\n<ul>\n<li><strong>TRS will be actuarially sound<\/strong>;<\/li>\n<li><strong>TRS retirees who were retired as of 1999 or before will receive a 3% cost of living increase<\/strong>;<\/li>\n<li>The monthly COLA provides a cap that limits annuity increase to $100\/month;<\/li>\n<li><strong>Future increases will be more likely with the fund\u2019s improving actuarial status<\/strong>;<\/li>\n<li>Requires a future retiree to meet the Rule of 80 with minimum age 62 in order to participate in TRS-Care II or III.<\/li>\n<li>This provision grandfathers any current active member <strong>who meets the Rule of 70 (combination of years of service and age equal 70 or more) or the active member has at least 25 years of service as of <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1109026226\"><span class=\"aQJ\">September 1, 2014<\/span><\/span>;<\/strong><\/li>\n<li><strong>Existing retirees participating in TRS-Care <em><u>are not affected by this change<\/u><\/em><\/strong>.<\/li>\n<\/ul>\n<p>TRTA is glad to join nearly all other employee\/employer stakeholder organizations in support of SB 1458!<\/p>\n<p>We appreciate their participation and willingness to work together to help ALL TRS members, both retired and active!<\/p>\n<p>TRTA members have been communicating with their Senators and asking them to support this vital legislation. Today is a great VICTORY for all TRTA members as we make progress to getting TRS fund actuarially sound and protecting it for future generations of retirees!<\/p>\n<p>TRTA supports this legislation and all efforts to make TRS actuarially sound so that ALL TRS retirees will benefit with increases in their retirement benefits!<\/p>\n<p>Please call your Senator and thank them for their support! This is VITAL! TRTA members have sent over 50,000 emails in a week to ask for Senate support. The phone calls have been very heavy.<\/p>\n<p><strong>Now, the Senate has responded with unanimous vote. Let\u2019s make sure they know we appreciate their hard work!<\/strong><\/p>\n<p><a href=\"http:\/\/trta.us4.list-manage.com\/track\/click?u=139c8c12f5d4628c0bbd65c86&amp;id=b57f45b47b&amp;e=1fe355511f\" target=\"_blank\" rel=\"noopener\">Click here to email a \u201cThank You\u201d note to your Senator!<\/a><\/p>\n<p>TRTA wants to THANK ALL OUR MEMBERS FOR THEIR HARD WORK. YOU HAVE DONE A GREAT JOB! TRTA efforts will now carry over to the Texas House where the bill moves now for additional action.<\/p>","protected":false},"excerpt":{"rendered":"<p>Breaking News: Senate Votes on SB 1458: 30-Yes, 0-No TRTA Advocacy and Collaboration with Senate and Active Employee Organizations structures an even better deal! TRTA and Many Active Employee\/Employer Groups Support Final Version of Bill! TRTA has been working diligently with all Senate members and active employee stakeholders to pass SB 1458 and get TRS [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,14],"tags":[],"class_list":["post-3082","post","type-post","status-publish","format-standard","hentry","category-pensions","category-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Senate Votes Unanimously for SB 1458 - Texas Retired Teachers Association<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trta.org\/es\/senate-votes-unanimously-for-sb-1458\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Votes Unanimously for SB 1458 - Texas Retired Teachers Association\" \/>\n<meta property=\"og:description\" content=\"Breaking News: Senate Votes on SB 1458: 30-Yes, 0-No TRTA Advocacy and Collaboration with Senate and Active Employee Organizations structures an even better deal! 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