- Watch TRTA Executive Director Tim Lee and TRTA Legislative Coordinator Larry Yawn on Facebook Live today (Friday, September 3) at 11:30 a.m.!
- Send a note of gratitude to your legislators using this Action Alert!
Yesterday, September 2, House Bill 5 passed the Legislature. HB 5 includes $701 million in general revenue funds to provide a supplemental payment to retirees.
As members of the Texas Retired Teachers Association (TRTA) may recall, Senate Bill 7, the bill that would authorize a supplemental payment to eligible Teacher Retirement System of Texas (TRS) retirees, passed third reading on the House floor by 125-0 in the Texas Legislature on Monday, August 30. The bill is now on its way to Governor Abbott’s desk to be signed into law!
What it means. SB 7 authorizes a supplemental payment to retired educators equal to the lesser of a retiree’s current monthly annuity or $2,400 dollars. HB 5 is significant because it funds the supplemental payment through the Legislature’s general revenue appropriations. The supplemental payment will be made to retirees without having a negative impact on the TRS pension fund. The health of the pension fund is critical for any future attempts to give retirees a much-needed cost-of-living adjustment (COLA).
When will the supplemental payment be made. Now that funding has been passed, retirees can expect to receive their supplemental payment on or before January 31, 2022. TRS will soon announce how this may roll out as they take into consideration various tax issues that may impact members. We will keep you all posted as information becomes available.
What you can do. TRTA is pleased that SB 7 and HB 5 have passed and that retirees are now able to receive some much-needed financial relief.
We have worked in both special sessions to help get these bills passed. We know many TRTA members want a COLA, and TRTA will continue to support legislative action to address a COLA for retired educators as soon as possible.
Please stay tuned to the Inside Line for news, as well as information about bills that are filed and urgent Action Alerts that will be needed on our vital issues!
As many of you have mentioned in your emails to us, TRTA’s work on the WEP and GPO is underway even while we are working on the supplemental increase. We are engaged with Congressional leaders and our state and national partners to help pass WEP reform immediately.
TRTA members, please pay your membership dues. Help us keep TRTA strong! TRTA focuses solely on your TRS retirement security! The $35 annual membership fee you invest in TRTA is money well spent. It keeps this organization strong, active, vocal, and visible here in Texas and in Washington, DC!