Bill’s Supporters Grow (TRTA, ATPE, TASA all support SB 1458!)
Click Here to Send an Email Supporting SB 1458/Phone Calls Needed!! Contact Information Provided Below!!!
Today may be a critical day for the long-term health of the Teacher Retirement System of Texas (TRS) pension fund, and could set TRS on a path to providing raises to its retirees in desperate need. Call the senators listed at the end of this message. Call your fellow TRTA members, ask them to help get involved. Now is the time to make a major push!
SB 1458 has been improved to ensure:
- Long-term actuarial soundness for TRS;
- Increased contributions from all participants including the state, active members, and school districts;
- All contribution levels are linked, meaning that the state will have a hard time lowering its commitment to the fund in the future;
- Provides a cost of living increase for TRS retirees who retired 1999 or before;
- These are people who retired prior to the full implementation of the Rule of 80;
- The Rule of 80 was adopted in 1997, but its real impact began a few years later. Many of the retirees in this population (1999 and before) were long-term employees that worked for much less money and receive small pensions. They may have taken a significant cut in their retirement because they had no Rule of 80 to assist them in an early retirement situation;
- Over 102,000 retirees will benefit this session;
- Additional raises will be possible as the system’s actuarial condition improves and can do so without relying solely on stock market gains;
- Under existing statute, NO RETIREE WILL GET ANY COST-OF-LIVING INCREASE SO LONG AS THE SYSTEM IS NOT ABLE TO AMORTIZE ITS UNFUNDED LIABILITY WITHIN 31 YEARS (the statute TRS must meet to be considered actuarially sound and provide COLAs);
- THIS IS THE ONLY LEGISLATION IN OVER 15 YEARS THAT HAS BROUGHT ALL THESE COMPONENTS TOGETHER IN SUCH A WAY TO MAKE THE FUND SOUND NOW;
- Some groups oppose this bill for various reasons, but everyone needs to know that this legislation grandfathers every vested employee from any pension cuts!
If these provisions are not passed, will active employees benefit if the fund’s condition continues to deteriorate?
The Legislature’s track record has been to cut and make drastic changes during the tough times. We cannot “wait-and-see” if there is better deal to be made four or five years from now. Too much is at stake for our active employees and retirees.
The very existence of our defined benefit plan may be the price we pay if we do not give full support to this bill.
TRTA does not want to see any cuts for any employees. That’s why TRTA has worked so hard with our friends in the active community and the legislature. SB 1458 protects the earned benefits of all vested employees and gives another year for current employees to fully vest (five years of service).
Non-vested employees will not retire for at least two decades or more. TRTA, our friends in the active community and the Legislature will have additional opportunities to improve their retirement benefits over the next two decades.
Now is the time for action! The Texas Association of School Administrators (TASA), the Association of Texas Professional Educators (ATPE), and the Texas Retired Teachers Association (TRTA) SUPPORT SB 1458.
If you support preserving the defined benefit plan for all current active employees, providing immediate help to lower-income retirees in desperate need, and putting TRS on a path to help all retirees in future sessions, THIS IS A BILL TO SUPPORT.
LEGISLATORS, DO NOT GO BACK TO YOUR DISTRICT KNOWING YOU COULD HAVE DONE SOMETHING TO MAKE THE SYSTEM ACTUARIALLY SOUND AND HELP OVER 100,000 RETIREES IN NEED. PUT TRS ON A LONG-TERM PATH TO HELPING ALL OF ITS MEMBERS!
TRTA members, we are getting help from many other groups and organizations that are looking at the facts and are focused on the big picture: protecting the plan.
YOU are the real muscle behind this bill. While it isn’t perfect, it is very good. Help is possible with this legislation. Without it, our efforts to help current and future retirees will be very challenging.
Please do all in your power to send a strong message to the Senate that this bill MUST pass.
Thank you for all you do. Please continue to call these senators:
- Davis (D-Ft. Worth, Undecided) 512.463.0110/1.888.674.3788;
- Ellis (D-Houston, Undecided) 512.463.0113/1.888.674.3788;
- Garcia (D-Houston, Undecided) 512.463.0106/1.888.674.3788;
- updated Hinojosa (D-McAllen, Undecided) 512.463.0120/1.888.
- Lucio, Jr. (D-Brownsville, Undecided) 512.463.0127/1.888.
- Rodriguez (D-El Paso, Undecided) 512.463.0129/1.888.
- updated Uresti (D-San Antonio, Undecided) 512.463.0119/1.888.
- updated Van de Putte (D-San Antonio, Undecided) 512.463.0126/1.888.
- Watson (D-Austin, Undecided) 512.463.0114/1.888.
- West (D-Dallas, Undecided) 512.463.0123/1.888.
- updated Zaffirini (D-Laredo, Undecided) 512.463.0121/1.888.
Editor’s note: These senators are not “against” TRTA or “against” helping TRS retirees. Many of them are our long-time friends and supporters. This is a big bill with lots of impact. Many of these offices just want to know they are doing the right thing. It is our responsibility to educate them in a very positive way that this is the bill that helps protect TRS and gives all retirees hope that we are now on a path to help all TRS retirees!