TRTA Members Are Making the Difference!
On Thursday, January 21, 2021, legislative leaders introduced base budget bills in both the Texas Senate and House. While the Texas Retired Teachers Association (TRTA) is still reviewing all aspects of these bills, there is very good news about funding for the Teacher Retirement System of Texas (TRS) in both versions of the state budget.
The proposed biennial budget is for fiscal years 2022-2023 and will be adjusted throughout the 87th Legislative Session that began on January 12 and continues through the end of May. Included in the base budget bills is more than $5 billion for the TRS pension fund. TRTA members will be proud to hear that the TRS trust fund is receiving increases in overall funding based on both active teacher payroll growth and as a result of the continuing reforms that were passed last session through Senate Bill 12.
TRTA dedicated extensive work to ensuring the passage of SB 12 in 2019. SB 12 paved the way for the TRS fund to become actuarially sound, a necessary measure that must be met before the Texas Legislature is able to approve any kind of cost-of-living adjustments (COLAS) or supplemental payments for our public education retirees.
The budget increase for the pension fund is encouraging, considering the state’s looming budget shortfall. In order for the TRS pension fund to remain healthy, this increase—and others that were passed as a result of SB 12 and will be implemented in future years—is vital.
The Senate and House base budget bills also include $897.6 million, an increase of $39.5 million, for statutorily required contributions to TRS-Care to maintain current health insurance premiums and benefits for retired teachers.
TRTA members have done a tremendous amount of work to ensure TRS budgetary funding remains on track. This budget shows us that our elected officials are hearing your voice! Our work, however, is far from over and will continue throughout the legislative session. Thank you to our TRTA members who have done so much already to get us off to a great start this session.
We also thank Lieutenant Governor Dan Patrick, Senator Jane Nelson, and the members of the Senate Finance Committee for their early show of support for TRS budgetary needs. TRTA is also grateful to Speaker of the House Dade Phelan, Representative Giovanni Capriglione, and the members of the House Appropriations Committee for their dedication to TRS. Together, TRTA, its members, and the Legislature have partnered on many crucial bills and accomplished significant achievements over several sessions.
Ensuring adequate funding for the TRS pension fund and TRS-Care program are some of TRTA members’ highest legislative priorities. The news so far is very positive. TRTA members know that we are only at the beginning of the legislative session and things may turn at any moment. Please, stay tuned to our updates via the Inside Line and be ready to act as necessary over the coming weeks!
TRTA already is working with numerous elected officials who want to help TRS retirees. Many bills are being drafted and work is underway! As a TRTA member, we know you support these efforts. You will be the first to receive updates as they happen. If you know of a retiree who does not receive our email newsletter, tell them to sign up! It’s free! Click here to learn more.
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