TRS Pension Fund
ACTION ITEM: Preserve the funding plan enacted during the 86th Legislature (SB 12)
- Keep the TRS pension fund on the path to actuarial soundness
- Ensure SB 12 phase-in plan raising contribution rates to 8% for state/educators, and 1.8% for ISDs by 2022 ACTION ITEM: Secure a financial structure capable of providing a future COLA
- Average TRS monthly annuity is $2096
- Half of all TRS annuitants receive less than $1800 per month
- Members retiring during the last 16 years have never had a permanent increase in their annuity
Consider additional revenue source by requiring all employers to contribute equally
TRS-Care
ACTION ITEM: Maintain contribution for TRS-Care retiree health insurance
- Vulnerability to COVID-19 necessitates affordable, easy access to doctors and care
- Avoid increased premiums and cuts in services or benefits
- Study and design long term funding structure
- Allow one-time re-enrollment to TRS-Care
Sunset Review
ACTION ITEM: Adopt TRS Sunset Staff Report and additional TRTA recommendations*
- Promote a member-focused and friendly culture at TRS
- Direct TRS to designate an FTE position as a TRS member ombudsman focused on the needs and issues of TRS members, including the impact of COVID-19
- Direct TRS to simplify and clearly define reasonable rules for return to work and part time employees
- Create appeals process for disallowed health care claims
*See TRTA Position Paper for TRS Sunset recommendations and TRTA recommendations
FEDERAL ISSUES
Social Security
ACTION ITEM: Ensure earned Social Security benefits are paid to retirees
- Reform WEP and GPO current formulas that unfairly penalize Texas retired educators
- Retirees’ traditional supplemental income has been impacted by pandemic (substitute teaching, bus driving)
- Prevent mandatory Social Security as a resolution to the inequity of WEP and GPO
