Today, May 26, 2019 was the final day that the bills affecting Texas retired educators could be passed by the Texas Legislature. After months of emails, phone calls, personal visits and handwritten letters, retirees’ efforts have paid off!
Today, the Legislature passed Senate Bill 500 (the supplemental budget) and Senate Bill 12 (the Retired Teachers’ Security Act)!
The passage of both bills was absolutely necessary in order for retirees to receive a supplemental payment and for the Teacher Retirement System of Texas (TRS) pension fund to become actuarially sound. SB 500 provided the necessary funding for these measures, while SB 12 established the state policy that will now go into effect.
Earlier today, TRTA released an Inside Line that provided the details of how SB 12 will work to make the pension fund solvent.
The Texas Retired Teachers Association’s (TRTA) 94,000 members made all the difference in ensuring the future of the TRS pension fund. Before session began, the future of the pension system was uncertain due to recent changes to the assumed rate of return. The Legislature, various stakeholders, and the members of TRTA and the TRTA legislative team in Austin worked together to create a path for solvency that will impact all current and future TRS retirees for decades to come.
Thank you for being a strong advocate for retirees, present and future, and for following along with TRTA on this months-long journey! TRTA will never stop working for retired educators in Texas, and we hope you will always be by our side as we continue to fight for retirement security for all members of TRS.