SB 1458 Continues to Progress
Senate Bill 1458, the Teacher Retirement System of Texas (TRS) “actuarial soundness” bill, continues to move through the legislative process. As we mentioned in our previous update, several amendments that were added to SB 1458 as it was debated in the House of Representatives must be discussed and negotiated before the bill is finalized.
One such amendment expands the cost-of-living increase to TRS members who retired in 2004 or before. Other amendments that were adopted grandfather all non-vested active TRS employees from early-retirement penalties and provide retirees with a 13thcheck.
After the bill passed the House and was returned to the Senate for consideration, the Senate indicated that it did not concur with all of the amendments. This means the bill must now be negotiated in a conference committee.
The Senate has selected the following members to serve on the SB 1458 conference committee: Senators Robert Duncan, Wendy Davis, Kel Seliger, Kirk Watson and Tommy Williams. We expect the House conferees to be named sometime today.
TRTA will continue to meet this week with active educator groups and legislators to devise the final bill provisions.
Please know that TRTA will meet with Senate and House members to ensure that the cost-of-living increase provisions remain.
TRS Actuarial Soundness Bill and the State Budget
The Texas Legislature is in its final days. We have made big steps towards improving our TRS pension fund and helping over 195,000 TRS retirees. The fund’s improved condition will help ensure additional increases in the years to come.
The last two major legislative actions to ensure the actuarial soundness of the TRS fund and a raise for retirees is the acceptance of the SB 1458 conference committee report and the final passage of the state budget.
TRTA members are encouraged to remain in contact with their legislators and ask them to follow the leads of Senator Williams and Representative Pitts on the budget proposals, and Senator Duncan and Representative Callegari on the final adoption of the conference committee report on SB 1458. The TRTA Contact Your Legislator Hotline is 1.866.674.3788.
Time is running out! We must work with our legislators to ensure that the actuarial soundness bill and budget are finally adopted. Please continue to check your emails or follow TRTA on Facebook for real-time updates on legislative progress.
Thank you for being such a vital part of our statewide, grassroots team! Without you and the input you have provided to your legislators, SB 1458 would not have passed. Now, for the first time in many years, retirees may receive some financial help and our TRS pension fund will be financially healthy for many years to come!
If you are not a member of TRTA and would like more information about joining, please contact us at 1.800.880.1650. TRTA membership is the most powerful voice in Texas protecting the TRS pension fund and working to help TRS retirees.
Our members have sent over 100,000 email messages to the Texas Legislature this session. We are strong, we are united, we are your voice! Please consider joining TRTA and help protect and improve your retirement and health care benefits. TRTA dues are $25 per year.