Senate Bill 7, the bill that authorizes a supplemental payment to eligible Teacher Retirement System of Texas (TRS) retirees, passed in the Texas Legislature.
SB 7 authorizes a supplemental payment to retired educators equal to the lesser of a retiree’s current monthly annuity or $2,400 dollars. The supplemental payment will be made to retirees without having a negative impact on the TRS pension fund. The health of the pension fund is critical for any future attempts to give retirees a much-needed cost-of-living adjustment (COLA).
Retirees can expect to receive their supplemental payment on or before January 31, 2022. It will go to retirees who retired on or before Dec. 31, 2020.
TRTA is pleased that SB 7 passed and that retirees are now able to receive some much-needed financial relief.
We have worked in both special sessions to help get this bill passed. We know many TRTA members want a COLA, and TRTA will continue to support legislative action to address a COLA for retired educators as soon as possible.
TRTA members, please pay your membership dues. Help us keep TRTA strong! TRTA focuses solely on your TRS retirement security! The $35 annual membership fee you invest in TRTA is money well spent. It keeps this organization strong, active, vocal, and visible here in Texas and in Washington, DC!