INDIANAPOLIS State Rep. Gregory W. Porter (D-Indianapolis), Ranking Democrat on the House Ways and Means Committee, today offered a proposal to provide a 13th check for retired teachers and state employees. The Texas AFT Legislative Team lobbied for and supported the passage of this bill but have continued to push legislators to pass a much needed and much overdue cost of living adjustment to permanently increase the regular monthly payments which TRS members receive. Providing a 13th check for our retired teachers is yet another way we can honor their commitment to our children and to the future of Texas. 1. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. The 13th check confused many retirees when it was distributed in mid-January, as their regular check came in that same month less than they expected. Occasionally, rumors circulate that the COLA will be eliminated or adjusted. The bill was referred to the Senate on February 15. As a state, we must honor our legal obligations to current and soon-to-be retirees, Wiggins said. The 2021 enacted state budget provided a one-percent cost-of-living adjustment (COLA) to retired teachers and state employees in lieu of a 13th check, which is a one-time, post-retirement payment based on an individual's number of years vested in their retirement plan. Theyre completely dependent on the retirement check they receive from the state retirement system., Absent any broader action, Capo calls the 13th check a Band-Aid.. This would be the first 13th check retirees have received since 2007. 25-11-112 (Rev. Developed by. The COLA is equal to 3 percent of a retiree's annual base benefit for each full fiscal year of retirement prior to the year in which he or she reaches age 55 (for those hired prior to July 1, 2011) or 60 (for those hired July 1, 2011, and after), plus 3 percent compounded for each fiscal year thereafter, beginning with the fiscal year in which he or she turns age 55 (for those hired prior to July 1, 2011) or 60 (for those hired July 1, 2011, and after). The Senate can take action on the House bill as soon as the week of March 6. Zeph Capo, president of the Texas American Federation of Teachers, says while a 13th check is most certainly helpful in mitigating some of the harm thats been done to retirees in the form of stagnant annuities, its certainly not enough. Instead, the teachers union would prefer lawmakers look at a permanent cost of living adjustment that ensures that the system will be able to keep up with inflation. What I read is this is the foundation for taking away that promise. The Kentucky swimmer is an outspoken proponent for protecting biological females in athletic competition. All PERS retirees and beneficiaries who have been receiving benefit payments for at least one full fiscal year (July 1 through June 30) are eligible to receive a COLA. This would be the first 13th check retirees have received since 2007. The checks should be in an amount either equal to their regular annuity payment or $2,400, whichever is less. Photographs and illustrations, as well as text, cannot be used without permission from AFT. The least this body can do is show our retired Hoosiers the respect they deserve and pay them what they are owed.. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. Comprehensive Annual Financial Reports (CAFR). Advocates are pushing for legislation to help them. The Senate can take action on the House bill as soon as the week of March 6. The COLA benefit increase of 3.33% is based upon the state-mandated increase to the salary for actively employed judges and magistrates in positions covered by the Judges' Retirement System. The walkout in the Legislature could end up hitting retired teachers in their pockets. Members who receive paper checks should expect a regular delay due to postage. The COLA is equal to 3% of the annual retirement allowance for each full fiscal year of retirement up to the year in which the retired member reaches age 60 (55 for those who became members of PERS before July 1, 2011), with 3% compounded for each fiscal year thereafter. Sen. Wiggins expects this discussion will be on the table as Appropriations works through the state budget process this session. where Lt. Gov. Dr. Robert Taylor, the state's new Superintendent, says there is much to celebrate about Mississippis progress in public education. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. "They depend on that 13th check. The COLA benefit increase of 3.33% is based upon the state-mandated increase to the salary for actively employed judges and magistrates in positions covered by the Judges' Retirement System. 2023 Magnolia Tribune. Both the Texas House and Senate have unanimously approved a measure giving retired Texas public school teachers and staff a one-time check of up to $2,400. 13th Check to Retired Teachers Will Be Issued in January 2022 Posted on September 17, 2021 by hinojosa AUSTIN, TX Today, the Teacher Retirement System of Texas (TRS) adopted a resolution directing TRS staff to prepare and issue the 13th check authorized by the Texas Legislature during the Second Called Special Session. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. All PERS retirees and beneficiaries who have been receiving benefit payments for at least one full fiscal year (July 1 through June 30) are eligible to receive a COLA. Earning your trust every day. 13th Check to Retired Teachers Will Be Issued in January 2022 Posted on September 17, 2021 by hinojosa AUSTIN, TX Today, the Teacher Retirement System of Texas (TRS) adopted a resolution directing TRS staff to prepare and issue the 13th check authorized by the Texas Legislature during the Second Called Special Session. The COLA is equal to 3% of the annual retirement allowance for each full fiscal year of retirement up to the year in which the retired member reaches age 60 (55 for those who became members of PERS before July 1, 2011), with 3% compounded for each fiscal year thereafter. Jackson Jambalaya recently provided an analysis of the PERS annual COLA, outlining the year-to-year data from the PERS Comprehensive Annual Financial Reports (CAFR), shown below: 2019: $699,947,000 ($50 million) The bill gives retired teachers, counselors and school staff in the Teacher Retirement System of Texas (TRST) who retired on or before Dec. 31, 2020, an additional, one-time retirement check. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. This week the Teacher Retirement System of Texas (TRS) announced that retired teachers will be receiving their one-time supplemental benefit check (commonly referred to as a 13th check) next Friday, January 14. COLAs help ensure that retiree purchasing power remains relatively the same no matter how long a retiree may live and how quickly prices might rise. Mississippi is no exception, Sen. Wiggins said. 2017: $603,318,841 ($43 million) The Senate can take action on the House bill as soon as the week of March 6. This 13th paycheck is a welcome gesture for retired teachers whose annuities have stagnated but can it make a long-term difference for retirees pocketbooks? 1000 Red River St. - Austin, Texas 78701 The 13th check confused many retirees when it was distributed in mid-January, as their regular check came in that same month less than they expected. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. HB 1028, 13 th check bill with a $50.00 increase from the last 13 th check paid in 2020, was passed unanimously by the House on February 14, 2023. We shouldn't back up on it. A 13th check, a one-time additional payment of up to $2,400, could be headed to retirees no later than January 2022, if approved in the special session "Still, it wouldn't be the first time the COLA check has been brought into question. Retired teachers in Texas have not received a cost-of-living increase since 2013. TRTA members, we are at a pivotal time. To put it into perspective: with a one percent COLA, a retiree who worked for 15 years would receive only $2.60 more in their monthly benefit. 1000 Red River St. - Austin, Texas 78701 Frank has served his community in both elected and appointed public office, hosted his own local radio and television programs, and managed private businesses all while being an engaged husband and father. 2012: $402,514,750 ($33 million) Just to say we're not going to touch your retirement. HB 1028, 13 th check bill with a $50.00 increase from the last 13 th check paid in 2020, was passed unanimously by the House on February 14, 2023. Final passage of this bill into law will require the House Democrats who have fled the state to return to the House for a quorum. Final passage of this bill into law will require the House Democrats who have fled the state to return to the House for a quorum. 6:57 PM on Jul 13, 2021 CDT. For more information on the release of this one-time supplemental payment, check out the FAQ on the TRS website. I look forward to my first meeting as a member of the PERS board next month and helping address this issue, Treasurer McRae told Yall Politics. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. Final passage of this bill into law will require the House Democrats who have fled the state to return to the House for a quorum. Teacher's Retirement System. "People depend on that pension," Scott explained. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. "We made a commitment to our state employees," said Miles. While PERS cannot predict the actions of the Legislaturethe only governing body with the authority to change retirement benefitsI feel confident that providing a COLA is recognized as being important to the retirement security of retirees.". Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) Franks interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. The health of PERS has perhaps the greatest impact on our states credit rating., By joining our newsletter, you are confirming that you agree with the Privacy Policy, Frank Corder is a native of Pascagoula. But is it ultimately just a drop in the bucket? Both the Texas House and Senate have unanimously approved a measure giving retired Texas public school teachers and staff a one-time check of up to $2,400. But it is definitely a Band-Aid. This 13th paycheck is a welcome gesture for retired teachers whose annuities have stagnated but can it make a long-term difference for retirees pocketbooks? I suspect these questions will continue to be asked as we enter the appropriations process.. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. Capo argues that an adjustment is fair for former teachers degreed professionals paid far below what others in comparable industries are paid. 2011: $368,645,000 ($30 million) But, we, and I mean all Mississippians, have to be willing to make hard decisions if we want our state to be financially viable for the future. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. The COLA benefit increase of 3.33% is based upon the state-mandated increase to the salary for actively employed judges and magistrates in positions covered by the Judges' Retirement System. But he also points out participants in the Teacher Retirement System of Texas, or TRS, are not only teachers. The bill was referred to the Senate on February 15. Only the Texas Legislature can approve a COLA for TRS retirees. A service of the Moody College of Communication at the University of Texas at Austin | Contact us, A service of the Moody College of Communication at the University of Texas at Austin.