The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. Now it's time to follow that.". "Rumors are about 90 percent of the way things happen here at the Capitol and they're always based on something that was heard," added Representative Jay Hughes.Representatives Tom Miles and Jay Hughes have posted concerns over a rumor that there might be a push next year to do away with the "COLA" (13th check) for retirees during the coming session. Retired teachers in Texas have not received a cost-of-living increase since 2013. where Lt. Gov. TRTA members, we are at a pivotal time. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. The Public Employees Retirement System of Mississippi (PERS) annual cost of living adjustment, otherwise known as the 13th Check, has grown nearly $400 million over the last decade. Here Are 13 You Should Know. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) Due diligence requires us to continue to look at such ways. $5 billion is currently sitting in our surplus, gathering dust, with even more expected in the coming year. He made note that the "COLA" check isn't a real cost of living increase, saying that after the first three years it's an automatic 3% increase. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. 2009: $312,471,000 ($31 million) We also represent employees in universities, colleges, and community and junior colleges. He says if there's every going to be a change, it may well be that. Instead of squashing rumors, it fired some up even more. 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? Gulf of Mexico warming at faster rate than global ocean, study finds, At these old-school restaurants in Texas, you feel like its an extension of your home, Greg Abbott says if these corporate tax breaks return, renewable energy should be excluded. It's disappointing to see the supermajority once again place a rainy day fund over the everyday needs of hardworking Hoosiers, Porter said. I suspect these questions will continue to be asked as we enter the appropriations process.. Only the Texas Legislature can approve a COLA for TRS retirees. This would be the first 13th check retirees have received since 2007. Teacher's Retirement System. 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. Built by Moticos Studios. 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. 2023 Indiana House Democratic Caucus. The walkout in the Legislature could end up hitting retired teachers in their pockets. 6:57 PM on Jul 13, 2021 CDT. Comprehensive Annual Financial Reports (CAFR). Email Frank: frank@magnoliatribune.com. Additionally, since 1994, retirees may receive the COLA in either monthly payments or in the lump sum form of a 13th check paid in December. Copyright 2017 MSNewsNow. The bill was referred to the Senate on February 15. We have a tremendous number of bus drivers, cafeteria workers and others that do not collect Social Security. The Senate can take action on the House bill as soon as the week of March 6. The Senate can take action on the House bill as soon as the week of March 6. 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. PERS Executive Director Pat Robertson sent the follow information: "What is often referred to as the 13th check is not a bonus, but, in reality, is simply a cost-of-living adjustment (COLA) added to a retirement benefit to account for effects of inflation. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. "People depend on that pension," Scott explained. 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. For nearly two decades, he has reported and offered analysis on government, public policy, business and matters of faith. 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 work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. Photographs and illustrations, as well as text, cannot be used without permission from AFT. 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. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. 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. Capo argues that an adjustment is fair for former teachers degreed professionals paid far below what others in comparable industries are paid. Franks interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. This would be the first 13th check retirees have received since 2007. 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. 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.. 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. 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. 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. By Jill Ament and Wells DunbarAugust 31, 20212:18 pmBusiness & Your Money, Education, Government & Politics. Every year about this time we hear the unfortunate forecasts of being able to meet these obligations while funding other needs.. 2023 Magnolia Tribune. The Texas Pension Coalition (TPC) worked hard for retired teachers in Texas to receive a 13th check. Last week, Texas lawmakers passed SB 12, which will provide a 13th check of up to $2,000 for retired teachers. 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. 2017: $603,318,841 ($43 million) 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. 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. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. 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. At that rate of increase, the 13th Check could exceed $1 billion before the end of the next decade due to the manner in which the benefit is calculated. The checks should be in an amount either equal to their regular annuity payment or $2,400, whichever is less. 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? TRTA members, we are at a pivotal time. As a state, we must honor our legal obligations to current and soon-to-be retirees, Wiggins said. All rights reserved. But it is definitely a Band-Aid. "We made a commitment to our state employees," said Miles. Developed by. 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. 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 Questions arise about future of public retirees' 13th check, Former wrestler tied to TANF scandal pleads guilty to conspiracy in federal court, 42K Mississippians without power after strong winds cause outages, Request a First Alert Weather School Visit. Earning your trust every day. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) 2015: $517,283,072 ($41 million) "It doesn't matter what it's called," noted Hughes. 1000 Red River St. - Austin, Texas 78701 Occasionally, rumors circulate that the COLA will be eliminated or adjusted. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. The walkout in the Legislature could end up hitting retired teachers in their pockets. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. 1. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. The bill was referred to the Senate on February 15. 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. "The fact is that employees worked their career at the state for that promise. For more information on the release of this one-time supplemental payment, check out the FAQ on the TRS website. 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. 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. The bill was referred to the Senate on February 15. 1000 Red River St. - Austin, Texas 78701 2011: $368,645,000 ($30 million) 1000 Red River St. - Austin, Texas 78701 It's nearly a month till lawmakers fill these hallways again but the chatter is already starting up. 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. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. This would be the first 13th check retirees have received since 2007. 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. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. Can I waive or disclaim my right to receive the supplement payment? 6:57 PM on Jul 13, 2021 CDT. 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. Teacher's Retirement System. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. 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. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. 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. 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