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I think if I were advising a teacher, I would think youd want to wait until A) your wages are catching up with inflation, and B) the inflation rate itself has declined a bit. He is a 2019 graduate of the Missouri School of Journalism and a 2020 graduate of Georgetowns Masters in American Government program. Teachers have never made a lot of money. All Rights Reserved. The TRS fund sets a benchmark of 7.25 percent return year-over-year, while for the last 10 it has averaged 9.12 percent. As your TRTA State President, I believe there are two questions we must ask in this moment: Will the Legislature seize the day and pass legislation that provides a COLA; and how much of an increase can and will the Legislature authorize? Thank you for being a member of TRTA! EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. I think its going to be a desperate conversation that our members are going to have with elected officials the next time we roll into session.. The Teacher Retirement System, the state's pension program for educators, does not adjust . Updated: Aug. 6, 2021 View Changes. Last year, Gov. . At a Senate Finance Committee Wednesday, TRS Executive Director Brian Guthrie testified that the fund is healthy and can afford a COLA. The 87th Legislature, Regular Session, made a number of changes to the salary administration laws: The Texas Comptroller of Public Accounts (Comptrollers office) is providing these general guidelines for the changes to be implemented in the Uniform Statewide Payroll/Personnel System (USPS), Human Resource Information System (HRIS), Standardized Payroll/Personnel Reporting System (SPRS) and the Centralized Accounting and Payroll/Personnel System (CAPPSHR/Payroll). TX. How the Texas Teacher's Retirement System could change after the - KXXV Moreover, if the inflation rate continues above 2 percent next year, youll have the same issue going on. And so until they receive that increase in wages to restore the purchasing power of their current income, retiring is still going to be faced with the reduced purchasing power based on their low wages relative to the inflation rate that they earned this year. Void where prohibited. Do Not Sell or Share My Personal Information. Then when their February checks came, they remained marginally lower than in 2021 because of adjustments to federal tax tables made by the IRS. Most TRS retirees do not receive any Social Security income, including spousal or widower's benefits, due to the Government Pension Offset (GPO) and Windfall . Use Next and Previous buttons to navigate. This is about the people who have dedicated their lives. The Teacher Retirement System, the states pension program for educators, does not adjust its pension payments for inflation, which can fluctuate the purchasing power of retired teachers. The calculation of base salary excludes longevity pay, hazardous duty pay, benefit replacement pay, overtime pay and other payments that are not part of the base salary of the employee. We cannot, however, pay for something if it is beyond our ability to finance it. As a result, 96% of Texas public school . Join our email list to get instantly notified when rates change. Byler said she has spoken with active teachers who dont want to come to Austin to beg for a COLA when they retire. Another method is to pay for an increase upfront, which costs less but may require an outlay from general revenue. The move is part of the pension fund's strategy to diversify its portfolio across the commercial real estate market, which has been hit by higher interest rates, according to a recent report by Bloomberg. Texas AFT knows that a skimpy COLA will fall short of providing retirees the support they desperately need with a rising cost of living.