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. Can I waive or disclaim my right to receive the supplement payment? 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. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) and PERF members. 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. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. 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. 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. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. "We should honor that commitment. 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. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. TRTA members, we are at a pivotal time. 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. 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 These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. Copyright 2017 MSNewsNow. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. 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. 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. 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 fact is that employees worked their career at the state for that promise. 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. Can I waive or disclaim my right to receive the supplement payment? All rights reserved. It's nearly a month till lawmakers fill these hallways again but the chatter is already starting up. "Still, it wouldn't be the first time the COLA check has been brought into question. Its Now Easier To File A Complaint In Texas, The Long Road To A New Performing Arts Center In Frisco, Heel To Toe: This Little Cowboy Has A Boot Obsession, Abortion Activists Say Pregnant Texans Are Collateral In Senate Bill 8s Battle Against Abortion, In a Central Texas county, high schoolers are jailed on felony charges for vaping what could be legal hemp, As Texas STAAR test goes fully online, teachers feel defeated, Texas Education Agency projects confidence. 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. 1. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. Due diligence requires us to continue to look at such ways. Its not fixing the structural problem we have with the system, he said. Disclosure: As employees of the University of Texas at Austin, the staff on Texas Standard are members of the Teacher Retirement System of Texas. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. A one-time check up to $2,400 is a welcome gesture for retired teachers whose annuities have stagnated. Dr. Robert Taylor, the state's new Superintendent, says there is much to celebrate about Mississippis progress in public education. 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. I suspect these questions will continue to be asked as we enter the appropriations process.. 2015: $517,283,072 ($41 million) Built by Moticos Studios. 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. 1. The Senate can take action on the House bill as soon as the week of March 6. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) And there's talk on social media that it could be in jeopardy next session. Rep. Greg Bonnen, chair of the Appropriations Committee, pointed out that if retirees receive a 13th check this year and a COLA in the 2023 Legislative Session, theyd actually be receiving more money overall than they would have if a The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. Franks interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. 2016: $559,888,063 ($43 million) These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. 2023 Indiana House Democratic Caucus. The 13th check comes as a result of legislation passed this September. "We made a commitment to our state employees," said Miles. That's an insult to the service of our retired teachers and state workers. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. The least this body can do is show our retired Hoosiers the respect they deserve and pay them what they are owed.. 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. Texas AFT represents all non-administrative certified and classified public school employees in the state of Texas. 6:57 PM on Jul 13, 2021 CDT. 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.". 1000 Red River St. - Austin, Texas 78701 2014: $476,401,043 ($38 million) 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. "They depend on that 13th check. 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. Comprehensive Annual Financial Reports (CAFR). 2010: $338,628,000 ($25 million) TRTA members, we are at a pivotal time. It's disappointing to see the supermajority once again place a rainy day fund over the everyday needs of hardworking Hoosiers, Porter said. 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. 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? "It doesn't matter what it's called," noted Hughes. 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. 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. Here Are 13 You Should Know. A 13th check was first authorized by the Mississippi Legislature in 1966 as an additional check in December; however, Miss. By Jill Ament and Wells DunbarAugust 31, 20212:18 pmBusiness & Your Money, Education, Government & Politics. 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. 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. 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 This would be the first 13th check retirees have received since 2007. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. 2011: $368,645,000 ($30 million) Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. 2023 Magnolia Tribune. Only the Texas Legislature can approve a COLA for TRS retirees. The bill was referred to the Senate on February 15. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. This would be the first 13th check retirees have received since 2007. The Kentucky swimmer is an outspoken proponent for protecting biological females in athletic competition. Those using direct deposit to receive TRS pension checks will likely receive the deposit that same day, but there might be a slight delay in processing the deposit due to Martin Luther King Jr. bank holiday weekend. 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. Advocates are pushing for legislation to help them. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. 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. Passing Voting Bill Priority In Last Days Of Second Special Session, Orange Countys Running Two Hurricane Ida Shelters Amid Severe Coronavirus Spread, I Will Never Tell Anyone Theres No Hope San Antonio Afghans Who Helped US Troops Fear For Their Families, Sexually Harassed At Work? 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. Photographs and illustrations, as well as text, cannot be used without permission from AFT. "I think there's a tendency that people forget that the wall and halls of the Capitol talk and seem to leak out," said Representative Tom Miles. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. The bill headed to the Governor will add restrictions to the opening of any new physical locations of EV manufacturers within the state, forcing them to follow franchise laws. where Lt. Gov. More Than 650 Texas Laws Go Into Effect Sept. 1. 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. New State Treasurer David McRae will be delving into this issue, as well, given the impact on Mississippis credit rating. Retired teachers in Texas have not received a cost-of-living increase since 2013. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. We also represent employees in universities, colleges, and community and junior colleges. 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?