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 one-time check up to $2,400 is a welcome gesture for retired teachers whose annuities have stagnated. 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. All rights reserved. But it is definitely a Band-Aid. 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 checks should be in an amount either equal to their regular annuity payment or $2,400, whichever is less. By Jill Ament and Wells DunbarAugust 31, 20212:18 pmBusiness & Your Money, Education, Government & Politics. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. Due diligence requires us to continue to look at such ways. TRTA members, we are at a pivotal time. "We should honor that commitment. The walkout in the Legislature could end up hitting retired teachers in their pockets. Teacher's Retirement System. Millions of Texans have rare diseases. But he also points out participants in the Teacher Retirement System of Texas, or TRS, are not only teachers. Can I waive or disclaim my right to receive the supplement payment? This would be the first 13th check retirees have received since 2007. Members who receive paper checks should expect a regular delay due to postage. "The fact is that employees worked their career at the state for that promise. "It doesn't matter what it's called," noted Hughes. 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. 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. Teacher's Retirement System. He says if there's every going to be a change, it may well be that. Retired teachers in Texas have not received a cost-of-living increase since 2013. 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. 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 COLA was no small part of the deficit between contributions and payments that grew to $1.2 billion last year., Given the trends, the question before Mississippi leaders and taxpayers alike is, How sustainable is the 13th Check?, Senate Appropriations Vice Chairman Sen. Brice Wiggins told Yall Politics this is not an issue unique to Mississippi, Nationwide, states continue to struggle with how to pay for their obligations to retirees and potential retirees. Just to say we're not going to touch your retirement. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. Earning your trust every day. More Than 650 Texas Laws Go Into Effect Sept. 1. 2009: $312,471,000 ($31 million) I suspect these questions will continue to be asked as we enter the appropriations process.. 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 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. 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 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. 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? For more information on the release of this one-time supplemental payment, check out the FAQ on the TRS website. 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. where Lt. Gov. Can I waive or disclaim my right to receive the supplement payment? Advocates are pushing for legislation to help them. 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. It's disappointing to see the supermajority once again place a rainy day fund over the everyday needs of hardworking Hoosiers, Porter said. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) 2021 Texas Standard. 2008: $281,124,000 ($25 million) The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. Code Ann. 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. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. 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. 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. Now it's time to follow that.". 2010: $338,628,000 ($25 million) Teacher's Retirement System. The bill was referred to the Senate on February 15. 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. Comprehensive Annual Financial Reports (CAFR). EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. 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? 25-11-112 (Rev. 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 amendment was ruled out of order and therefore not granted a vote. This would be the first 13th check retirees have received since 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. 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. Disclosure: As employees of the University of Texas at Austin, the staff on Texas Standard are members of the Teacher Retirement System of Texas. Sen. Wiggins expects this discussion will be on the table as Appropriations works through the state budget process this session. where Lt. Gov. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. 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. Only the Texas Legislature can approve a COLA for TRS retirees. "Representative Jeff Smith tried to calm retirees fears via Facebook. All rights reserved. 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 2006) was amended in 1999 to provide for the automatic 3 percent annual benefit adjustment that is used to calculate COLA amounts. What I read is this is the foundation for taking away that promise. 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? 2013: $437,808,691 ($36 million) Every year about this time we hear the unfortunate forecasts of being able to meet these obligations while funding other needs.. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. 2015: $517,283,072 ($41 million) 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. Developed by. 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. Email Frank: frank@magnoliatribune.com. Its an appreciated one; its certainly better than nothing, absolutely. 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 6:57 PM on Jul 13, 2021 CDT. For many, TRS may offer the only form of retirement income. The Kentucky swimmer is an outspoken proponent for protecting biological females in athletic competition. "They depend on that 13th check. 2014: $476,401,043 ($38 million) 2017: $603,318,841 ($43 million) The Senate can take action on the House bill as soon as the week of March 6. Retired teachers in Texas have not received a cost-of-living increase since 2013. 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. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. The walkout in the Legislature could end up hitting retired teachers in their pockets. 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 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 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. 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. Its not fixing the structural problem we have with the system, he said. 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). 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? 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. 2018: $650,465,578 ($47 million) Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) and PERF members. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. Capo argues that an adjustment is fair for former teachers degreed professionals paid far below what others in comparable industries are paid. 1000 Red River St. - Austin, Texas 78701 2006: $232,710,000 ($22 million) "We made a commitment to our state employees," said Miles. Instead of squashing rumors, it fired some up even more. 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. 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. 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. Earning your trust every day. 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 payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. $5 billion is currently sitting in our surplus, gathering dust, with even more expected in the coming year. The Senate can take action on the House bill as soon as the week of March 6. 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. We represent the interests of teachers, counselors, librarians, diagnosticians, custodians, cafeteria workers, bus drivers, nurses, teaching assistants, clerical employees, and the other employees who make our schools work. 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. This would be the first 13th check retirees have received since 2007. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. 1. "People depend on that pension," Scott explained. 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? 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. The 13th check comes as a result of legislation passed this September. 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 2007: $255,939,000 ($23 million) As a state, we must honor our legal obligations to current and soon-to-be retirees, Wiggins said. Here Are 13 You Should Know. 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 A 13th check was first authorized by the Mississippi Legislature in 1966 as an additional check in December; however, Miss. 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. 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. 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. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. "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. Built by Moticos Studios. "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. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. TRTA members, we are at a pivotal time. But is it ultimately just a drop in the bucket? JACKSON, MS (Mississippi News Now) - Public retirees get a cost of living adjustment added to their benefits every year. 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. 2023 Magnolia Tribune. 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. 1. 1. Only the Texas Legislature can approve a COLA for TRS retirees. 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 bill passed unanimously in the Senate 31-0 and 145-1 in the House. Members who retired before the end of 2020 or beneficiaries of a member who died before the end of 2020 are eligible. 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 bill was referred to the Senate on February 15. Only the Texas Legislature can approve a COLA for TRS retirees. 1000 Red River St. - Austin, Texas 78701 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. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. Mississippi is no exception, Sen. Wiggins said. It's nearly a month till lawmakers fill these hallways again but the chatter is already starting up. 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 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. 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) 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.. 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. 2023 Indiana House Democratic Caucus.
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