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. It's nearly a month till lawmakers fill these hallways again but the chatter is already starting up. 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.. "They depend on that 13th check. Code Ann. Sen. Wiggins expects this discussion will be on the table as Appropriations works through the state budget process this 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 But is it ultimately just a drop in the bucket? 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 Kentucky swimmer is an outspoken proponent for protecting biological females in athletic competition. And there's talk on social media that it could be in jeopardy next session. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. 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. 2021 Texas Standard. 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. Advocates are pushing for legislation to help them. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. All rights reserved. 25-11-112 (Rev. 6:57 PM on Jul 13, 2021 CDT. 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. Comprehensive Annual Financial Reports (CAFR). 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. 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 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. 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. Developed by. 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. 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. 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. "It doesn't matter what it's called," noted Hughes. Only the Texas Legislature can approve a COLA for TRS retirees. 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. 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? where Lt. Gov. Allrights reserved. 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. 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) TRTA members, we are at a pivotal time. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) Its not fixing the structural problem we have with the system, he said. Texas AFT is affiliated with the American Federation of Teachers and AFL-CIO. Photographs and illustrations, as well as text, cannot be used without permission from AFT. The walkout in the Legislature could end up hitting retired teachers in their pockets. 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 Senate can take action on the House bill as soon as the week of March 6. Dr. Robert Taylor, the state's new Superintendent, says there is much to celebrate about Mississippis progress in public education. Only the Texas Legislature can approve a COLA for TRS retirees. The Senate can take action on the House bill as soon as the week of March 6. A 13th check was first authorized by the Mississippi Legislature in 1966 as an additional check in December; however, Miss. 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. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. 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. Earning your trust every day. 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. All Rights Reserved. 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.". 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). But he also points out participants in the Teacher Retirement System of Texas, or TRS, are not only teachers. More Than 650 Texas Laws Go Into Effect Sept. 1. 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. Here Are 13 You Should Know. New State Treasurer David McRae will be delving into this issue, as well, given the impact on Mississippis credit rating. "People depend on that pension," Scott explained. 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. 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 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 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. He says if there's every going to be a change, it may well be that. 2023 Copyright American Federation of Teachers, AFL-CIO. 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. A decade ago, Indiana leaders provided both a 13th check and a COLA that was usually over 2% to invest in the retirees that invested in the state. 1000 Red River St. - Austin, Texas 78701 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. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. Millions of Texans have rare diseases. "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. where Lt. Gov. 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. 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. Occasionally, rumors circulate that the COLA will be eliminated or adjusted. 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. Capo argues that an adjustment is fair for former teachers degreed professionals paid far below what others in comparable industries are paid. Retired teachers in Texas have not received a cost-of-living increase since 2013. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. 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. 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. The least this body can do is show our retired Hoosiers the respect they deserve and pay them what they are owed.. 2018: $650,465,578 ($47 million) The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. 1000 Red River St. - Austin, Texas 78701 The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 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. 2009: $312,471,000 ($31 million) 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 Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 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. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. 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. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. 6:57 PM on Jul 13, 2021 CDT. The walkout in the Legislature could end up hitting retired teachers in their pockets. That's an insult to the service of our retired teachers and state workers. "We should honor that commitment. 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. 2008: $281,124,000 ($25 million) EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. We shouldn't back up on it. Teacher's Retirement System. 2010: $338,628,000 ($25 million) These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. 1000 Red River St. - Austin, Texas 78701 Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) Copyright 2017 MSNewsNow. Members who receive paper checks should expect a regular delay due to postage. It's known as the 13th check. "Representative Jeff Smith tried to calm retirees fears via Facebook. This would be the first 13th check retirees have received since 2007. 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? 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. Email Frank: frank@magnoliatribune.com. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. A one-time check up to $2,400 is a welcome gesture for retired teachers whose annuities have stagnated. TRTA members, we are at a pivotal time. Every year about this time we hear the unfortunate forecasts of being able to meet these obligations while funding other needs.. For more information on the release of this one-time supplemental payment, check out the FAQ on the TRS website. The walkout in the Legislature could end up hitting retired teachers in their pockets. Earning your trust every day. 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. Disclosure: As employees of the University of Texas at Austin, the staff on Texas Standard are members of the Teacher Retirement System of Texas. This would be the first 13th check retirees have received since 2007.