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. Every year about this time we hear the unfortunate forecasts of being able to meet these obligations while funding other needs.. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. Photographs and illustrations, as well as text, cannot be used without permission from AFT. 6:57 PM on Jul 13, 2021 CDT. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. 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. Only the Texas Legislature can approve a COLA for TRS retirees. But he also points out participants in the Teacher Retirement System of Texas, or TRS, are not only teachers. 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. 6:57 PM on Jul 13, 2021 CDT. Mississippi is no exception, Sen. Wiggins said. 1000 Red River St. - Austin, Texas 78701 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? 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 bill was referred to the Senate on February 15. 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. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) 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.. Now it's time to follow that.". JACKSON, MS (Mississippi News Now) - Public retirees get a cost of living adjustment added to their benefits every year. The Senate can take action on the House bill as soon as the week of March 6. 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. 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. By Jill Ament and Wells DunbarAugust 31, 20212:18 pmBusiness & Your Money, Education, Government & Politics. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. 1. As a state, we must honor our legal obligations to current and soon-to-be retirees, Wiggins said. The checks should be in an amount either equal to their regular annuity payment or $2,400, whichever is less. For more information on the release of this one-time supplemental payment, check out the FAQ on the TRS website. New State Treasurer David McRae will be delving into this issue, as well, given the impact on Mississippis credit rating. 2015: $517,283,072 ($41 million) 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 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 amendment was ruled out of order and therefore not granted a vote. "They depend on that 13th check. 2008: $281,124,000 ($25 million) That's an insult to the service of our retired teachers and state workers. 2016: $559,888,063 ($43 million) 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. where Lt. Gov. 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. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. 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. Texas AFT is affiliated with the American Federation of Teachers and AFL-CIO. WebNOW is the time for a meaningful and substantial 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 walkout in the Legislature could end up hitting retired teachers in their pockets. 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. Can I waive or disclaim my right to receive the supplement payment? This would be the first 13th check retirees have received since 2007. A one-time check up to $2,400 is a welcome gesture for retired teachers whose annuities have stagnated. We have a tremendous number of bus drivers, cafeteria workers and others that do not collect Social Security. 2023 Magnolia Tribune. Just to say we're not going to touch your retirement. 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 The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. Retired teachers in Texas have not received a cost-of-living increase since 2013. 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. Instead of squashing rumors, it fired some up even more. Comprehensive Annual Financial Reports (CAFR). 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. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) "Still, it wouldn't be the first time the COLA check has been brought into question. The least this body can do is show our retired Hoosiers the respect they deserve and pay them what they are owed.. 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. Capo argues that an adjustment is fair for former teachers degreed professionals paid far below what others in comparable industries are paid. For nearly two decades, he has reported and offered analysis on government, public policy, business and matters of faith. where Lt. Gov. 1000 Red River St. - Austin, Texas 78701 Code Ann. Retired teachers in Texas have not received a cost-of-living increase since 2013. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. $5 billion is currently sitting in our surplus, gathering dust, with even more expected in the coming year. Can I waive or disclaim my right to receive the supplement payment? 2012: $402,514,750 ($33 million) 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. 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 EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. Allrights reserved. I suspect these questions will continue to be asked as we enter the appropriations process.. The walkout in the Legislature could end up hitting retired teachers in their pockets. 2011: $368,645,000 ($30 million) Built by Moticos Studios. 2013: $437,808,691 ($36 million) Its an appreciated one; its certainly better than nothing, absolutely. Advocates are pushing for legislation to help them. 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? All rights reserved. The bill was referred to the Senate on February 15. 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 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. Sen. Wiggins expects this discussion will be on the table as Appropriations works through the state budget process this session. "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. 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 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. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. 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 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. 6:57 PM on Jul 13, 2021 CDT. This field is for validation purposes and should be left unchanged. Copyright 2017 MSNewsNow. 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. 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. Teacher's Retirement System. All Rights Reserved. The 13th check comes as a result of legislation passed this September. Earning your trust every day. For many, TRS may offer the only form of retirement income. 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. The walkout in the Legislature could end up hitting retired teachers in their pockets. Franks interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. "People depend on that pension," Scott explained. 2018: $650,465,578 ($47 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. Due diligence requires us to continue to look at such ways. 2023 Copyright American Federation of Teachers, AFL-CIO. This would be the first 13th check retirees have received since 2007. A 13th check was first authorized by the Mississippi Legislature in 1966 as an additional check in December; however, Miss. 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 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. 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. 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. 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. 2021 Texas Standard. 1. 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. 2006: $232,710,000 ($22 million) 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. Only the Texas Legislature can approve a COLA for TRS retirees. 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. Can I waive or disclaim my right to receive the supplement payment? 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. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. And there's talk on social media that it could be in jeopardy next session. 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. 2006) was amended in 1999 to provide for the automatic 3 percent annual benefit adjustment that is used to calculate COLA amounts. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) and PERF members. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. It's known as the 13th check. Dr. Robert Taylor, the state's new Superintendent, says there is much to celebrate about Mississippis progress in public education. But it is definitely a Band-Aid. Developed by. 2014: $476,401,043 ($38 million) 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. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. The Senate can take action on the House bill as soon as the week of March 6. 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. Here Are 13 You Should Know. It's disappointing to see the supermajority once again place a rainy day fund over the everyday needs of hardworking Hoosiers, Porter said. 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. 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. Teacher's Retirement System. He says if there's every going to be a change, it may well be that. 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 We also represent employees in universities, colleges, and community and junior colleges. 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. 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 Senate can take action on the House bill as soon as the week of March 6. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. where Lt. Gov. 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. 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 fact is that employees worked their career at the state for that promise. 2010: $338,628,000 ($25 million) The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. 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? 2009: $312,471,000 ($31 million) Members who receive paper checks should expect a regular delay due to postage. "We should honor that commitment. 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. 1000 Red River St. - Austin, Texas 78701 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. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. Only the Texas Legislature can approve a COLA for TRS retirees.