1000 Red River St. - Austin, Texas 78701 Due diligence requires us to continue to look at such ways. Copyright 2017 MSNewsNow. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. 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. The least this body can do is show our retired Hoosiers the respect they deserve and pay them what they are owed.. 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. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. 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. Now it's time to follow that.". 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. Retired teachers in Texas have not received a cost-of-living increase since 2013. All rights reserved. It's nearly a month till lawmakers fill these hallways again but the chatter is already starting up. 2017: $603,318,841 ($43 million) where Lt. Gov. 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. 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 2005: $211,530,000, As JJ states in their analysis, The funding level has fluctuated around 60% over the last five years despite two employer contribution increases of 300 basis points. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. "They depend on that 13th check. 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. 1000 Red River St. - Austin, Texas 78701 Only the Texas Legislature can approve a COLA for TRS retirees. 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. Teacher's Retirement System. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. 6:57 PM on Jul 13, 2021 CDT. 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. Franks interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. Occasionally, rumors circulate that the COLA will be eliminated or adjusted. The bill was referred to the Senate on February 15. "It doesn't matter what it's called," noted Hughes. Members who receive paper checks should expect a regular delay due to postage. New State Treasurer David McRae will be delving into this issue, as well, given the impact on Mississippis credit rating. 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. 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. Dr. Robert Taylor, the state's new Superintendent, says there is much to celebrate about Mississippis progress in public education. JACKSON, MS (Mississippi News Now) - Public retirees get a cost of living adjustment added to their benefits every year. 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. 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 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. 2007: $255,939,000 ($23 million) 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. 2016: $559,888,063 ($43 million) 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? A 13th check was first authorized by the Mississippi Legislature in 1966 as an additional check in December; however, Miss. 6:57 PM on Jul 13, 2021 CDT. 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. 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 13th check comes as a result of legislation passed this September. 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. Texas AFT is affiliated with the American Federation of Teachers and AFL-CIO. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. Members who retired before the end of 2020 or beneficiaries of a member who died before the end of 2020 are eligible. Photographs and illustrations, as well as text, cannot be used without permission from AFT. 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. All Rights Reserved. Texas AFT represents all non-administrative certified and classified public school employees in the state of Texas. 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. where Lt. Gov. Retired teachers in Texas have not received a cost-of-living increase since 2013. 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. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. 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. 1000 Red River St. - Austin, Texas 78701 And there's talk on social media that it could be in jeopardy next session. But it is definitely a Band-Aid. Code Ann. 6:57 PM on Jul 13, 2021 CDT. 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. 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. 2006) was amended in 1999 to provide for the automatic 3 percent annual benefit adjustment that is used to calculate COLA amounts. The checks should be in an amount either equal to their regular annuity payment or $2,400, whichever is less. Millions of Texans have rare diseases. 25-11-112 (Rev. 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. Can I waive or disclaim my right to receive the supplement payment? 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. Teacher's Retirement System. 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) The walkout in the Legislature could end up hitting retired teachers in their pockets. For nearly two decades, he has reported and offered analysis on government, public policy, business and matters of faith. 2008: $281,124,000 ($25 million) Just to say we're not going to touch your retirement. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. This field is for validation purposes and should be left unchanged. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. But is it ultimately just a drop in the bucket? 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. 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. Only the Texas Legislature can approve a COLA for TRS retirees. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. 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. 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 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. This would be the first 13th check retirees have received since 2007. 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). For many, TRS may offer the only form of retirement income. 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. 2018: $650,465,578 ($47 million) $5 billion is currently sitting in our surplus, gathering dust, with even more expected in the coming year. Earning your trust every day. 2014: $476,401,043 ($38 million) 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. Instead of squashing rumors, it fired some up even more. 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) 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. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. 2012: $402,514,750 ($33 million) Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. 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 bill was referred to the Senate on February 15. We shouldn't back up on it. Disclosure: As employees of the University of Texas at Austin, the staff on Texas Standard are members of the Teacher Retirement System of Texas. 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. But he also points out participants in the Teacher Retirement System of Texas, or TRS, are not only teachers. Email Frank: frank@magnoliatribune.com. 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. This would be the first 13th check retirees have received since 2007. "The fact is that employees worked their career at the state for that promise. 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. Retired teachers in Texas have not received a cost-of-living increase since 2013. A one-time check up to $2,400 is a welcome gesture for retired teachers whose annuities have stagnated. The amendment was ruled out of order and therefore not granted a vote. Developed by. Sen. Wiggins expects this discussion will be on the table as Appropriations works through the state budget process this session. 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