"We should honor that commitment. 2011: $368,645,000 ($30 million) The bill was referred to the Senate on February 15. "It doesn't matter what it's called," noted Hughes. 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. 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. Photographs and illustrations, as well as text, cannot be used without permission from AFT. We have a tremendous number of bus drivers, cafeteria workers and others that do not collect Social Security. For more information on the release of this one-time supplemental payment, check out the FAQ on the TRS website. The 13th check comes as a result of legislation passed this September. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) 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. Comprehensive Annual Financial Reports (CAFR). That's an insult to the service of our retired teachers and state workers. 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. 25-11-112 (Rev. 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. 2023 Magnolia Tribune. 2014: $476,401,043 ($38 million) 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. What I read is this is the foundation for taking away that promise. 2018: $650,465,578 ($47 million) This would be the first 13th check retirees have received since 2007. Allrights reserved. 1000 Red River St. - Austin, Texas 78701 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. But is it ultimately just a drop in the bucket? The Senate can take action on the House bill as soon as the week of March 6. This would be the first 13th check retirees have received since 2007. 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 EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. 2009: $312,471,000 ($31 million) 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 Every year about this time we hear the unfortunate forecasts of being able to meet these obligations while funding other needs.. All rights reserved. 2023 Copyright American Federation of Teachers, AFL-CIO. 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 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) 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. 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. "Still, it wouldn't be the first time the COLA check has been brought into question. As a state, we must honor our legal obligations to current and soon-to-be retirees, Wiggins said. Only the Texas Legislature can approve a COLA for TRS retirees. WebNOW is the time for a meaningful and substantial COLA for TRS retirees. JACKSON, MS (Mississippi News Now) - Public retirees get a cost of living adjustment added to their benefits every year. 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. 2016: $559,888,063 ($43 million) 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. 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. Disclosure: As employees of the University of Texas at Austin, the staff on Texas Standard are members of the Teacher Retirement System of Texas. For nearly two decades, he has reported and offered analysis on government, public policy, business and matters of faith. The walkout in the Legislature could end up hitting retired teachers in their pockets. The Senate can take action on the House bill as soon as the week of March 6. 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. Only the Texas Legislature can approve a COLA for TRS retirees. It's disappointing to see the supermajority once again place a rainy day fund over the everyday needs of hardworking Hoosiers, Porter said. 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 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. 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. 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. 1000 Red River St. - Austin, Texas 78701 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 Can I waive or disclaim my right to receive the supplement payment? 2015: $517,283,072 ($41 million) 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 passed unanimously in the Senate 31-0 and 145-1 in the House. 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. The work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. 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 bill was referred to the Senate on February 15. Amendment #2 to House Bill 1260 would have provided a $250 payment in 2022 to the Teachers' Retirement Fund (TRF) and PERF members. Email Frank: frank@magnoliatribune.com. 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. 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 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. 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? And there's talk on social media that it could be in jeopardy next session. Occasionally, rumors circulate that the COLA will be eliminated or adjusted. 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 2017: $603,318,841 ($43 million) Teacher's Retirement System. 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. Now it's time to follow that.". "People depend on that pension," Scott explained. 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. By Jill Ament and Wells DunbarAugust 31, 20212:18 pmBusiness & Your Money, Education, Government & Politics. TRTA members, we are at a pivotal time. It's nearly a month till lawmakers fill these hallways again but the chatter is already starting up. 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. 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. 2010: $338,628,000 ($25 million) 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) 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. Copyright 2017 MSNewsNow. Franks interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. New State Treasurer David McRae will be delving into this issue, as well, given the impact on Mississippis credit rating. 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. 2012: $402,514,750 ($33 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. More Than 650 Texas Laws Go Into Effect Sept. 1. Earning your trust every day. 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. Texas AFT is affiliated with the American Federation of Teachers and AFL-CIO. 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 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 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. 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 payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. "They depend on that 13th check. 1000 Red River St. - Austin, Texas 78701 1. Teacher's Retirement System. The bill passed unanimously in the Senate 31-0 and 145-1 in the House. 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. Its an appreciated one; its certainly better than nothing, absolutely. Teacher's Retirement System. 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 TRTA members, we are at a pivotal time. I suspect these questions will continue to be asked as we enter the appropriations process.. 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. where Lt. Gov. We shouldn't back up on it. Mississippi is no exception, Sen. Wiggins said. Earning your trust every day. Instead of squashing rumors, it fired some up even more. WebRetired Judges plan members will receive a 3.33% cost-of-living adjustment (COLA) effective July 1, 2022. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. "Representative Jeff Smith tried to calm retirees fears via Facebook. 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. 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? 2008: $281,124,000 ($25 million) The Kentucky swimmer is an outspoken proponent for protecting biological females in athletic competition. 2013: $437,808,691 ($36 million) 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? 2021 Texas Standard. Members who receive paper checks should expect a regular delay due to postage. 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. TRTA members, we are at a pivotal time. 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 work needed to get the Legislature to pass a COLA for TRS retirees does not begin in January: it starts NOW. 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. Only the Texas Legislature can approve a COLA for TRS retirees. The payment has been dubbed a 13th check an addition to retired teachers monthly pension checks. 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: $232,710,000 ($22 million) Can I waive or disclaim my right to receive the supplement payment? We also represent employees in universities, colleges, and community and junior colleges. These FAQs are a guide to common questions related to public benefits as a result of the 13th Check Payment. "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 field is for validation purposes and should be left unchanged. But it is definitely a Band-Aid. 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. Sen. Wiggins expects this discussion will be on the table as Appropriations works through the state budget process this session. Teachers who retired after Sept. 1, 2004 have never seen a cost-of-living increase to their pension plan. 6:57 PM on Jul 13, 2021 CDT. 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's known as the 13th 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. EARLIER THIS YEAR: More than 400,000 retired Texas teachers receive 13th check today. where Lt. Gov. 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. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. The Legislature has provided 13th checks to retired teachers during each of the last two sessions, as well as in 2007. 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. 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 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. And that's why the president of the Mississippi Alliance for Public Employees Brenda Scott is holding her breath for the session and asking retirees to pay attention. 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. where Lt. Gov. 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? Capo argues that an adjustment is fair for former teachers degreed professionals paid far below what others in comparable industries are paid. 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.
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