This week, the TRS Board of Trustees convened in Austin. At the system’s quarterly board meeting, trustees received an update on legislation passed during the 88th regular session, including but not limited to SB 10, which will provide certain TRS retirees with supplemental checks, as well as a cost-of-living adjustment (COLA) to their standard monthly annuities.
The board moved to approve distribution of the supplemental checks to retirees this September. According to SB 10, TRS retirees between 70 and 74 years old by Aug. 31, 2023, will receive a $2,400 check. Those 75 years or older by Aug. 31, 2023, will receive a $7,500 check.
The board, however, was not able to approve the distribution of the COLA. The COLA in SB 10 was structured in such a way that it requires voter approval via constitutional amendment election in November. The COLA could have been paid for automatically out of state revenue, but legislators made the deliberate decision to structure the COLA so that it requires voter approval. This pushes back the distribution of the COLA until next year.
Your COLA is on the ballot this November.
Next Wednesday, July 19th, Texas AFT retirees will gather for a virtual event at 10 a.m. CT to kick off our campaign to pass the TRS COLA.
Texas AFT will be coordinating a statewide campaign to get out the vote in support of the COLA. We will also be using this election as an opportunity to build membership for our Retiree Plus group and flex our power at the ballot box. The goals of Wednesday’s meeting are to share our campaign strategy for the election and to provide an opportunity for retirees across Texas to get involved in our campaign. We’ll also be providing a brief recap of how retired educators fared in the Legislative session.
This event is open to all retired educators and supporters, not just Texas AFT Retiree Plus Members. To join Texas AFT Retiree plus, click here. Membership dues are only $2 per month.