Rep. Lance Gooden press release
During the final days of the 83rd Legislative Session, the Texas House approved the Teacher Retirement Actuarial Soundness Bill, or SB 1458, which will put the Teachers Retirement System on solid ground for years to come.
SB 1458 increases state and employee contributions to the Teacher Retirement System (TRS) and makes several changes to retirement eligibility for prospective and non-vested employees. The legislation provides reforms to halt the expansion of TRS’ unfunded liabilities and returns TRS to actuarial soundness.
Signed into law last week by the Governor, SB 1458 enables TRS to pay off its liabilities in less than 30 years. Additionally, the bill provides a 3 percent Cost of Living Adjustment for all retired teachers and their beneficiaries, who have retired on or before Aug. 31, 2004. The Cost of Living Adjustment along with options for victims of mis sold pensions will be the first of the kind since 2001.
When asked about the legislation, Representative Lance Gooden said, “As the son of lifelong educators, I am steadfast in my commitment Continue reading “Gooden praises teacher retirement bill”