He cited a record-breaking $32.7 billion revenue surplus in the current two-year cycle, which ends Aug. 31, and Comptroller Glenn Hegars estimate that the rainy day fund will end the 2024-2025 cycle with an end balance of $271 billion. It would have passed extensively if it had made it to the floor so this whole idea that we are keeping teachers from getting a 13th paycheck is ridiculous, Goodwin said. Every member of the chamber being a joint author on a bill is highly unusual. Editors note: Based on TRS data, approximately every 1 percent increase that retirees would receive projects to be about $1 billion in additional costs that would need to come from the available funding sources. Plus, you'll get comprehensive coverage of ACL Fest, CMT Country Music Awards and SXSW Fest. The bill calls for a $5,000 one-time payment to retirees age 70 or older and stipulates that annual cost-of-living increases should not exceed 2%, depending on whether the Teacher Retirement System met or surpassed its projected investment gains. Congressman Kevin Brady, in one of his final acts before his retirement, attempted to repeal that provision in a federal law that excluded many Texas teachers, firefighters and police officers from drawing down Social Security. Good news is we saw movement, and we havent seen that in years, she said. Woolfrey reported that TRS market investment returns for 2022 were negative 6.7 percent. We have a moral obligation to them., The last time lawmakers gave retired teachers a cost-of-living increase was in 2013, and it only applied to those who retired before August 2004. Retired educators should not be on food stamps, or depending on food bank handouts, Owens said. Teachers and other former public school employees who retired in the last 19 years have never received cost of living increases. Sign up for The Brief, The Texas Tribunes daily newsletter that keeps readers up to speed on the most essential Texas news. The gain sharing COLA would be triggered only if TRS meets certain metrics. Copyright 2023 Click2Houston.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Are retired teachers in Texas getting an extra check? State . Bonnens bill to implement the constitutional amendment and carry out the chambers $5.05 billion plan also would create a system for granting future inflation bumps in pension checks, if the pool of pension money earns enough profits and interest on investments. The bill will need one more vote in the House before lawmakers from both chambers gather to negotiate a final version of the proposal. Show us with your support. Possibility of bumped up monthly checks for retired teachers fades - KWTX The funding period, which is the period of time necessary to amortize the unfunded actuarial accrued liability (UAAL), has increased from 23 years to 26 years. Good news is we saw movement, and we havent seen that in years, she said. Plus, we report on real estate development, our tech sector, and we keep an eye on what Elon is doing. The checks would be sent to the about 186,000 retired educators aged 75 and over. Blaming House Democrats for killing this bill by breaking quorum in order to preserve Texans' voting rights doesn't erase state leaders' longstanding inaction on the issue, the organization said in a tweet.