Two bills providing a supplemental payment to school retirees passed out of committee during Friday meetings.
HB 85 was approved by the House Pensions, Investments and Financial Services Committee on a 6-0 vote after a very brief meeting with no testimony Friday morning. The bill would provide a 13th check, capped at $2,400, to be paid no later than January 2022.
Friday afternoon, the Senate Finance Committee held a hearing on SB 7, and did take public testimony. While SB 7 is similar to HB 85 as described above, it includes a provision that the TRS Board of Trustees may not pay the 13th check if it is determined that the amount of funding provided by the legislature is not adequate to fully cover the payment.
TCTA and others provided testimony to the committee in favor of the 13th check, but noted that while the payment would be appreciated, retirees need an ongoing increase in the form of a cost-of-living adjustment.