TCTA supported several bills in Wednesday’s House Pensions, Investments and Financial Services Committee hearing, many of which would provide retirees with a benefit increase:
- HB 672 by Rep. Armando Martinez would require TRS to consider a CPI-indexed increase to retirement benefits each year. If the system is sound and can afford increased benefits, the Board must approve the increase.
- HB 1124 by Rep. Sergio Munoz would provide retirees who retired between August 31, 2004, and August 31, 2015, with a one-time benefit adjustment of 3%, capped at $100/month. It would also require a study of future adjustments, and the feasibility of paying benefits on a graduated scale throughout the employee’s retirement.
- HB 1846 by Rep. Alma Allen would provide retirees with a 10% benefit increase and a 4% cost-of-living adjustment annually. It would also provide a thirteenth check in January 2022 with a minimum $2,000 benefit for those who retired before September 1, 2020.
- HB 3214 by Rep. Giovanni Capriglione would provide a one-time retiree benefit adjustment of the lesser of 6% of the monthly benefit or $100/month. It would apply to those retiring between August 31, 2004, and August 31, 2021.
- HB 3507 by Rep. Glenn Rogers would provide a supplemental payment no later than September 2022, capped at $2,000, for those retiring by December 31, 2020.
- HB 4205 by Rep. Yvonne Davis would provide a one-time benefit adjustment of 10%, with ongoing CPI-indexed annual increases.
Other bills that TCTA supported in today’s hearing:
- HB 2022 by Rep. Drew Darby would provide Medicare-eligible retirees who dropped TRS-Care between January 1, 2017 and December 31, 2019, with an open enrollment period for TRS-Care through December 31, 2023.
- HB 2109 by Rep. Gene Wu would create a “three strikes” penalty system for violations of employment after retirement limitations.
- HB 3207 by Rep. Abel Herrero would provide that a retiree who returned to work in an area subject to a disaster declaration would not be subject to the employment-after-retirement limitations and penalties while the declaration was in effect.
All of the bills were left pending.