TRS benefits agreed on in conference committee; Senate/House must still vote

The conference committee report for SB 10 has been filed; it includes a cost-of-living adjustment of 2-6% for retirees, as well as supplemental (one-time) checks for retirees aged 70+. The negotiated bill must now be approved by the House and Senate before the session ends Monday.

SB 10 includes a cost of living adjustment beginning in January 2024 for retirees who retired on or before Aug. 31, 2020, as follows:

• Retired on or before Aug. 31, 2001 — 6%
• Retired after Aug. 31, 2001, but on or before Aug. 31, 2013 — 4%
• Retired after Aug. 31, 2013, but on or before Aug. 31, 2020 — 2%

The cost-of-living adjustment is dependent on passage of the constitutional amendment proposed in HJR 2.

In addition, the bill provides a one-time check for older retirees, payable no later than September 2023, as follows:

• Retirees at least 75 years old as of the month before TRS issues the payment (e.g., if the payment is issued in September 2023, this applies to a retiree who was 75 as of Aug. 31, 2023 — $7,500
• Retirees at least 70 but younger than 75 as of the month before TRS issues the payment — $2,400

The supplemental check is directly funded through appropriations and is not dependent on passage of the constitutional amendment.

We will update with a new entry when the House/Senate vote on SB 10.