The Texas Retired Teacher Association (TRTA) is pleased to announce the passage of Proposition 9 during the November 2023 General Election. Prop 9 will provide much-needed financial relief for 420,000 annuitants of the Teacher Retirement System of Texas (TRS).
TRTA members launched a statewide campaign to garner support for Prop 9 by engaging with their family, friends, and neighbors, ultimately rallying them to this pivotal victory. The dedication they showed during their careers continued with their efforts to pass this crucial amendment. Those efforts have paid off with the passage of Prop 9.
TRTA Executive Director Tim Lee says, “We’d like to thank Texas Governor Greg Abbott, Lieutenant Governor Dan Patrick, and Speaker Dade Phelan for their leadership on this important topic. We also extend our gratitude to all members of the Texas Senate and House for their unanimous and bipartisan support. TRS retirees have been a priority during the regular session and beyond. This is a very positive step in the right direction. Their continued support gives both current and prospective retirees hope for the future.”
TRTA President Marcy Cann says, “Support for Prop 9 was critical. TRS retirees have been impacted harshly by inflation, often making difficult decisions about food and medicine and other necessities. TRS retirees will put this money right back into the Texas economy buying goods and services all over the state.”
During the regular 88th Legislative Session, Texas State Senators and Representatives unanimously passed Senate Bill 10 and House Joint Resolution 2, setting aside $5 billion in surplus funds to provide the first cost-of-living adjustment (COLA) for TRS retirees in nearly twenty years.
These dedicated retired education employees, who live on an average monthly annuity of approximately
$2,100 per month, will receive a two, four, or six percent permanent increase in their pensions depending upon their retirement date. Most retired teachers in Texas are not eligible to receive Social Security benefits; therefore, a TRS pension is their primary source of income.
While $3.3 billion of the surplus was designated for the COLA, Texas voters were asked to go to the polls to express their support for this initiative. TRTA is grateful to the general public for voting for Prop 9 and ensuring that the final step in providing financial relief for retirees occurred.
TRTA’s mission to protect and improve the retirement security of Texas school employee retirees is one the organization will continue to push in the future.
About the Texas Retired Teachers Association: The Texas Retired Teachers Association is a non-profit 501(c)(4) dedicated to protecting and enhancing benefits for public education retirees. Visit our website at www.trta.org to learn more.
