FOR IMMEDIATE RELEASE 05/20/2013
Rep. Thompson Praises Positive Measures for Public School Teachers
Austin, TEXAS – Rep. Thompson today shared the positive changes that have been made to the Teacher Retirement System (TRS) of Texas with the passage of SB 1458. The bill passed with sweeping bipartisan support.
The bill makes revisions to the TRS contributions and benefits to ensure its long-term actuarial soundness. It increases employee and employer contributions as both recognize the fund must be strengthened to make sure it can meet its future obligations and caps the employee matching requirement at an affordable rate. It raises the retirement age for new employees to be fully vested while allowing current employees to maintain the existing retirement age. The bill also creates a minimum five years of service under TRS enrollment to secure full individual investment.
“Our teachers play a critical role in the lives of our young people, and today’s vote in the House showed strong bipartisan support for our public educators – current and retired,” said Rep. Thompson. “The passage of SB 1458 saw many positive changes to the Teacher Retirement System of Texas, and I was proud to support it.”