05/26/2019 | Press release | Distributed by Public on 05/26/2019 15:51
'Standing by our retired teachers and ensuring that Texas doesn't get mired in mounting pension debt must always remain top priorities for our state.'
AUSTIN - Lt. Gov. Dan Patrick issued this statement today following unanimous passage of the conference committee report for Senate Bill 12 - the Retired Teachers' Security Act, by Sen. Joan Huffman, R-Houston:
'I have repeatedly told our retired teachers that my goal is to keep the Teacher Retirement System (TRS) solvent forever, and today, we have accomplished that goal. Senate Bill 12 is now on its way to Governor Abbott's desk.
'SB 12 takes a principled conservative approach to pension reform and will bring actuarial soundness to TRS. Other than a parent, no person is more important to the development of our children than our teachers. Standing by our retired teachers and ensuring that Texas doesn't get mired in mounting pension debt must always remain top priorities for our state.'
SB 12 will also provide a 13th check for retired teachers in 2020. TRS is the 13th largest pension system in the world. It provides benefits to over 420,000 people. Under Lt. Gov. Patrick's leadership, the state has added over a billion dollars to TRS Care including $200 million in the 2017 Special Session. In September, Lt. Gov. Patrick took the lead in asking the TRS Board not to raise health care premiums so that retired teachers would not have to bear that additional burden.