In case you may not yet have heard, the TRS Board of Trustees met Sept. 16 and 17 and approved plans for TRS to issue the one-time supplemental payment for education retirees - also called the 13th check.
Although TRS will administer the payments to over 400,000 retirees the actual funding for the supplemental payment will come from the state's general revenue fund. Lawmakers not only approved the supplemental payment but also appropriated over $701M to pay for it. Therefore, the payments will not in any way impact the financial soundness of our TRS Pension Fund.
The payment will go to eligible retirees and beneficiaries who retired before December 31, 2020, and will be up to $2,400, or the amount of the retiree’s annuity, whichever is less.
Payments will be issued in January 2022. This timing will allow annuitants to make any necessary adjustments to their tax or financial planning for the 2022 tax year.
Meanwhile, we appreciate the actions during the 2nd Special Session by the members of the Texas Legislature who voted to grant the one-time, supplement payment.
Tim Lee, Executive Director of TRTA will speak at our next meeting, October 8, 10:00 AM, at the Bellaire Civic Center, about all the other positive legislation passed impacting Texas retired teachers. Your voices helped to bring about these positive results, so let's celebrate these victories together!