Texas AFT on TRS at Texas Senate Hearing

(Yours truly had a productive exchange with Senators Bob Deuell, Republican of Greenville, and Eddie Lucio, Democrat of Brownsville.)

Texas AFT urged lawmakers to step up the state’s contributions to the TRS pension fund. . . . Melina Raab also urged the legislature to go beyond its current level of funding for the TRS-Care program of health coverage for retired school employees. He called for the use of the state’s so-called Rainy Day Fund, soon to be worth more than $9 billion, to help deal with the state’s current revenue problem.

Melina Raab told the Senate State Affairs Committee that Texas AFT supports a balanced approach to balancing the state budget, including new revenue. For example, he said, Texas AFT supports closing loopholes in the coverage of the sales tax, which currently exempts—for no good reason—a wide array of business and professional services. Eliminating those exemptions (except for lifeline services like health care and children’s day care) would raise $5.6 billion in fiscal years 2012-2013.

Texas AFT Testifies on TRS Issues at Capitol Hearing

Statesman's Alexander reports on TRS fund

In Wednesday's Austin American Statesman:

'No pension increase for retired teachers
Fund perks up, but aftershocks of market meltdown will be felt for years at TRS.'
By Kate Alexander

• 'strong investment performance during the past year . . . not enough to shake off the damage done by the financial meltdown of 2008.'
• 'one-year return of nearly 11 percent as of Aug. 31'
• 'retirees should not expect an increase in their monthly pension checks anytime soon'
• 'best hope for them might be a little help in terms of reduced health care premiums, said Ted Melina Raab of the Texas chapter of the American Federation of Teachers'

Read the full article