In a recent government meeting, Texas lawmakers reviewed the implementation of Senate Bill 10, which provides a cost of living adjustment (COLA) for retired teachers, and House Bill 1666, aimed at regulating digital asset service providers. The discussions highlighted the significant impact of SB 10 on the financial well-being of retired educators in the state.

Casey Lamb, deputy director of the Teacher Retirement System of Texas (TRS), reported that the pension fund remains actuarially sound, with a funding period of 29 years and a projected fund value of approximately $210 billion for the end of fiscal year 2024. This follows the successful passage of SB 10, which included a one-time stipend and a COLA for eligible retirees. The COLA, approved by voters, has benefited nearly 400,000 retirees, with increases based on the length of retirement.

Tim Lee, director of the Texas Retired Teachers Association, emphasized the importance of these measures, particularly in light of rising inflation that has disproportionately affected retirees on fixed incomes. He noted that many retirees had not seen a benefit increase since 2013, making the recent adjustments crucial for their financial stability.

The meeting underscored the collaborative efforts of lawmakers and advocacy groups to secure funding for these enhancements, which were fully financed through state revenues, ensuring no negative impact on the TRS fund. The successful passage of Proposition 9, which authorized the use of state funds for the COLA, was celebrated as a historic achievement, garnering more voter support than any other amendment on the ballot.

As the session concluded, both Lamb and Lee expressed optimism for future legislative efforts to continue supporting Texas retirees, highlighting the ongoing need for careful management of the pension system and its associated benefits.