Senate Bill 12 will shore up the state’s Teacher Retirement System (TRS) pension system. Under current state law, the legislature is not able to approve an increase in the monthly payments retired teachers receive, unless TRS is ‘actuarially sound’ or financially healthy and able to pay off its debts in less than 31 years. The state is contributing an additional $1.11 billion towards the pension fund to ensure that it remains actuarially sound. This funding will also enable the Legislature to provide retirees with a one-time “13th check” beyond the monthly allocation they currently receive.
Read the bill in its entirety here.