Retired educator voices concerns for Teacher Retirement System of Texas if Senate Bill 2 is approved
A Senate Bill currently moving through the Texas legislature is causing a lot of concern among teachers. KCEN TV reports that Texas Senate Bill 2 (SB2), which would give thousands of dollars in the form of vouchers to private and home schools, is sharply criticized by the Teacher Retirement System of Texas (TRS).
An actuarial analysis found that “even a small adjustment such as a decrease in the projected covered payroll growth could be enough for [The Teacher Retirement System] to no longer be actuarially sound according to the statutory definition. TRS’ analysis also notes that it is possible an increase in the contribution rate may be necessary in the future if payroll does not grow as currently projected following the passage of this bill.”
This concerns thousands of teachers, school bus drivers, and any worker in a public school in Texas because even a seemingly minor change like this can have a devastating impact years down the road.
Elon Musk’s hackers can peek inside Arizona wallets.
Retirees and public workers in Arizona and across the country may be shocked to find out that their pension information is fully available to Elon Musk’s controversial DOGE team.
EJ Montini of the Arizona Republic wrote an Op-Ed in USA Today severely criticizing the Department of Government Efficiency (DOGE)’s access to Federal Payment systems. This access allows DOGE employees to see Arizona residents’ social security and pension payments. Montini is concerned that DOGE employees are not anywhere near as qualified as regular Treasury employees and that their presence poses a significant risk to Arizonans.
This has resulted in a lawsuit from the Alliance for Retired Americans, the American Federation of Government Employees, and the Service Employees International Union for sharing confidential data.
With this new presidential administration, things have never been more uncertain. With the constant, unprecedented changes, it can be nearly impossible to keep track of everything being affected.
But Montini makes an excellent point that retirees in Arizona should be able to trust that their data is safe and not subject to an unelected group with no oversight.
New York union members demand reform of Tier 6 retirement system
Union members across New York advocate for a change to the state retirement system. The Tier 6 plan of the state retirement system continues to be a significant issue for teachers and other workers in the state education system.
ABC13 WHAM reports that Members of the New York State United Teachers (NYSUT) gathered in Rochester to advocate for a reform of the Tier 6 retirement system. They argue that this would be more equitable and help with retention.
Tier 5 and 6 workers must wait until they are 62 or 63 to retire, whereas a Tier 4 member can retire with a full pension at age 55.
Assemblymember Josh Jensen (R-Greece) echoed the need for pension equality across the tiers to aid recruitment and retention.
“There’s been some reforms to try and make it more equitable between Tier 6 and Tier 4, but there’s certainly more to do,” Jensen said. “When I talk to local governments, they’re struggling to attract workers.”
A secure and equitable retirement is one of the most substantial ways to attract workers, and a defined benefit pension plan is the best way to achieve that. While there is support from Gov. Kathy Hochul for reforming Tier 6, until the reform is passed, it can be expected that these workers will stand up for themselves and a fair retirement.
Be sure to check back next Friday for the latest news in the fight for a secure retirement! For now, sign up for NPPC News Clips to receive daily pension news from across the country directly to your inbox.