Stabilizing the ERS Pension Fund
Investing in ERS
The Legislature appropriated significant funding to the ERS Trust Fund. This includes more than $1 billion in payments initially authorized in Senate Bill 321 in 2021, as well as an additional $900 million appropriated through this year's Supplemental Appropriations Bill.What about a COLA?
With the additional investment in ERS, the agency estimates it will be able to provide a 3% Cost of Living Adjustment with a $100 monthly maximum increase. This will go into effect January 1, 2025 and will apply to individuals who have been retired 20 years or more.
How about a 13th Check for ERS Retirees?
While The legislature did approve a 13th check for retired teachers in the 2023 session, they did not include retired state employees. Though the ERS trust fund is not actuarily sound, the legislature had the opportunity to fund the $250 million expenditure from the state's $33 billion surplus.
TPEA remains dedicated to advocating for a 13th check for ERS retirees in the upcoming 2025 legislative session. With the potential to provide much-needed financial support to retired state employees, TPEA is committed to pushing for this important initiative to be included in the agenda.
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