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 stipend for retired teachers in the 2023 session, they did not include a 13th check for 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 stipend 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.
