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 last year's Supplemental Appropriations Bill.
What about a COLA?
Now that ERS has received additional investments from the Legislature, they are in a position to provide a one-time 3% Cost of Living Adjustment or a $100 monthly maximum increase. This should go into effect in January 2025, and will only apply to individuals who have been retired 20 years or more at that time.
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.
TPEA remains dedicated to advocating for a stipend for ERS retirees in the upcoming 89th 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.
