TRTA director speaks

A bleak picture was painted earlier this month when the executive director of Texas Retired Teachers Association spoke in Fairfield regarding public school employees and the upcoming election. Tim Lee said at the Oct. 2 meeting that there is no plan at this time to address the short fall due to the lowering of the assumption rate as it was voted on this past summer. The consequence of this action for active teachers is that they will continue to contribute to a system that might not have funds for their own retirement. Lee also said currently retired teachers should not expect a cost-of-living raise for the next 50 or up to 100 years. The teachers have not received a cost-of-living raise in the last 15 years.

Lee reminded everyone that many members of the Texas State Legislature are going to try to take the Defined Benefit Plan and exchange it for a Defined Contribution Plan.

 

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