Protect Texas Teachers' Retirement Pensions
  • Petitioned Texas Teacher Retirement System board of trustees

This petition was delivered to:

Texas Teacher Retirement System board of trustees
Texas Governor
Texas State Senate
Texas State House

Protect Texas Teachers' Retirement Pensions

    1. Kyle Green
    2. Petition by

      Kyle Green

      Lewisville, TX

They are thinking of switching to a 401k type system, putting our retirement funds at risk.
“The Teacher Retirement System (TRS) is well managed and well funded. According to its last audit, it is solvent through 2075 and is funded at 82.7 percent--a better funding ratio than most private plans. A funding ratio of 80 percent or above is considered a sign of a healthy pension system.

“There are several key points to consider as the attack on public pension funds ramps up:

--More than half of the money in the TRS funds has been contributed by the educational employees.

--In 1995, the state reduced its contribution from 7.31 percent to 6.0 percent, the minimum that is constitutionally guaranteed to educators, and left it there for 12 years. Employees contribute 6.4 percent…

--The TRS rate of return has exceeded the 8 percent rate targeted by TRS actuaries for decades. As a result, the taxpayer share of benefits paid is only 20 percent.

--Moving workers to 401(k) plans places all of the risk on the employees. If the market drops during their retirement, they have nothing to protect them from spending their old age in abject poverty.

--Most workers who have a 401(k) also have Social Security. Texas teachers do not. All they have is TRS.

“King understands that the law would prevent Texas from changing the retirement plans of current retirees and probably would bar changes for those close to retirement. But even if this only applied to those new to working in public education, the impact of having no new revenue coming in would cause the fund to ultimately fail to meet obligations to retirees that can currently be met.

“This is a dangerous attack on public employees. It differs from other attacks on educators that are driven by ideology. This one is far more dangerous in that it is driven by greed.

“The same people who destroyed the pensions of countless private sector workers now want to do the same for public employees. We cannot let this happen.”

Recent signatures

    News

    1. Decision-maker Diane Patrick responds:

      Diane Patrick

      Thank you for contacting our office on the important issue of Texas’ Teacher Retirement System (TRS). As a retired teacher, I am also concerned with the future of the fund. Given current predictions, the pension fund could make benefit ...


    2. Reached 2,000 signatures
    3. Reached 500 signatures

    Supporters

    Reasons for signing

    • JUDY L. BRAMMER REYNOLDSBURG, OH
      • almost 2 years ago

      important for those teachers that shape our childrens minds and lives to have a life after retirement!!!!!!

      REPORT THIS COMMENT:
    • Karen Abney ALLEN, TX
      • almost 2 years ago

      Both my husband and I teach. This is our only source of income in retirement. After spending our entire life helping children, would you please let us at least be able to retire with some financial security.

      REPORT THIS COMMENT:
    • Patricia Newman HOUSTON, TX
      • almost 2 years ago

      I'm a public school teacher

      REPORT THIS COMMENT:
    • Samantha Wheeler HOUSTON, TX
      • almost 2 years ago

      because I am a teacher!!!

      REPORT THIS COMMENT:
    • Sheila Wormsbaker CHILDRESS, TX
      • about 2 years ago

      I have put in 25 years with CISD - and - given my very best to the 100s of children who have passed through our Elementary Library under me. I've worked hard and earned my retirement in tact. I need my retirement.

      REPORT THIS COMMENT:

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