Teachers are saying, "Don't touch my retirement money" to the state of Texas
POSTED: Wednesday, September 12, 2012 - 6:22pm
UPDATED: Thursday, September 13, 2012 - 4:14pm
Tyler TX — Concerns about the Teacher Retirement System, TRS, and health care continue to be priorities for retired and current educators.
KETK spoke to Gloria Bethany, the 7th District President of the Texas Retired Teachers Association, and she said, "Leave our retirement TRS alone!"
The legislature wants to do away with the current retirement standards—defined benefit plan, and implement a new plan—defined contribution plan.
The defined benefit plan allows teachers and retired teachers to have a secure retirement annuity guaranteed for life, but the Texas State Legislature is proposing that it be changed to a defined contribution plan, which will be an adjustable plan that will fluctuate with the market, which means instead of having a secured annuity, retirees could possibly out-live their retirement money, and be left with nothing if it runs out.
This doesn't only affect retired teachers it affects current educators as well, one current high school teacher tells KETK, "Since our retirement funds are set up entirely on our own, I have not started contributing to my retirement fund as of yet. I am a fourth year teacher, who has only received one step in my salary, therefore I am making what a second year teacher would make. Insurance premiums have went up, however the quality of benefits have not. My bi-weekly checks are actually less than they were the first year I was teaching because of the increases in benefits. Cost of living and benefits have went up, but our salaries have not, making it impossible to spare the extra money to contribute to our retirement funds, and if this plan is implemented it won't be guaranteed anyway."