Last Update: Sep 15, 2019
(This page is produced and edited by PLS retired teachers...We appreciate receiving your updates and suggestions for items.)
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What the changes mean
To
ensure that TRA is sustainable for future generations of retired educators, changes to the plan are sometimes necessary. Legislation passed
in 2018 immediately reduced TRA liabilities by $2.0 billion, increased the funded ratio to 75 percent (from 70 percent), and put the plan on track to be 92 percent funded in 30 years.
Changes affecting retirees
ANNUAL COST OF LIVING ADJUSTMENT (COLA)
1/1/2019 – 1/1/2023 = 1.0 percent
1/1/2024 = 1.1 percent
1/1/2025 = 1.2 percent
1/1/2026 =
1.3 percent
1/1/2027 = 1.4 percent
1/1/28 and thereafter = 1.5 percent
COLA ELIGIBILITY
Beginning 7/1/2024, eligibility for receipt of first COLA changes to normal retirement age (age 65-66, depending on date of birth). Exempt: members who retire under Rule of 90, and members who retire at least age 62 with at least 30 years of service
credit.
COLA TRIGGER
A trigger that would have increased the COLA if TRA were at least 90 percent funded for two consecutive years was eliminated.
Link To TRA Article
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2019 (Known) Obituaries
> (May 8, 2019) James C. Hollenbeck (middle school Social Studies teacher) Link To Jim Hollenbeck
Obituary
> (May 5, 2019) David K. Mikkelson (long time employee of PLS schools) Link to Dave Mickellson Obituary