#719 Retired Teachers (Home Page)

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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2018 PENSION LAW

 

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