AUSTIN- Late Tuesday evening the Chairman of the House Pensions Committee Dan Flynn (R-Van) passed three bills in succession that address the Teacher Retirement System (TRS). All three bills provide necessary updates and revisions to TRS codes, administration, and regulations.
“The teachers of Texas provide one of the most vital services to this state in educating our children. They work long hours and invest so much of their time and energy into our children, they shouldn’t have to worry about their retirement as well. These bills will give them that peace of mind, and I am proud to have sponsored them in the House,” said Chairman Flynn.
Senate Bill 1663, 1664, and 1665 were authored by Senator Joan Huffman (R-Houston) before being sponsored by Chairman Flynn in the House. The first of the three bills, SB 1663, focuses on member benefit changes and administrative updates. Certain revisions to applicable state law are necessary to ensure that TRS can efficiently deliver its benefits.
The second bill, SB 1664, provides IRS code compliance and statutory corrections. Specifically, the bill addresses errors in health care reporting made by previous sessions, clarifies certain definitions inside policy, and updates member benefit policies.
SB 1665, the final bill, ensures the investment capabilities within the TRS and their continued authorization and additionally repeals the sunset dates on the authorities.
“The policies in these bills correct a wide range of issues that needed to be addressed within the Teacher Retirement System. I believe these fixes will serve the Teachers of Texas as well as they have served us,” said Chairman Flynn.