Issue Position: Public Retirement
Issue Position
Issues: Senior Citizens
Phil is for an overhaul of public retirement, particularly teacher retirement. Teacher Retirement System (TRS) currently has a 46 billion dollar unfunded liability. In the 86th Legislature he filed HB 183, a comprehensive bill that would have put TRS on the path towards solvency. Pension Revenue Enhancement Strategy would in effect authorize the issuance of life insurance policies per teacher (per consent). An investment trust apart from the TRS trust would be established. Upon the passing of a respective teacher fifty-percent of the benefit would be deposited into the investment trust. The beneficiary of this separate trust would be the TRS Pension Fund.
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