By:  Hill                                             H.C.R. No. 84
       73R1703 CAC-D
                                 CONCURRENT RESOLUTION
    1-1        WHEREAS, The purpose of the Teacher Retirement System of
    1-2  Texas is to provide economic security and support for teachers who
    1-3  have devoted a substantial portion of their lives to the
    1-4  educational development of the state's school children; and
    1-5        WHEREAS, Providing benefits upon retirement also serves as an
    1-6  incentive to encourage qualified persons to become and remain
    1-7  teachers in the public schools of the state; and
    1-8        WHEREAS, Currently many teachers who retire after a lifetime
    1-9  in the educational field find their retirement benefits too meager
   1-10  to cover even the basic necessities of life; some 30-year teaching
   1-11  veterans receive an amount less than the federal poverty level,
   1-12  which is presently set at $568 per month, or $6,810 a year for a
   1-13  single individual, according to the U.S. Department of Health and
   1-14  Human Services; and
   1-15        WHEREAS, This low retirement benefit serves as a disincentive
   1-16  for qualified persons to enter the teaching field and is thus
   1-17  detrimental to the entire educational system at a time when
   1-18  education is a high priority in the State of Texas, as well as
   1-19  across the nation; and
   1-20        WHEREAS, In view of these considerations, it is appropriate
   1-21  that the issue of low retirement benefits be studied in greater
   1-22  detail; now, therefore, be it
   1-23        RESOLVED, That the 73rd Legislature of the State of Texas
   1-24  hereby instruct the Teacher Retirement System of Texas to finance
    2-1  and conduct a study on the feasibility of raising the retirement
    2-2  benefits to the federal poverty level for all teachers who have
    2-3  taught at least 30 years; and, be it further
    2-4        RESOLVED, That the information collected by the study include
    2-5  the following:
    2-6        1.  the number of retired teachers who would be immediately
    2-7  affected and the direct cost to the Teacher Retirement System of
    2-8  Texas to raise retirement benefits for those immediately qualified;
    2-9        2.  the projected number of future retirees in this category
   2-10  and the future cost to the Teacher Retirement System of Texas; and
   2-11        3.  an actuarial impact study on the Teacher Retirement
   2-12  System fund conducted by an actuarial firm selected by the Teacher
   2-13  Retirement System of Texas and an additional study by an actuarial
   2-14  firm selected by the comptroller of public accounts; and, be it
   2-15  further
   2-16        RESOLVED, That the Teacher Retirement System of Texas report
   2-17  its findings and recommendations to the 74th Legislature of the
   2-18  State of Texas when it convenes in January 1995.