SB 12

Status: Sent to governor
Author: Sen. Joan Huffman
Sponsor: Rep. Greg Bonnen
Summary: Increases contributions to the TRS pension fund to make the fund actuarially sound virtually immediately. The increases from all parties are phased in over several years, with the final rate reached by 2025.

Contributions from the state will gradually rise from the current 6.8% to 8.25%.

Contributions from school districts will increase from 1.5% to 2.0%. (Also, districts participating in Social Security, which previously did not have to pay the 1.5% to TRS, are now included and will pay the same rate as other districts.)

Active members will increase from the current 7.7% to 8.25%, but the first increase, to 8.0%, will be delayed until September 2021.

Retirees who retired by Dec. 31, 2018, will receive a "13th check" in the amount of their normal monthly annuity check, but capped at $2,000. The payment must be made no later than September 2020, but TRS anticipates that checks will be issued in early fall 2019

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