COLAs and Stipends
With the 88th Texas Legislative Regular Session concluding on May 29, 2023, we know you may have questions about TRS-related legislation around retiree benefit enhancements such as cost-of-living adjustments (COLAs) and one-time stipends.
This webpage is designed to be your one-stop TRS source for information related to this topic. We want to ensure that as information becomes available, you know. This page is updated regularly to keep you informed.
COLA Update February 2024
TRS applied the COLA to eligible January 2024 annuity payments, which were paid on the last business day of the month (Jan. 31). More than 400,000 eligible annuitants had their payments adjusted, for a total increase in benefit payments of over $30 million. Funding for the COLA was provided by the 88th Texas Legislature to protect the health of the pension trust fund. Please see the COLA FAQs for more information.
TRS to Provide One-Time COLA to Eligible Annuitants in January 2024
A cost-of-living adjustment (COLA) was dependent on Texas voters approving a constitutional amendment (Proposition 9) to authorize the COLA. Voters approved the amendment in the November 2023 election and the COLA will be applied to eligible annuitants' payments beginning with their January 2024 payment due the last business day of the month (Jan. 31).
Eligibility letters were mailed to annuitants in December. Beginning the week of Jan. 22, TRS will mail a second letter showing the new monthly annuity payment reflecting the increase.
The COLA is a one-time permanent increase to annuities. Read more about SB 10 COLA amounts and eligibility as well as COLA-related FAQs.
How to Stay Informed
- Continue to visit this webpage for the latest updates.
- Connect with us on Facebook and Twitter @TRSofTexas for instant news.
- Find session highlights in your winter issue of TRS News.
Important Dates
May 29, 2023: Sine die or the last day of the 88th Regular Legislative Session
June 18, 2023: The last day the governor can sign or veto bills
July 10, 2023: TRS begins mailing notification letters to eligible annuitants advising them of eligibility, the amount they can expect to receive, and if the stipend is rollover eligible. Please note that not all annuitants will receive their notification letter at the same time due to special circumstances, and some may receive more than one letter.
July 12, 2023: Electronic copies of notification letters are made available in MyTRS online accounts for eligible annuitants in their MyTRS Document Center (located under the Account Management tab).
July 13-14, 2023: The TRS Board of Trustees adopted a resolution directing staff to prepare for and issue the one-time age-specific stipend consistent with the provisions of SB 10 as passed during the 88th Texas Regular Legislative Session.
Mid to Late September 2023: TRS begins issuing one-time stipends to eligible retirees. Please note: the exact date you receive your payment may vary slightly due to your individual circumstances. See the FAQ “When will the one-time stipend be issued?” (under Overview FAQs) for more details.
Nov. 7, 2023 Election: As provided by HJR 2, Texas voters must decide for or against a constitutional amendment to fund the COLA. Visit the Secretary of State website to view election information.
Dec. 8, 2023: The TRS Board of Trustees adopted a resolution at its December meeting to take all necessary action to timely apply the COLA "upon certification of the election on Proposition 9 and receipt of the funding authorized by Proposition 9 for the COLA from the comptroller of public accounts."
Beginning the Week of Jan. 22, 2024: TRS mails letters to eligible annuitants showing the new monthly annuity payment reflecting the COLA increase of their annuity payment amount.
Jan. 31, 2024: COLA is applied to eligible annuitants' payments beginning with their January 2024 payment due the last business day of the month.
Contact Information
(800) 772-1213www.socialsecurity.gov To find your local Social Security office, use the Social Security office locator at www.socialsecurity.gov
Medicare (800) MEDICAREwww.medicare.gov
Texas Medicaid and Healthcare Partnership (800) 925-9126www.tmhp.com
Frequently Asked Questions
Helpful Links
You can follow progress of legislation online at Texas Legislature Online
★ Understanding Your Pension Fund
Video: How Benefit Enhancements Are Paid For
Executive Director's Report, May 30, 2023See TRS Executive Director Brian Guthrie's brief update on benefit enhancements from the 88th Regular Legislative Session from the May 30 Board meeting. You can also find the complete video archive of the entire board meeting on the TRS website.
★ Secretary of State’s Office on Voting in Texas
Find information and things you need to know about voting in Texas
★ Ballot Order for the Nov. 7 Constitutional Amendment Election
Proposition 9 – HJR 2, regular session "The constitutional amendment authorizing the 88th Legislature to provide a cost-of-living adjustment to certain annuitants of the Teacher Retirement System of Texas."
Security Reminder: Protecting Your TRS Information
The safety and security of our members and our members’ personal financial information is a paramount concern for TRS. As important reminders, please be aware that TRS would not be reaching out to you to request this type of information:
- Financial information such as bank account numbers
- Personal information such as social security number
- Passwords
Although TRS sometimes calls its members, if you’re unsure about the legitimacy of a communication from TRS, you can reach out to us directly at 1-800-223-8778.