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OREA’s 2013 Legislative Goals
It’s not news to most of us, but the legislature hasn’t approved a cost-of-living benefits adjustment (COLA) for Oklahoma’s retired educators in almost five years.
When granted in 2006 and 2008, the last couple of 2% COLAs were half what was provided to retirees from other state retirement systems at the time. That was an insult that continues to linger in the minds of retired educators today. But, that’s in the past, and it’s time to move on.
Admittedly, we know the years since 2008 have been tough on everyone, considering the condition of the economy and annual state budget deficits. Right now, we won’t argue that good times have completely returned, even though generally low state unemployment, rising tax revenues and a quickly growing Rainy Day Fund have things looking a whole lot better.
Knowing there’s still room for improvement, the Oklahoma Retired Educators Association nonetheless believes the state’s economic and budgetary outlook is promising enough that it’s time for our friends in the legislature to see to it that Oklahoma’s 52,000 retired educators receive a permanent benefits improvement in the form of a COLA during the 2013 legislative session.
There are plenty of legislators who tell us they are friends of retired educators and the Teachers’ Retirement System (TRS). They say they will vote for a COLA if only bills aimed at that purpose are allowed by legislative leaders to be heard in committees and on the floors of the House and Senate.
It’s time for legislative leaders to let lawmakers vote on a TRS COLA bill and other measures to improve the lives of Oklahoma’s retired educators. There’s no reason to deny and delay. It’s time to give legislators the chance to represent their constituents and make good on their pledges of support for retired educators.
The OREA Government Relations Committee and Board of Directors recently approved the following priority goals for the 2013 legislative session:
- Achieve a cost-of-living benefits adjustment (COLA) for retired educators comparable to other state retirement systems, starting with the establishment of a permanent COLA revolving account and securing sources of COLA funding;
- Ensure adequate actuarial funding for the Teachers’ Retirement System, in part by opposing legislation intended to reduce or eliminate the state’s personal income tax, which is a major source of revenue for the retirement system;
- Enhance the voice of Oklahoma’s retired educators on the Teachers’ Retirement System Board of Trustees by adding one new member elected by retired educators themselves; and
- Achieve adequate state funding for public education at all levels.
In addition to these priorities, OREA will strive to accomplish the following goals:
- Protect and improve the Teachers’ Retirement System (TRS) defined benefit plan design;
- Increase the TRS health insurance premium subsidy for retired educators;
- Provide individual retirees the option to enroll/re-enroll in state-sponsored insurance programs after initial retirement upon occurrence of a qualifying event;
- Increase from $5,000 to $7,500 the death benefit payable to beneficiaries of retired educators; and
- Provide a one-time “catch up” benefits improvement to qualifying retired educators living at or below the poverty level, and who meet years of service and other criteria.
Who will be the key to convincing legislative leaders they must allow their fellow lawmakers the opportunity to vote on a COLA and other measures to protect and advance the interests of Oklahoma’s retired educators? Will it be you?