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2013 Retiree COLA

At the Regular Board Meeting on December 19, 2012, the System's actuary informed Trustees that he could not recommended a Cost of Living Adjustment (COLA) be paid for 2013. Section 6.01(d)(3) requires that "The cost-of-living increase presented for approval by the board must be approved by the system's actuary." Although the amortization period was less than 30 years the funding ratio was less than 80% as required by Texas PRB' and therefore the actuary did not approve an increase. While our Board and Staff regret to inform you of this, they ask you to keep in mind the financial stability of your System is of the utmost importance to them and future increases will be evaluated. Holiday greetings go out to everyone from the Board and Staff for a safe and happy Holiday Season with a prosperous New Year.

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