AUSTIN, Texas, Nov. 16, 2021 /PRNewswire/ -- The Texas Public Employees Association (TPEA), the largest nonunion, nonpartisan association for active and retired Texas state employees, recently honored Texas Senator Joan Huffman with an award for authoring the legislation that saved the Employees Retirement System (ERS) pension fund.
"I am thrilled that Senate Bill 321 has become law as it delivers on promises made to state employees and law enforcement officers by paying off the existing debt over a closed period of time and putting the fund on a sustainable financial path," Senator Huffman said. "The new plan design lowers the long-term cost to the employee and enhances benefit portability which has become a priority to meet the retirement needs of today's public workforce. By creating a path for the ERS pension system to become actuarially sound we are avoiding the mounting pension debt that has bogged down so many other states."
"Senator Huffman designed a strong path forward for ERS and the state employees and retirees of Texas," said Executive Director Ann Bishop. "SB 321 is not only helping safeguard pensions for hundreds of thousands of essential Texas employees and retirees, it's ensuring that the Texas budget remains balanced for years to come."
TPEA was instrumental in the creation of the ERS pension fund and health insurance for state employees and retirees. Most recently, the association lobbied for the additional monies necessary to both address an almost $15B debt and move the ERS pension fund toward actuarial soundness.
About The Texas Public Employees Association:
Founded in 1946, the Texas Public Employees Association (TPEA) is the largest association for active and retired state employees, and is focused on promoting and preserving the salaries and quality benefits enjoyed by hardworking state employees who are essential to the health and functionality of our state. For more information, visit https://www.tpea.org/.
SOURCE Texas Public Employees Association
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