AUSTIN (1080 KRLD) - Retired teachers in Texas are not happy with how their pension fund is being handled.
The Teacher Retirement System's plan to move into an upscale downtown Austin office building isn't sitting well with retired teachers.
Tim Lee of the Texas Retired Teachers Association says their members and active teachers are the ones paying the TRS bills and the $4 million yearly lease has caused sticker shock. "In total you're talking about $326,000 a month for the 100,000 square feet of space that TRS is said to be leasing in that building (Indeed Tower). Not only is that a lot of space but as a per/dollar amount that's very high."
Lee and the Retired teachers are holding out hope that State lawmakers will be able to step in to help make some sense out of the move. "Our hope is that when the Senate Finance Committee and the House Pensions and Investments Committee get together later this month or the beginning of next month we'll know a whole lot more about what the resolution could be."
Lee also expects many retired teachers to protest outside the TRS Board of Directors meeting later this month.
