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My name is Dr Vance again Im the director of our Center for economic prosperity and the senior economist at the Texas Public Policy Foundation thank you all for being here were hoping to have a great discussion with a wonderful panel on TRS the Teacher Retirement System of Texas and hopefully have a good discussion about what needs to be done and the things that are maybe causing some issues along the way maybe look at some solutions and things of that nature whenever you think about pensions were really talking about retirement and were talking about how what are those retirement benefits going to be how can we make sure that they are secure for teachers across this great state how can we make sure that taxpayers are also secure that theyre not paying too much in taxes over time so theres a lot of factors to look at on your in your chair you should find to one-pagers that weve put out recently between The Reason Foundation the text play policy foundation one is is just important pension terms and definitions its also on our website at Texas policy comm where we have a paper that looks at the TRS pension overview it just looks mainly at the issues not any solutions at this time lets just really talk about the details of what is going on with the the teacher retirement system and theres another one on another one pager Teacher Retirement System of Texas y 80 funded is not enough just something for you to look at and think about I dont know if yall know but this interim in between the last session theres been a lot of talk about school finance I mean if I heard about school finance weve heard about that a lot so far here at the textbook policy foundations policy orientation its just a small deal right and theres a lot of talk about property tax relief Ill moderate a panel on that later this afternoon but then theres also a lot of talk about how do we spend those dollars and spending the most wisely were more money as going into the classroom theres also a lot of talk about teacher pay and where quality teachers should be paid more whenever you pay teachers more that also influences how much money that they will receive and pensions and their retirement system later on all this kind of goes together I think whatever you think about whats happening with school finance I think we would be remiss if we didnt talk about whats happening with pensions in the teacher retirement system overall I mean when these teachers go in to these to teach we want quality teachers to be there want them to be paid well the end and also to have a good retirement to live one you know many teachers dont pay into the Social Security system so there is that area where you have a pension a retirement system thats providing them some form of retirement later on and so theres something to really think about as we go through our conversation today and look at the details look at what solutions are out there and Im looking forward to a great discussion so let me go ahead and...
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