Saturday, February 22, 2020

TRS Caves

"Alas, sinful nation,
A people laden with iniquity,
A brood of evildoers,
Children who are corrupters!
They have forsaken the Lord,
They have provoked to anger
The Holy One of Israel,
They have turned away backward."
Isaiah 1:4

From Texas Scorecared:
In a win for teachers and taxpayers, the Teacher Retirement System of the Texas Board of Trustees has voted against following through on a planned move into Indeed Tower.

Established in 1937, TRS provides retirement and related benefits for more than 1.6 million Texas teachers, college professors, and other educational employees. It is supported by the State of Texas and manages a $150 billion trust fund established to finance member benefits. TRS is the largest public retirement system in Texas and is the sixth-largest public pension fund in the U.S.

First reported by Austin’s KXAN last month, TRS had signed a 10-year lease for three floors of office space at the Indeed Tower, a highly sought-after location for companies seeking extravagant downtown accommodations in close proximity to the city’s bar district.

The cost for the space? A jaw-dropping $326,000 a month.

Or, as one retired teacher who taught for 31 years in Texas public schools told Texas Scorecard, the costs of more than 135 retirees a month.
Bottom Line: This is a good start; now make them sell all that prime Downtown Austin real estate.

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