Observance is a good time to remember that many public workers once served in the US military

By TEXPERS STAFF

Communities across Texas are observing Friday, Aug. 7, as National Purple Heart Day through various ceremonies honoring the men and women who were either wounded or killed while serving with the United States military.

The Purple Heart is a US military decoration awarded to those wounded or killed on a battlefield. On Aug. 7, 1782, in Newburgh, New York, General George Washington, the commander in chief of the Continental Army, created the Purple Heart. Formerly known as the “Badge for Military Merit,” the medal consisted of a purple, heart-shaped piece of silk, edged with a narrow binding of silver, with the word Merit stitched across the face in silver.

 

Many war veterans who were wounded and returned home went into public service as law enforcement officers, firefighters, EMTs, educators, librarians, and other local or state government jobs. Military veterans have demonstrated a strong work ethic, and the ability to work in teams and in challenging situations, making them especially ideal candidates to work as first responders.TEXPERS asks its members to be sure and take the time to thank the Purple Heart recipients that may be active or retired pensioners of their funds.

 

Despite the novel coronavirus pandemic, the global virus that causes respiratory disease COVID-19, communities nationwide are finding ways to honor their Purple Heart recipients. In observance of National Purple Heart Day, states, counties, and cities paused to recognize the service and sacrifice of their local men and women who earned the medal. Veteran and military organizations also held remembrance meetings for fallen heroes and special events to thank soldiers, veterans, and Purple Heart recipients. American flags were flown at homes and businesses. And, people took the time to listen to soldiers and veterans to learn about their military experiences.

 

Here are a few of today’s observances in Texas:

 

• East Texas veterans were honored during a ceremony held by Communities Assisting Military Personnel for Veterans, or CAMP V on Friday morning. Former Purple Heart recipients were offered awards and were invited to share their experiences in battle. Face masks were required to be worn, and social distancing was practiced during the event.
• In Lubbock, a dedication ceremony included a plane flyover at the Regional Monument of Courage. Earlier in the week, Lubbock’s mayor and city council hosted a special event announcing the ceremony and issuing a proclamation asking the city’s residents to wear something purple and make an effort to fly their US flags.
• Texas Tech also hosted a ceremony to recognize those who have received the Purple Heart. According to the university, there are more than 70 Purple Heart recipients in the Lubbock area that includes several Texas Tech students. The university was the first Purple Heart University in the state, according to a local report.
• In honor of the national observance, the Texas Veterans Blog collected audio recordings of Purple Heart medal awardees who shared their experiences with the blog’s Voices of Veterans Oral History program. Their interviews are stored in the General Land Office archives, but many are available to listen to in the collection on the blog at Medium.com. The site is also asking other Purple Heart recipients to share their stories. Click the link above to find out how.

 

How You Can Take Part

Want to make your own dedication? Consider donating time and money to the Purple Heart Foundation, the fundraising arm of the Military Order of the Purple Heart, or other organizations that work with Purple Heart recipients.

 

Let us know how your local community celebrated National Purple Heart Day or tell us about a state or local government employee, first responder, or other public servant you know that received the medal.

PRB Actuarial Committee discusses Funding Soundness Restoration Plans

TEXPERS STAFF REPORT

UPDATED AUG. 6, 2020 - The Texas Pension Review Board's Actuarial Committee convened through teleconference at 10 a.m. CST on Thursday, Aug. 6. 

View a recording of the meeting:

According to the agenda, the committee discussed systems subject to the Funding Soundness Restoration Plan (FSRP) requirement, including the following:

• Update on second FSRP from the City of Orange and Orange Firemen's Relief and Retirement Fund.
• Update on revised FSRP from City of Midland and Midland Firemen's Relief and Retirement Fund.

Also on the agenda:

• A discussion of funding policies received by Government Code Section 802.2011 (Senate Bill 2224), including actuarially determined contribution benchmarks based on rolling amortization periods.
• A review of funding policy requirement under Section 802.2011 and FSRP requirements under Sections 802.2015 and 802.2016 of the Government Code.

> AGENDA:  Click here for the agenda and meeting packet.

The Texas Pension Review Board is mandated to oversee all Texas public retirement systems, both state and local, in regard to their actuarial soundness and compliance with state law. TEXPERS is putting together a more in-depth report on the meeting to be posted soon.

> PRB MEETINGS: Find future meeting dates and past agenda packets.

New report sheds light on retirement security and financial decision making

Photo: Karolina Grabowska from Pexels.

TEXPERS STAFF REPORT

The Consumer Financial Protection Bureau issued a new report, Retirement Security and Financial Decision Making, that finds a growing number of retirees are not experiencing the expected gradual reduction in spending after they retire.

The report, published by the Consumer Financial Protection Bureau, finds that nearly half of Americans who retired between 1992 and 2014 were unable to keep the same spending level for five years following retirement. The Bureau’s findings indicate that certain financial decisions may enhance or diminish retirees’ ability to maintain the same level of spending, according to an email from NIRS announcing the webinar. For example, for homeowners, entering retirement without mortgage debt, for those with a pension, choosing a monthly annuity rather than in a lump-sum payout, are positively associated with retirees’ ability to maintain the same spending level for five years.

The study helps identify ways to protect retirees from overspending their savings in early retirement.

> REPORT:  Access a copy of the research brief.

Key Findings

• The study found that about half of people who retired between 1992 and 2014 had income, savings, and/or non-housing assets to maintain the same spending level for five consecutive years after retiring.  
• Bureau found that the ability to maintain the same spending level in the first five years in retirement was associated with large spending cuts in later years. 

The Consumer Protection Bureau is a federal agency responsible for consumer protection in the financial sector.

Retirement and Disability Research Consortium hosts free online conference on Aug. 6

Image by Goumbik from Pixabay.

STAFF REPORT

TEXPERS’ System Members still have time to register for a free online conference tomorrow that focuses on retirement and disability research. The sessions won’t earn TEXPERS members continuing education credits, but they may provide insight into how people are working, aging, and dying in the United States.

The 22^nd Annual Meeting of the Retirement and Disability Research Consortium is hosting a virtual event from 9 a.m. to 5 p.m. EST on Thursday, Aug. 6. The video conference’s various session presenters and panelists will discuss topics including Social Security benefits and demographic trends, housing for the retired and disabled, economic impact on life expectancy, health risks impacting employment and finances, state and local labor markets, working conditions, and retirement finances.

The digital conference is free and open to the public. 

> REGISTER: Sign up here.

> AGENDA: Access conference schedule.

Economist Anne Case will discuss her book, “Deaths of Despair and the Future of Capitalism,” as the event’s keynote speaker from 11:40 to 12:20 p.m. EST. The book, which Case co-wrote with Nobel Prize winner Angus Deaton, looks at falling life expectancy rates in the U.S. and suggests that flaws in capitalism are proving fatal for America’s working class. Published by Princeton University Press, the book offers solutions to rein in capitalism’s excesses and make it work for everyone. 

> AUDIO PREVIEW: Hear an excerpt from the book.

The Retirement and Disability Research Consortium was established by the U.S. Social Security Administration in 2018. The consortium provides support to the Center for Retirement Research at Boston College, which is hosting the event. The National Press Club, Washington, DC, is producing the online event.