Austin News

Lawmakers and retired teachers are among those shocked by the whopping $326,000 per month the Teacher Retirement System of Texas (TRS) is planning to spend in base rent on a luxurious office space in downtown Austin.

State Rep. Brooks Landgraf recently expressed his dismay at the exorbitant amount.

“This seems extravagant to me, and to many retired educators I’ve heard from on the issue,” he wrote on his Facebook page on Jan. 21. “TRS always claims to be on the brink of financial crisis, so why are they paying millions a year in rent?”

Landgraf included a letter he wrote to Brian Guthrie, executive director of TRS, on Jan. 18 in which he stressed that the “liberal use of state resources is gravely concerning given the billions of dollars TRS is currently being trusted to wisely and prudently manage on behalf of the state’s retired public school teachers.”

TRS is tasked with overseeing retirement benefits for roughly 1.6 million active and retired teachers and school staff.

The amount TRS plans to spend on rent for an office space in Indeed Tower was revealed seven months ago following an inquiry by the American-Statesman into the details of the lease, which TRS was reluctant to disclose, the paper reported.

The agency has not yet provided full details on the total cost of the lease.

State Rep. Tony Tinderholt also took to Facebook to comment on the controversy.

“I am deeply disturbed by the 10-year lease for office space recently revealed by the Teacher’s Retirement System in downtown Austin,” he wrote. “Coming in at north of $326,000 per month (or well north of $40 million over 10 years) the extravagant space is what many would expect from California or New York state governments. In Texas we should operate differently, especially when TRS tells legislators and retirees they are not properly funded.”

Tinderholt also said that teachers from his district have voiced their disapproval of the agency’s decision.

“I share their outrage. This should be an example to legislators and the people of Texas the tone deafness of many Austin bureaucrats,” he said.