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TRS backs off Indeed Tower lease plan
After weeks of criticism from retired teachers and state lawmakers, managers of the public pension fund for Texas teachers have scrapped plans to pay $326,000 a month in starting rent — or $3.9 million annually — to move one of its divisions into an upscale office high-rise under construction in downtown Austin. “Luxury is just not in the vocabulary in a public school person’s life,” Earlene Hopkins, president of Katy Area Retired Educators, told board members of the Teacher Retirement System of Texas prior to their decision Thursday to reverse course. “We’ve worked in portables; we’ve worked splitting up the cafeteria and having four teachers share it; we were in closet-like spaces,” Hopkins said. “No amount of explaining is going to take away the hurt and also the betrayal that a lot of (retired teachers and school employees) feel because of this lease.”