Text won't render using alpha transparency

I’m creating a small floating text indicator that appears when the player scores and then fades out. I have everything working except the text won’t use the color alpha to render transparent as it fades. The text is full opacity until it is destroyed.

My object is created as a Blueprint child of the TextRenderActor. I use the Tick Event to update its transform (it floats upwards and faces the camera) and its color (lerps from 0,FF,0,FF to 0,FF,0,0).

I AM using the DefaultTextMaterialTranslucent text material.

I have verified the color values are lerping properly (I hacked it to set the text to the color value, and I saw the A value ramping to 0 while the text stayed opaque).

I’m sure there’s some hidden checkbox somewhere that I’m missing, but I don’t know where else to look.

Help?