State senators unanimously approved a measure Wednesday to provide both supplemental checks and cost-of-living raises for retired educators. The proposal now moves to the House.
No Texas teachers who have retired since Sept. 2004 have received inflation adjustments to their pension benefits. Adjusted for inflation, the payment for a 2004 retiree earning $3,000 a month would now be $4,728.08, but the actual amount has remained unchanged.Retired Texas teachers are closing in on a long-awaited cost-of-living raise after a bill was unanimously approved by the state Senate Wednesday afternoon.
That changed Wednesday when the Senate approved a bill, co-authored by all 31 members of the chamber, including both a cost-of-living adjustment and $7,500 one-time checks to retirees who are older than 75. Under the Senate bill, those who retired before Sept. 1, 2013 would receive a 4 percent raise, while those who retired between then and the beginning of last year would receive a 2 percent raise.
The allotments will cost the state about $4.7 billion, paid for up front out of this year's surplus funds, she said, and it will not impact the pension fund. Those who have been retired longer have been hit harder by inflation, since retirement checks are based on your salary upon retirement.
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