Retired teachers in Texas, most of whom have never received any increase in monthly checks, would receive a one-time cost of living adjustment – and possibly...
“It will lead to this pension being actuarially sound,” he said. “It will allow our retirees to have an annual, ongoing increase.”by Bonnen advanced on a voice vote.
In 2013, school district workers who retired before September 2004 received a 3% inflation adjustment, capped at $100 a month. Those who retired before 2004 would get a 6% increase, those who retired before 2014 a 4% raise and those who retired before 2021 a 2% adjustment.The Teacher Retirement System would have to issue the stipend no later than February.
Future retirees would have a three-year waiting period before they’d be eligible for the gain sharing COLAs.In the House legislation, the state also would commit to making a “legacy payment” — estimated at $630 million a year — during each legislative session over the next 30 years. That would ensure enough money for all of the pension system’s currently unfunded liabilities, according to Legislative Budget Board documents.
Only Texas and Louisiana have teacher retirement systems that do not offer cost of living adjustments and also do not let teachers participate in the federal Social Security system, which does provide annual inflation bumps, Bryant said.Bryant managed to pick up a handful of Republican votes for his proposal to increase the one-time cost of living adjustments.
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