The main differences between the two chambers versions of the bill is that the Senate wants a $7,500 one-time payment for retirees age 75 and older, a 4% increase to their checks if theyve been retired for more than 10 years and a 2% increase if they retired between late 2013 and before the end of 2021. (Shelby Tauber For The Texas Tribune, Shelby Tauber For The Texas Tribune). Please join us today! On the Senate side, any teacher that is 75 or older will immediately get a $7,500 stipend. In fiscal year 2022, which ended Aug. 31, TRS paid a total of $11.56 billion in annuities to retirees and their beneficiaries. Possibility of bumped up monthly checks for retired teachers fades - KWTX Retired Texas teachers haven't received a cost-of-living raise since Newton discussed how an increase in contributions to the pension fund would drastically reduce the funds unfunded liabilities and funding period. Any member who retired since then has never seen an adjustment to their annuity. The current value of pension fund based on smoothed assets is $193.9 billion and based on market value is $184.2 billion. This is the most bold effort to address our retired public school employees pension that weve ever done, said Friendswood GOP Rep. Greg Bonnen, author of a proposed constitutional amendment. Under the House approach, if voters this fall approve the constitutional amendment, all teachers and district personnel whove been retired at least two years would receive a one-time adjustment in their January pension check. In addition, all teachers who retired between 2013 and 2022 will get a 2% cost-of-living adjustment on their pension. Error message | View complete answer on https://oklahoma.gov. But the bill includes one caveat: to fund the cost-of-living increases, Texas voters would first need to approve an amendment to the Texas Constitution that allows the state to move $1.9 billion from the general funds to the Teacher Retirement System. 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. Will Texas retired teachers get a 13th check 2022?
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