Retired teachers will expect increased benefits following the passing of the new bill in Texas.
Retired Teachers in Texas Will Receive Increased One-Time Payments of Up To $7,500 Following the Passing of the New Bill
Several retired teachers in Texas would expect to receive an increase in a one-time payment of up to $7,500 if the new bill called Senate Bill 10 passed into law, which will address the increasing cost of living of the Texas Teacher Retirement System (TRS).
The retired teachers who will be eligible for the increased benefits will receive more than $1.5 billion, wherein at least 70 years old will receive an increase of $2,400, while retired teachers aged 75 and older will receive a $7,500 increase.
The new bill will also allow the voters to decide whether the state money will be used to fund the proposal to increase the benefits of eligible retired teachers or not, KXAN reported.
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Eligible Retired Teachers Will Expect Increased Benefits to Address Cost-Of-Living Adjustment
According to the new senate bill, eligible retired teachers will expect increased benefits to address their cost-of-living adjustment, which affected several TRS retirees.
If the new bill is passed into law, almost 300,000 retired teachers will receive increased benefits to help them meet their needs.
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