Senate Bill 10 seeks to increase pensions for retired teachers in Texas.
Senate Bill 10 Aims to Provide Pension Raise for Retired Teachers in Texas
The amended version of Senate Bill 10, which aims to provide a pension increase for retired teachers, received the final approval from the Texas Senate House Monday.
According to the lower chamber’s version, Senate Bill 10 will provide a 6% pension raise to teachers who retired before 2004, while teachers who retired from 2004 to 2014 will get an increase of 4%, and retired teachers from 2015 to 2021 will receive a 2% pension raise.
Senate Bill 10 also aims to give a $5,000 one-payment for retired teachers aged 70 and above as long as the annual cost of living increase will not exceed 2%, Fox 4 reported.
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Senate Bill 10 To Provide Increase in Monthly Retirement Checks for Retired Teachers
After nearly 20 years, retired teachers can experience adjustments on their monthly retirement checks if Senate Bill 10 is approved. The last increase they received was in 2013 for retired teachers before 2004; after that, the retired teachers never received another pension raise again.
Senate Bill 10 currently needs one vote to move forward to the final step, where lawmakers would decide on a final version.
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