Texas Senate Approves Teacher Retirement System Changes

AUSTIN (May 8, 2013)--A plan aimed at boosting the financial stability of the Texas Teacher Retirement System approved by the state Senate Wednesday would require teachers and the state to pay more in to the fund, while also setting up a benefit increase for some longtime retirees.

Under the bill passed by the Senate Wednesday and sent to the House, teachers would see their contributions to the $117 billion benefit fund rise from 6.4 percent in 2014 to 7.7 percent in 2017 and the state would also increase its contribution from 6.4 percent to 6.8 percent.

And school districts that do not currently contribute to Social Security would start paying in at 1.5 percent.

The bill also would give a 3 percent benefit increase for teachers who have been retired for 15 years or more.

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