Texas Senator Proposes Plan To Shore Up Teacher Retirement

AUSTIN (May 3, 2013)--The latest plan to shore up the pension fund for Texas school and university employees would apply a higher retirement age only to employees with less than five years on the job, but the proposal by state Sen. Robert Duncan, R-Lubbock, would also mean that workers would have to contribute more.

About 20 percent of Teacher Retirement System of Texas members have less than five years on the job.

Last week members of the system objected to a legislative proposal that would have required about half of current employees to work until age 62 to receive full retirement benefits.

They now have no minimum retirement age but must reach a point in which the total of their age and years of service equal 80.

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