Retired Texas teachers will get a long-awaited cost of living adjustment from a bill approved by the Senate Wednesday, Marcg 29.
Senate Bill 10 will give beneficiaries of the Teachers’ Retirement System of Texas who retired prior to 2013 a 4% increase to their annuity and those who retired between 2013 and 2021 a 2% bump.
Though Finance Committee chair and Houston Senator Joan Huffman carried the measure, she said it represented the work and intentions of the entire body.
“I know that we are all thrilled to be able to present this to the TRS retirees, we are all incredibly grateful for their long support and work in our public schools and what they do for Texas,” said Huffman. All 31 members of the Senate signed on as co-authors on the bill, and it has been a top priority for Senate leadership. Lt.
Governor Dan Patrick, who assigned this bill a low number to indicate its importance, said it’s the perfect way to use some of the state’s record-breaking $32 billion surplus.
“It’s a real, great demonstration of us taking $4.7 billion out of our surplus that we would not normally be able to do, and return it to, I think, some of those who deserve it the most: our teachers,” he said. “This is a really great day for retired teachers.”
The bill also includes a special $7,500 annual stipend for retired teachers aged 75 or older in order to bring them into parity with more recent retirees.
“In this bill we want to true up their retirement pension because that number’s really not that great based on their salary while they were working, so we need to keep up with inflation for our 75-andabove retired teachers,” said Galveston Senator Mayes Middleton.