Boosting Benefits: Retired Texas Teachers to Reap Rewards in 2024
By: Marco Carola
01
The Texas Legislature has passed Senate Bill 10, which allows for a cost-of-living adjustment to the Texas Teacher Retirement System (TRS) in 2024.
See More
5 out of 5
The bill requires an immediate one-time payment of $2,400 for TRS retirees and beneficiaries who are at least 70 years old.
Retirees who are 75 and older will receive an increased payment of $7,500.
See More
5 out of 5
. Approximately 186,000 TRS retirees will receive $7,500, while 104,000 retirees will receive $2,400.
05
The total cost of these payments is estimated to be $1.636 billion.
See More
5 out of 5
A constitutional amendment will be on the ballot in November to allow for a cost-of-living adjustment to the TRS annuity.
The adjustment will only affect retirees who started receiving benefits before September 2020.
See More
5 out of 5
The proposed rate of adjustment depends on when the benefits began, ranging from 2% to 6%.
01
The adjustment would benefit around 150,000 retirees who began receiving benefits between 2013 and 2020, 195,000 retirees between 2001 and 2013, and 75,000 retirees before 2001.
5 out of 5
The estimated amount required from the state budget for this adjustment is $3.354 billion.