Retired teachers and public school employees in Texas will receive larger monthly pension checks as early unofficial election results show voters approved more than $3 billion in cost-of-living increases. This is the outlook.
As of 9:35 p.m., nearly 84% of voters supported the proposal, according to unofficial results.
Rita Runnels, a 30-year teacher and chair of the Texas AFT Retirement Committee, gathered on Zoom with nine other retired educators from across the state to focus on election night results.
Cheers erupted when early results showed voters overwhelmingly supported Proposition 9.
“We did this.” “Look at the lives of so many people we changed.” “It’s been a long time since we’ve done this.”
Perhaps public school employees will finally get the respect they deserve, Runnels said.
The cost-of-living adjustment will allow Rannell to pay her bills and medications without worrying about inflation or unexpected expenses.
If their pensions were increased, longtime educators like Jeanne Paul-Turner, who spent her longest career teaching in the Arlington school system, more than 40 years, would have less to worry about their monthly finances. .
It has been her lifelong dream to become a teacher, but now her monthly check has not kept pace with inflation as gas, food, medicine and other expenses continue to rise.
“We desperately need this and we need to motivate people to become teachers,” Paul Turner said, adding that retirement considerations are not pushing the next generation of educators away from the profession. He added that he was concerned.
About 70 percent of the state’s retired public school employees haven’t received cost-of-living adjustments to their pensions in nearly 20 years, said Tim Lee, executive director of the Texas Retired Teachers Association.
If approved by Texas voters, these retirees would eventually see their monthly checks increase.
“These results are not only a recognition of the service our retirees gave to our country while working in our schools, but also a recognition that we must do more to help with basic living expenses. ” said Lee. Early results.
Increased retiree checks will allow retirees to handle everyday expenses, go to the doctor, buy food, plan for the future, and meet other financial needs. he added.
“This just makes their lives a little bit easier,” Lee said. “I think that’s why people came together. It was the right thing to do.”
Proposition 9 would allow states to use about $3.3 billion in cost-of-living adjustment funds, said Eli Melendrez, a researcher with the Texas chapter of the American Federation of Teachers.
Melendrez noted that the move does not require a tax increase for Texans because the tax increases are paid for from the state’s general fund. Funds already set aside by the state will be transferred to the Teachers Retirement System of Texas, which will begin offering cost-of-living adjustments in January.
Under the proposal, retired teachers’ pensions would increase by 2% to 6%. Approximately 476,000 retired educators received an average monthly salary of $2,174 in 2022, according to the Texas Teachers Retirement System.
Lee said some retirees, under financial pressure to expand their assets, are cutting back on medical and energy consumption, moving to relatives’ homes, or skipping home repairs. It is said that some people do.
“At the moment they are cutting back on essential goods,” he added.
Judy Bryant, who taught for more than 30 years in Texas, still works part-time like many other retirees. She currently works as a field organizer for the Texas Alliance for Retired Americans.
“One day I would like to be able to fully retire, and cost of living adjustments will make that even more likely,” she said.
The proposal appeared on the statewide ballot after lawmakers unanimously passed a bill asking Texas voters to make cost-of-living adjustments.
Benefits are adjusted based on when the employee retires.
- Those who left the company between September 1, 2013 and August 31, 2020 will receive a 2% adjustment.
- Those who retired between September 1, 2001 and August 31, 2013 will receive a 4% increase.
- A 6% increase applies to those who retired before August 31, 2001.
Eligible beneficiaries also receive similar cost-of-living adjustments.
“It’s been a long time coming,” said Texas AFT’s Melendrez. “Everyone had a school teacher. … At this point in time, it’s very important that he gives back to the people who spent 30, 40-plus years in the classroom.”
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