Texas Announces Increase In Pension Stimulus Checks To Retired Teachers

Stimulus Check
Stimulus Check

While stimulus checks in their conventional form have eluded Americans for the past two years, states across the US continued to support affected residents for most of 2022. And the payments endure even as we are into the last quarter of 2023. States such as Alaska, Alabama, Virginia, and Texas have supported residents through various measures.

The legislature in Texas gave its final approval to the bill that will give retired teachers a modest raise in their monthly retirement stimulus checks. For a significant number of teachers, this would be the first cost-of-living adjustment in over two decades. Senate Bill 10, which was authored by Senator Joan Huffman of Houston, was unanimously passed after certain amendments. The revised version of this bill will increase the monthly stimulus checks of retired teachers.

Texas To Add More Money To The Stimulus Check Given To Teachers

The bill passed in the lower chamber of the state seeks to give a revised stimulus check each month that will be 6% above earlier figures. This increase is for teachers who retired before 2004. For those who retired between 2004 and 2014, the increase sought is 4% for those who retired between 2015 and 2021, the increase will be 2%.

This bill also recommends a one-off payment of $5,000 to teachers aged seventy years or more. It also stipulates that the increase for COLA should not be above the 2% mark. It should depend on whether the retirement system matched or surpassed its projected gains in investment. There would also be a raise of 1% to 9% in the portion of the salaries of service teachers that is added to the retirement fund.

The state would match that amount and add it to the pensioner’s fund. November stimulus checks for teachers will be sent through the postal services on November 29 and direct transfer to accounts will be on the last day of this month.