More than 200,000 retired educators and their dependents in Texas could have to pay more for health care due to rising coverage costs. Texas legislators are trying to shore up a nearly insolvent health care plan.
Officials from the Teacher Retirement System of Texas told a Senate panel last week that the plan for retired public education employees, at the current pace, will be insolvent during fiscal 2016.
The coverage plan could face a $768 million shortfall by the end of fiscal 2017.
Initial House and Senate budget proposals include $562 million, to cover the statutory obligation. The intent is no increase in premiums for retirees.
The plan is funded primarily by contributions from the state, active teachers and school districts, plus retiree premiums.
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Information from: Austin American-Statesman, http://www.statesman.com
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