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Fri May 3, 2013
Texas Senate Considers Teacher Retirement Changes
The latest proposal to shore up the pension fund for Texas school and university employees would apply a higher retirement age only to employees with less than five years on the job.
But the offer pitched by Lubbock Republican Sen. Robert Duncan on Thursday also means that workers would have to contribute more.
About 20 percent of Teacher Retirement System of Texas members have less than five years on the job.
Last week members of the system objected to a legislative proposal that would have required about half of current employees to work until age 62 to receive full retirement benefits. They now have no minimum retirement age but must reach a point in which their age and years of service equal 80.
Information from: Austin American-Statesman, http://www.statesman.com
Copyright 2013 The Associated Press.