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Texas lawmakers approve $1.1 billion from state savings to fix teacher pension fund
The Texas Tribune: The Texas House and Senate approved a plan Sunday to make the Teacher Retirement System pension fund financially healthy and give retired teachers a one-time extra monthly payment.
The Texas House voted 145-1 and the Senate voted 31-0 to approve the final version of Senate Bill 12, authored by state Sen. Joan Huffman, R-Houston, and sponsored by state Rep. Greg Bonnen, R-Friendswood. Using $1.1 billion from the state savings account over the next two years, SB 12 would shore up the pension fund by gradually increasing state, school district and teacher contributions over the next six years and give retired teachers a one-time "13th check" of $2,000.
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