Inflation impacting retired Texas teachers, who seek pension boost
AUSTIN — Bobbie Duncan spent 43 years in Texas classrooms until she retired in 2001. At the time of her retirement, new changes in the Texas legislature allowed her to recoup nearly the same dollar amount she received while working. But that was 21 years ago.
Since then, today's prices are 1.62 times higher than average prices in 2001, according to the Bureau of Labor Statistics consumer price index, meaning a dollar today only buys 62% of what it bought back then. And where the inflation rate was 2.85% in 2001, it is now 8.54%.
Duncan was one of several speakers who went before the Texas senate finance committee last week urging lawmakers to incorporate more funding options into the Texas Retirement System - a pension program for public education employees - that allow for inflation.
“As a retired teacher, I can't even afford to go to a retirement center because my income every month will not pay for assisted living,” Duncan said. “On behalf of thousands like me, I hope you will consider a reasonable, substantial (cost-of-living adjustment) for all of us retired school employees who helped educate the state.”
Read more: https://www.jacksonvilleprogress.com/news/inflation-impacting-retired-texas-teachers-who-seek-pension-boost/article_00dc530d-e6a1-5b03-949f-26e0c785dabc.html