A plan to boost the financial stability of the Texas Teacher Retirement System requires teachers and the state to pay more in to the fund, while also setting up a benefit increase for some longtime retirees.
Under a bill passed by the Senate on Wednesday and sent to the House, teachers will see their contributions to the $117 billion benefit fund rise from 6.4 percent in 2014 to 7.7 percent in 2017.
The state will also increase its contribution from 6.4 percent to 6.8 percent.
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And school districts that do not currently contribute to Social Security would start paying in at 1.5 percent.
The bill also would give a 3 percent benefit increase for teachers who have been retired for 15 years or more.