Hundreds and thousands of selected Americans will receive an amount of up to $7,500 in Texas for a selected group of people.
Americans will receive $7,500 in direct deposits. (Photo: CNN)
$7,500 in Direct Deposits
A group of people in Texas will feel financial relief after state lawmakers passed Senate Bill 10 to increase the Cost-of-Living-Adjustment (COLA) of retired teachers on their pension checks starting this 2024. The Texas Retired Teachers Association said that an amount of $5 billion is allocated in the new law.
In a published article in The U.S. Sun, retired teachers will have the following benefits:
- Teachers who retired between September 1, 2013, and August 31, 2020, can expect a 2% raise on their pension checks beginning in 2024.
- Those who retired between September 1, 2001, and August 31, 2013, will see a 4% raise on their pension checks.
- Teachers who retired before August 31, 2001, will see a 6% increase in their pension.
Moreover, retired teachers will also receive new payments worth $2,400 for those who ages between 70 and 74 before the year ends.
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How Many Will Receive an Increase In Their Payments?
The Texas Retired Teachers Association said that around 186,000 retired teachers are set to receive the $7,500 stipend and 104,000 will receive the $2,400 payment. Furthermore, other states are also giving financial aid to their residents same as in Texas.
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