AUSTIN -- The Teacher Retirement System of Texas has seen about a $25 billion market value drop since Sept. 1 in the nation's widening financial meltdown.
But system officials say the 275,000 retired teachers and beneficiaries covered by the fund shouldn't fear a change in current benefits.
However, the financial crisis does darken the prospects of retirees getting an additional check next year. The Legislature sometimes authorizes a 13th check whenever the system has investment gains.
Last year, retirees in the system received an extra one-time check for $2,400.
The system ended its 2008 fiscal year on Aug. 31 with a market value of $104.9 billion. System officials expect the fund likely to end October with a value between $80-85 billion once audited returns are complete.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.