Are you a retired teacher? The state may be sending you cash.

Around 55,000 retired teachers in California could soon receive payments to help them offset inflation. It’s part of a bill that cleared the state Senate last week and now requires approval from the Assembly.

Senate Bill 868 was introduced by Sen. Dave Cortese (D-San Jose) with backing from the California State Teachers Retirement System (CalSTRS). It would provide eligible retirees with additional payments equaling 5% to 15% of their pensions depending on the retirement year. 

Only teachers that retired before 1999 would be eligible. Teachers who retired before 1980 would receive the biggest increases.

The proposal would cost an estimated $592 billion. The money would come out of the Supplemental Benefit Maintenance Account, established to provide supplemental retirement benefits through 2089.

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