Austin,Texas:Perry signs teacher retirement bill

Pensions would be reduced for some public school employees under legislation Governor Rick Perry has signed into law.The bill Perry signed Saturday aims to restructure benefit calculations for many educators. It also would change the retirement age for future teachers and bar school districts from offering early retirement.Under the new plan, the youngest two-thirds of the $845,000 current pension plan members would see slightly reduced pensions.School districts couldn't offer early retirement incentives -- and the retirement age for receiving full benefits would rise from 55 to 60 for educators hired after September 1, 2007.The bill Perry signed could save the state about $455 million in the next two years.