Tag: teachers

Push for pension reform rocks teachers

Mary Pat Campbell

Link: https://www.ptreyeslight.com/article/push-pension-reform-rocks-teachers

Excerpt:

Teachers are upset at the Marin County Board of Education for discussing pension reform in the middle of a pandemic without any feedback from labor unions. The county board considered a resolution last month that calls on state legislators to enact pension reform, proposing several possible solutions—including weakening pensions by reducing benefits and raising the retirement age. Teachers spoke out against the nonbinding resolution, which was tabled in response to their concerns.

…..

School districts and employees have no say in how much they pay. At Shoreline, about 10 percent of the general fund is paid to retirement funds. 

The required contribution from districts has steadily risen following the passage of A.B. 1469, which was intended to fully fund CalSTRS. When the bill passed in 2014, the state required districts to pay 8.88 percent of their payroll to the teachers’ retirement system. This year, they are required to pay 16.15 percent. Mandated CalPERS contributions have risen from 11.77 to 20.7 percent of payroll costs in the same timeframe, leaving less money within districts for direct education costs. 

The rising liability caught the eye of the Joint Legislative Advisory Committee, a countywide group of elected school board members and superintendents created to advocate on behalf of public education in Marin. Pension reform has been a priority for the committee since 2014, and it’s been the number-one goal since 2017. 

Author(s): Braden Cartwright

Publication Date: 3 February 2021

Publication Site: Point Reyes Light

Kentucky Legislature Considers Changes to Teacher Retirement Plan

Mary Pat Campbell
Kentucky Legislature Considers Changes to Teacher Retirement Plan

Excerpt:

The Kentucky House recently passed a state bill that would place newly-hired Kentucky teachers into a new “hybrid” retirement plan design. The new hybrid plan would blend a “foundational” defined benefit pension plan with a “supplemental” defined contribution plan as a means of de-risking the Kentucky Teachers’ Retirement System, which is only 58.4 percent funded today.

The legislation, which is now before the Senate’s State and Local Government Committee, ultimately seeks to control future employee, retiree and taxpayer costs. The Teachers’ Retirement System of Kentucky already has nearly $15 billion in unfunded liabilities.

An actuarial analysis of the bill, House Bill 258, projects that it would save Kentucky $3.57 billion over 30 years. While the legislation is not a panacea, if enacted, it would be a positive step in the right direction for Kentucky’s overall public pension challenges, which rank among the most difficult in the nation.

Author(s): Alix Ollivier

Publication Date: 19 February 2021

Publication Site: Reason

Early retirement offer to Massachusetts teachers wins legislative sponsors

Mary Pat Campbell

Link: https://www.masslive.com/coronavirus/2021/02/early-retirement-offer-to-massachusetts-teachers-wins-legislative-sponsors.html

Excerpt:

A bill that would allow teachers who are eligible to retire to purchase up to five years of service, age or a combination of the two in order to make room for new teachers has been backed by state Sen. John Velis, D-Westfield, and state Rep. Carol Doherty, D-Taunton.

If approved, the bill known as “An Act to provide a retirement enhancement opportunity to members of the Massachusetts Teachers Retirement System,” would be voted on by each city or town’s School Committee before teachers in those communities would be eligible.

Author(s): Elizabeth Román

Publication Date: 18 February 2021

Publication Site: MassLive

‘Pension Spiking’ For D-86 Teachers Under New Pact

Mary Pat Campbell

Link: https://patch.com/illinois/hinsdale/pension-spiking-d-86-teachers-under-new-pact

Excerpt:

The Hinsdale High School District 86 board on Thursday approved a two-year agreement with the teachers union, including a “pension spiking” provision and relatively small pay raises.

The agreement is retroactive to the beginning of the 2020-21 school year. Over the two years, teachers are expected to see base salary increases amounting to 2.2 percent.

Under the agreement, the teachers will now get 6 percent annual increases in the last four years of their careers, up from the current 3 percent.

Author(s): David Giuliani

Publication Date: 29 January 2021

Publication Site: Patch

NYC Public Educator Pensions Rise Again

Mary Pat Campbell
NYC Public Educator Pensions Rise Again

Excerpt:

Average pension benefits paid to newly retired public educators in New York City rose again in 2020, according to data posted today at SeeThroughNY.net for New York City Teachers’ Retirement System (NYCTRS). 

The pension benefits collected by 969 teachers, college instructors, and school administrators who retired in 2019 with at least 30 years of service credit and received a full year of pension benefits in 2020 averaged $75,212.  

NYCTRS paid six-figure pension benefits to 3,708 retired New York City teachers. Of those retirees collecting more than $100,000, 104 retired during the 2019 calendar year.  

Author(s): press release

Publication Date: 11 February 2021

Publication Site: Empire Center for Public Policy

Don’t believe the pension poppycock … it’s a divide-and-conquer strategy

Mary Pat Campbell
Don’t believe the pension poppycock … it’s a divide-and-conquer strategy.

Description: Author Ivonne Rovira argues that House Bill 258 filed by Kentucky state rep Ed Massey to create a new pension tier for teachers in the Kentucky TRS gives lower benefits and is a divide-and-conquer political strategy. Rovira is the research director for the statewide organization Save Our Schools Kentucky.

Author: Ivonne Rovira

Publication Date: 23 January 2021

Publication Site: ForwardKY