The recommended percentage of salary both schools and teachers need to contribute for teachers taking early retirement has decreased, according to the Commission on Government Forecasting and Accountability.
An Actuarial Review of Early Retirement Option for Teachers’ Retirement System from COGFA recommends contributions from members seeking to retire early be lowered from 14.4 percent to 10.8 percent and the employer contribution from 29.3 percent to 22 percent. Democratic Representative Elaine says it’s a message for school districts.
Nekritz says the recommendations should mean nothing for the pension system. Republican Representative C.D. Davidsmeyer says it’s an effort to counteract early retirement.
Meanwhile the most recent Auditor General report for the Teachers’ Retirement System has the fund at 41.5 percent funded for fiscal year 2015, down 1.5 percent from the year before.
