Retirement Pensions Cut for Teachers

7 years 3 months 5 days ago Thursday, September 09 2010 Sep 9, 2010 Thursday, September 09, 2010 8:37:22 AM CDT September 09, 2010 in News
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JEFFERSON CITY - A new retirement plan for state educators could mean less pension for state teachers. At a recent meeting, the Public School Retirement System created a working draft discussing cuts to retirement pensions for future teachers. Currently, a teacher with 30 years of service would receive 75 percent of their salary per year after retiring. The drafted plan would cut that to 60 percent per year after retiring. Executive director of PSRS Steve Yoakum said this plan is in the very early stages. "Well we're looking at ways we can reduce costs. Our goals are first of all to pay for the benefits that have been promised, we're on schedule to do that, but also to reduce the cost of the teachers in the school districts for retirement purposes." Yoakum said it would not affect current or already retired teachers, but only future teachers. He also said PSRS and other state education associations will meet to discuss this plan and other ways to increase funding. The Missouri State Teachers Association said the potential cut would be a large dissapointment for teachers expecting to receive the current percentage for their pension. The association plans to have a meeting in November discussing all legislative issues.

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