Damon to STRS Board: Suddenly HB 700

Damon Asbury to STRS Board, December 12, 2006

Subject: Legislation to Establish ARP for K-12 Members

Rep. Charles Blaisdell [Blasdel] has introduced HB 700 which would provide [for] K-12 teachers to enroll in private alternative retirement plans, similar to that which is available to higher education staff. The bill would be extended to classified as well as professional staff and would involved both STRS and SERS.

The net effect of this legislation, if passed, would be to reduce membership in the DB or DC plans offered by STRS, and thereby impact the funded status and funding period of the plan.

Terri has contacted the OFT, OEA, OSBA, OASBO and BASA staff to alert them to the legislation. We plan to provide opposition testimony on Thursday at a scheduled hearing.

Damon