Molly Janczyk re: June STRS Board News

From Molly Janczyk, June 23, 2009
Subject: ****[News] June Board News Details Retirement Board Actions and Discussions

3% COLAS for 3 yrs and then to be cut to 1.5% for those over 65 while active educators to receive 88.5% at 38 yrs vs. 35 yr. 2% until 33 yrs. increasing to 88.5% at 38 and over years. Again, retirees lose 1 and 1/2% with absolutely no chance of increase for us while active teach 3 more years and get even more than before at 88.5%. We lose, active teach a bit longer. Is that equitable????

Let ACTIVES get a straight 2% increase to infinity or 2.5% increase for each year past 35 AND RETIREES WITH NO OPTIONS STAY AT 3%. We get no raises or step increases like actives do. The new plans alone will keep actives teaching until 35 yrs or age 60. That's called economics just as Soc Sec had to increase its years for full retirement. They didn't offer extra incentives along with it!!!!

***Punish those over 65 with more cuts while allowing actives options of working a bit longer for ever better benefits so they won't need to worry about 1.5%

Medicare Advantage to be imposed upon retirees over 65 with Parts A and B . They can opt out if they wish to MED MUT BASIC CATASTROPHIC COVERAGE.

Premiums and out of pocket max lower but no mention of deduc. or comparable coverages except for a few examples which are better.