Re: Retired teachers in Oklahoma are not OK...but check out the bennies for actives and legislators!

From RH Jones, October 4, 2009
Subject: Re: Retired teachers in Oklahoma are not OK...but check out the bennies for actives and legislators!

John Curry, et al: Re: our little death benefit in danger.

Like us, Oklahoma retired educators may be worse off than their legislatures, but did you notice the last sentence: While ours is only $1000, their death benefit payable to the beneficiciares of retired educators is $5000! And their OREA is setting a legislative goal to raise it to $7,500. Can you imagine our ORTA or OEA-R asking for 7,500? And this death benefit is one of the items that our STRS would like to take away from us even though it is grandfathered. Nowadays, a decent funeral costs a lot more than $1000. Personally, I will be keeping an eye on ORTA and OEA-R to see if they let this cut happen. I hope all other members do too.

RHJones, Paid Up For Life in ORTA, and OEA-R, but a very proud member of CORE

From John Curry, October 4, 2009
Subject: Retired teachers in Oklahoma are not OK...but check out the bennies for actives and legislators!

"The current state premium subsidy for retired educators averages about $105 per month. In contrast, active state educators benefit from 100 percent payment of their monthly premiums – almost $450. Active state employees – including legislators – not only receive the 100 percent for themselves, but also a sizable monthly benefit for dependent insurance premiums."

http://www.stillwater-newspress.com/local/local_story_276000731.html/resources_printstory

Retired teachers group sets 2010 legislative goals

NewsPress Staff

October 03, 2009 12:07 am

— The Oklahoma Retired Educators Association today announced its goals for the 2010 legislative session.
Executive Director Norman Cooper said the organization would continue its vigorous pursuit of equitable cost-of-living benefits improvements for retired educators.
He pointed out that in recent years retired educators in the Teachers’ Retirement System have received every-other-year COLAs at only half the rate as retirees in other state retirement systems.
“It seems that virtually every legislator agrees with us that retired educators deserve the same COLA treatment as retirees in other state retirement systems.
In 2006 and again in 2008, other retirees were granted 4 percent COLAs while retired educators received only 2 percent,” Cooper said. “It’s time for legislators to eliminate this inequity.”
Noting that health insurance premiums for retired educators continue to increase dramatically, Cooper said OREA will call upon legislators to raise the state insurance premium subsidy for retired educators by at least $100 per month.
Health premiums for pre-Medicare retired educators have grown by more than 500 percent in the last 20 years – from approximately $75 per month to almost $450 – while the state premium subsidy was raised by only $30 a month, almost 10 years ago.
The current state premium subsidy for retired educators averages about $105 per month. In contrast, active state educators benefit from 100 percent payment of their monthly premiums – almost $450. Active state employees – including legislators – not only receive the 100 percent for themselves, but also a sizable monthly benefit for dependent insurance premiums.
A third OREA goal for the 2010 legislative session will be to improve the financial health of the Teachers’ Retirement System (TRS), one of the most poorly funded large public pension systems in the nation.
The system’s current liabilities are over $9 billion, with only about 50 percent of the necessary assets available to meet long term obligations.
“TRS will never get well financially unless the legislature makes a major funding commitment to the system.
Supplemental funding to the system that began in 2007 is welcome, but much more is needed,” Cooper said.
Other OREA legislative goals include:
• Protection of the TRS defined benefit plan design in order to shield active and retired educators from excessive investment risk
• A one-time “catch up” benefits improvement for qualifying retired educators living at or below the poverty level
• Protection of the state’s revenue base and preservation of essential government services through opposition to tax cuts
• An increase from $5,000 to $7,500 in the death benefit payable to the beneficiaries of retired educators.