Sunday, January 03, 2010

Dennis Leone: Comments

From Dennis Leone, January 3, 2010
Subject: Increases for Pension Systems Hit Hard: Dispatch
Everything I read suggests to me, as I tried to tell my fellow STRS Board members and the STRS Staff, that the Ohio Legislature may ultimately go after all of our COLA as a substitute to having school boards pay anything more. In other words, instead of seeking a higher contribution rate from active teachers (above the proposed 2.5% phased-in increase), and instead of seeking a 5-year Final Average Salary rule for new retirees in 2011 (the same year our COLA will be reduced) instead of waiting until the teacher-preferred delay in 2015, it will be far easier for to have us – retirees – solve the pension solvency problem.
And like always – when this happens – OEA will look the other way, ORTA will sit quiet, and retirees will get screwed.
Larry KehresMount Union Collge
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