Mario responds to Nancy Hamant

From Mario Iacone, April 13, 2011

Nancy is correct with respect to #1 as it stands alone.

I apologize as I did not intend for #1 to stand alone, but, be considered in conjunction with #6. I should have more directly stated so.

The amended version follows.

ONE TWO PERCENT (2%) REDUCTION in BOARD / EMPLOYER CONTRIBUTIONS as part of the Kasich Budget Package. Kasich claims that schools will save 229 million which means that the pension system(s) stand to LOSE 229 MILLION OR MORE IN CONTRIBUTIONS, YEARLY because STRS, as a result of the Kasich budget change, will probably not get the 3% increase in teacher contributions for which they asked. SEE #6. .................................................................
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SIX STRS MAY LOSE THE 3% EMPLOYEE CONTRIBUTIONS INCREASE CURRENTLY NEEDED TO OBTAIN THE 30 YEAR FUNDING PERIOD because the Kasich budget already increases employee contributions by 2% to offset the 2% employer decrease. State Rep. Lynn Wachtmann, who proposed the bill already in the legislature....................does not think the legislature will increase employee contributions by 3 percent on top of the increase to 12 percent that Kasich proposed.

Retirees,PLEASE GET INVOLVED!