Sue Brannan to STRS Board 4.20.23: Please provide a retirement plan that works for everyone!

From Sue Brannan

April 20, 2023

Ms. Correthers, Board Members, Actives, Retirees, Consultants, & STRS Associates,

My name is Sue Brannan, a retired public school classroom teacher. I retired with 30 years of service in 1995.

This IS a Watershed moment for STRS whose MISSION since 1920 has been to provide a Retirement System for Public School Educators.

As I said, I retired in 1995 with 30 years of service & received 62% of highest 3 years. 62%!

This is a “History of Benefits” Chart. The COLA is addressed at the bottom. There's information about the CPI, COLA bank . . . (I'd read it to you, but would go over the 3 minutes.)

62% has been OK as a base for retirement. I'm not here to complain. The COLA payout has been an irregular amount during the last 28 years of my retirement. The only consistent dollar payout was from 2002 through 2012. This seems strange because these years included both the Dot-com & 2008 Financial Crises.

FIRST POINT: 62% PLUS a COLA is Livable. When I retired, I had NO expectation of receiving a SALARY!

SECOND POINT: REINSTATE 30 YEARS FOR FULL-EMPLOYMENT AT ANY AGE!

Today, at 30 years (for full-retirement) times 2.2 %, the payout would be 66%. But a COLA, consistent with inflation rates, would have to be part of the package.

So WHO would benefit most from retirement at 30 years of service? Many would be women who stayed home for several years, probably at least 5 years, to raise their own children. How ironic that their kids sit in our public school classrooms.

PLEASE PROVIDE A RETIREMENT PLAN THAT WORKS FOR EVERYONE!

Thank You.

History of Benefits