New SB 1040 analysis answers member questions, concerns
SB 1040, the recent legislative assault on the public school employees' retirement and pension benefits, has generated many member questions and concerns. To help answer them, MEA has prepared an analysis of SB 1040, in addition to the talking points already sent out.
To address MPSERS' $44 billion unfunded liability, Republican members of the Senate Appropriations Retirement Subcommittee introduced SB 1040 which makes dramatic changes to public school employees' pension benefits while drastically increasing the out-of-pockets costs for both active and retired members of MPSERS.
The legislative solution being offered does nothing to address a problem created years ago; it simply shifts costs from a school district on to the backs of school employees who are already facing other legislatively-imposed financial burdens.
The Senate Appropriations Retirement Committee will be meeting at 10 a.m. on Wednesday, April 11 to continue the discussion on SB 1040. Plan on being there. The Committee needs to know the impact these changes will have on public school employees and public education.
While Republican legislators are calling their overhaul of the retirement system a "moral obligation," school employees are watching their middle class dream of adequately providing for themselves and their families become just that--a dream.