Wednesday, December 15, 2010
BECAUSE TOO MANY OF YOU ARE GETTING READY TO RETIRE....
The Educational Retirement Board (ERB) released a proposal of changes to the state educational retirement system. The proposal contains these components:
* If you have fewer then 22 years of service, you would be required to:
- contribute 9.9% of your salary toward retirement (up from 9.4%)
- complete 35 years of service for a full retirement
- calculate benefits on the Final Average Salary of the highest 7 consecutive years
- have no provision to retire before age 60 with fewer than 30 years of service
* If you have more than 22 years of service as of the effective date of the plan change, you may retire under the provisions in which you entered the retirement system.
I have 21 years of service in......and they will be voting on this on December 17.