06 - 21 - 2010 Benninghoff protects taxpayers by reforming State Pension Plan
Rep. Kerry Benninghoff recently voted for a bill approved by the House that will reduce short-term & long-term costs associated with the state’s 2 public pension systems for teachers & state employees. The reduced costs could help local school boards avoid some property tax increases in the future. The bill would apply a series of reforms for teachers & state workers hired next year or any time thereafter. The reforms would be applied to the state’s 2 public pension systems–the State Employees’ Retirement System & the Public School Employees’ Retirement System. One of the biggest reforms would be to reduce the multiplier used to calculate pension benefits. Another reform would increase the minimum retirement age for PSERS members to 65 with 3 years of service instead of the current minimum of 62 with 1 year of service.