Teacher Retirement Funds and Rep. Henderson

Posted in the Mount Sterling Forum

upset educator

Richmond, KY

#1 Apr 3, 2010
It has recently come to my attention that Rep. Henderson voted for a bill that will raise teacher's insurance costs after retirement a great deal. As teachers, we spend day after day educating the future of our commonwealth, and the thanks we receive is this? If this is what we can expect from our Rep, then I too think it is time for a change. I will be voting for James Davis come May because he understands why teachers are so important to the future of our state.
JIM

United States

#2 Apr 3, 2010
upset educator wrote:
It has recently come to my attention that Rep. Henderson voted for a bill that will raise teacher's insurance costs after retirement a great deal. As teachers, we spend day after day educating the future of our commonwealth, and the thanks we receive is this? If this is what we can expect from our Rep, then I too think it is time for a change. I will be voting for James Davis come May because he understands why teachers are so important to the future of our state.
Henderson cares NOTHING for education. Look who his supporters are - the most uneducated in the community!!!
blow my mind

Cynthiana, KY

#3 Apr 3, 2010
Is this correct, Richard?????
richard why

Pikeville, KY

#4 Apr 6, 2010
blow my mind wrote:
Is this correct, Richard?????
richard did u vote for this bill if u lie i will look it up!!! so, u voted to raise taxes on teachers in the 74 district...ur done.
Voter

Winchester, KY

#5 Apr 6, 2010
Way to go Richard! I hope you have to go home in may!!!!!!!!!!
just me

Pikeville, KY

#6 Apr 6, 2010
I dont think he would have voted for this. After all his wife is a teacher. We love you Richard.
For Real

West Liberty, KY

#7 Apr 6, 2010
is this an ex wife?
upset educator

Richmond, KY

#8 Apr 7, 2010
In response to "just me", feel free to check out the state website below. The bill was HB 540 and approved an additional tax on teacher's to fund retirement. Why is it that only teacher's are seeing such an increase this year? For someone who claims to support education, I think it is time we as teachers called his bluff.

http://www.lrc.ky.gov/record/10RS/HB540.htm
its wrong for teachers

Lawrenceburg, KY

#9 Apr 7, 2010
upset educator wrote:
In response to "just me", feel free to check out the state website below. The bill was HB 540 and approved an additional tax on teacher's to fund retirement. Why is it that only teacher's are seeing such an increase this year? For someone who claims to support education, I think it is time we as teachers called his bluff.
http://www.lrc.ky.gov/record/10RS/HB540.htm
why r teachers paying more than anyone else they do there job they teach and monitor our children! We here in ky have good group of teachers overall... Rep. Henderson took it up on himself to vote for this increase of current teachers, to fund retired ones! they r robbing peter to pay paul in Frankfort... i'm sick of his lies. I hope the people will go to the polls and send henderson a message u vote we can also!!! So, he says's it's not much but people why the teachers this is crazy! And rep. henderson recently spoke to teachers and said he would not support this bill meaning HB 540... so it must stop i hope people will send him a message and vote may 18..... it's time for him to go.
research

Clay City, KY

#10 Apr 9, 2010
From ktrs website http://www.ktrs.ky.gov/07_legislation/HB%2054...
March 30, 2010

March 30, 2010
House Bill 540 – A Shared Responsibility Approach to Funding Retired Teacher Medical Insurance
Both the House and Senate have passed House Bill 540 — It will now be submitted to the Governor for approval.
House Bill 540 provides a long-term, sustainable method for funding medical insurance for retired teachers. It is a plan that has been developed with much study, deliberation and input from all of Kentucky’s education community within the KTRS field of membership. KTRS Board of Trustees-fiduciary Jefferson County Teachers Association Kentucky Association of School Administrators Kentucky Association of School Superintendents Kentucky Education Association Kentucky Education Association-Retired Kentucky Retired Teachers Association Kentucky School Boards Association Kentucky Association of Professional Educators Universities & Community Colleges Why Is House Bill 540 Necessary? The state has been redirecting contributions from the KTRS Pension Fund to pay for KTRS retirees’ health care since 2004 in an amount totaling approximately $562 million. The state is repaying these redirected contributions back to the Pension Fund over staggered ten-year periods with interest. This practice is a result of the fact that the KTRS Medical Insurance Fund is not sufficiently funded to meet the extraordinary increase in the costs of funding retiree health care over that same period of time. Without the short-term solution provided by the state of redirecting contributions to fund retiree medical insurance, retirees would have seen drastic cuts in their health care benefits years ago. As such, retirees can be thankful for the short-term solution, but all parties agree that this is an unsustainable method of continuing to fund retiree health care. For years now, the costs of providing retiree health care have overwhelmed the contributions generated by the funding provided by active teachers and matched by the state. Today these contributions generate only $48 million of the $182 million annual cost of paying for retiree health care. The redirecting of pension contributions creates jeopardy for the financial stability of pension fund because every redirected dollar is one less dollar that KTRS can invest to pay for retiree benefits. The actuary for the KTRS Pension Fund has determined that a workable solution must be implemented over the next six years to protect the financial stability of the KTRS Pension Fund. Failure to implement that solution will result in the Pension Fund having insufficient assets to pay retired teacher annuities in the future.
research

Clay City, KY

#11 Apr 9, 2010
continued:
What Does HB 540 do for the Kentucky’s education community? For active teachers who want some day to be able to retire:

A funding method to provide that medical insurance will be available when they retire

Average teacher will experience net takeout from a monthly paycheck of $8 a month in the first year

Teacher contribution is matched by the school district

Medical insurance can be the difference between having security when they retire or not having it

For retired teachers:

Retired teachers age 65 and over experience no change and are spared additional medical insurance costs that would be necessary without HB 540

Retired teachers under age 65 are spared from paying the entire cost of their medical insurance

Retired teachers under age 65 step in to paying Standard Medicare Part B Premium equivalent by paying 33% in 2010, 67% in 2011 and 100% in 2012 (Retirees under age 65 will pay $37/month in 2010 toward the $589/month cost of their individual policy)

For school districts:

Maintains one of the strongest teacher recruitment and retention tools available to districts

Allows teachers to continue to retire when ready (average retirement age is 57)

Average payroll savings to districts of $22,000 per year for each longer-tenured, higher paid teacher who retires and is replaced by a new teacher

For the Commonwealth:

Gets away from further borrowing to fund retiree medical insurance

Commonwealth would pay the net medical insurance costs for persons under age 65 who retire on or after July 1, 2010. Currently, the Commonwealth pays for all of medical insurance costs for retirees not Medicare eligible, plus a portion of the costs of those retirees age 65 and older

For everyone:

Moves toward pre-funding medical insurance benefit under which investment income pays for approximately 70% of benefit

Reduces unfunded liability from current $6.2 billion to $3.4 billion

SOMETHING had to be done!!! This is the best solution to a problem that has been in the making for decades. I am a current teacher who would like to retire someday WITH insurance benefits. Any better solutions??
PETER ROBBING PAUL

Richmond, KY

#12 Apr 9, 2010
you cannot better any thing from robbing Peter to pay Paul. this is exactly what this bill is. but, this does not explain why rep henderson has lied again. he said he voted against this, but we see that he did not
James

Jackson, KY

#13 Apr 11, 2010
PETER ROBBING PAUL wrote:
you cannot better any thing from robbing Peter to pay Paul. this is exactly what this bill is. but, this does not explain why rep henderson has lied again. he said he voted against this, but we see that he did not
Are you squabbling over aprox.$8.00 a month for you have to have decent insurance when you retire or is it the fact he may or may have said he would not vote for it? Sometimes in his position he may have to rethink something for the better for you. I do not know how close you are to retiring, but I will tell you this. I am retired and want every person in our school family to have what I have in my retirement and that is the best insurance you can get. And if you have to pay aprox $8.00 a month then so be it and tell Rep. Henderson thank you when you retire.
just me

Pikeville, KY

#14 Apr 11, 2010
James wrote:
<quoted text>Are you squabbling over aprox.$8.00 a month for you have to have decent insurance when you retire or is it the fact he may or may have said he would not vote for it? Sometimes in his position he may have to rethink something for the better for you. I do not know how close you are to retiring, but I will tell you this. I am retired and want every person in our school family to have what I have in my retirement and that is the best insurance you can get. And if you have to pay aprox $8.00 a month then so be it and tell Rep. Henderson thank you when you retire.
Very well said. Thank you
In the school system

Clay City, KY

#15 Apr 14, 2010
If $8.00 a month is hard for me to pay then I don't need to even go to work.
RonJeremy

Georgetown, KY

#16 Apr 14, 2010
Not so much about $8..The fact you get lied to is worse..If people dont like,then I say change it next month.

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