PERS Board Holds Special Called Meeting

The PERS Board of Trustees held a special called meeting Wednesday, February 5. Dr. Randy McCoy, one of two retiree representatives on the board, offered a proposal for a new Tier 5 that would offer more guaranteed benefits for new Tier 5 members than the proposal adopted by the PERS Board in December. Dr. McCoy’s proposal did not pass the board Wednesday, as Dr. Jay Smith, the Public Schools and Community Colleges representative, was the only other board member to vote in favor of the proposal.

Click here here to review a comparison of the various Tier 5 proposals with Dr. McCoy’s proposal reflected in the right column. The PERS Board adopted the “Potential State-Sponsored Hybrid Plan” for a new Tier 5 in December and the Senate Rules Committee is using this plan to develop legislation governing a new Tier 5. MPE’s legislative priorities state, “A new Tier 5 that provides reduced guaranteed benefits will negatively impact teacher recruitment and retention.”