JEFFERSON CITY, Mo. – After the gridlock in the Senate cleared up in the last week of the legislature, one of its architects, Sen. Joe Keaveny, D-St. Louis, had a chance to offer SB 980 on the floor Wednesday.
SB 980 would require public retirement plans to disclose certain information to its participants, and changes criteria that determine whether or not a retirement plan has become delinquent.
Sen. David Pearce, R-Warrensburg, chair of the Senate Education Committee, then offered an amendment to raise the rate at which teachers who have served for 31 years or more to pay into their pension.
“The formula was a 2.55 [percent] for years and then a few years ago it reverted back to 2.5 for those who had taught 31 years or more,” he said.
Unfortunately for Pearce, Sen. Rob Schaaf, R-St. Joseph, had problems with the amendment. Schaaf argued the bill took money away from teachers, especially younger teachers looking to start their careers.
Pearce countered that the amendment was designed to give an incentive for veteran teachers to hold off on their retirement.
“For those extra few years they don’t retire, they’re paying more money into the system,” he said. “I was approached by the superintendent of Chillicothe that a math teacher and a science teacher that retired before accruing 31 years because it didn’t make sense for them to keep teaching. Now they stay in the 31 years, they get a higher retirement.”
Pearce also believes this will help school districts retain better, more experienced teachers. It also has the backing of the Missouri Retired Teachers Association, even though the bill will not give added benefits to teachers who have already retired.
