The Wisconsin State Journal fronts an article about the ongoing contract negotiations and the impact of the MGEA "work the contract" job action. The article lays out the various issues concerning the retirement benefits and the board proposals pretty well.
One error I note is the estimate of the district's unfunded liability: the article quotes an out of date number from 2008 of $30M, the most recent estimate is $25M. To fully fund this liability the district would need to set aside $1.5 million per year. Currently we aren't fully funding this liability, instead we pay retirement benefits on a "pay as you go" basis as they come due.
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3 comments:
Why did it change from 25 to 30?
The liability changed from $30M to $25M - it appears the earlier analysis used an incorrect number of beneficiaries.
So... Since Craig's letter to the teacher's telling them to write recommendations, are they? If not, what is the punishment? This is a really critical issue for many kids, and we need answers!
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