Teachers seek support on pension benefits

Editor,
I am writing on behalf of my fellow teachers and retired teachers. We are deeply concerned that our pension benefits may be in serious peril.
Within the next few days, our legislators will be debating changes to the teachers’ retirement system. As many of you may know, our pension plan was already altered last year.
The changes increased Illinois teachers’ retirement age to 67 for any teacher hired after Jan. 1 of this year. Illinois now has the oldest retirement age of any state in the country.
These changes also decreased the benefits that new teachers would receive. This decision has sent many highly qualified teachers looking for jobs in other states.
Now, the legislature is looking at changes that will affect teachers who were hired before Jan. 1, and the changes will have ripple effects who will eventually reach teachers that have already retired.
For most teachers, our pension represents our life savings and our sole source of retirement income. Teachers do not pay into Social Security, so that will not be a source of revenue for us.
Our teacher’s retirement system has been a stable, dependable and sustainable program. It relies on teacher contribution as well as state funding.
It is sufficiently funded to meet all the requirements. The only problem at this time is past payment from the state have not been made.
We understand that many of you are struggling with your own retirement concerns, and you have our sympathy and support.
We ask you for your support as we fight for what was guaranteed to us by law when we signed a contract to dedicate our lives to teaching your children.
Melissa Carroll Ramsey
Teacher and REA President