Earlier this year I wrote about the teacher shortage in Alabama and a proposed bill from Rep. Alan Baker (R-Brewton) that would help address the issue by fixing the problems state leaders created in our teacher retirement system back in 2012.
The economic recession that began in 2008 had severely hurt the Retirement Systems of Alabama’s investments. The slowness of the recovery made things worse, and the state was looking at a situation where, in the long run, the government wouldn’t have the money to pay education and state employee retirees the benefits they had earned.
Lawmakers rushed through a plan to create a new tier of retirement for any employees hired after 2013 (those hired before 2013 are still considered Tier 1 and will be paid the benefits they were promised at the time they were hired). This new retirement tier, called Tier 2, pays fewer benefits, raises the age of retirement, and takes a “use it or lose it” approach to sick leave days.
Showing posts with label Alan Baker. Show all posts
Showing posts with label Alan Baker. Show all posts
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