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On reduction of COLAs for 12 years, Osborne says “It is simply a risk reduction tactic that we think is appropriate.”
Comparing hybrid cash balance retirement plan with pension, leaders say the former guarantees a minimal return while offering portability and is inheritable.
Bowen: “This bill’s pretty solid. We’ve made countless concessions.”
Here is a surprise for some people (not for others): Proposal to move employees to 401(a) system was actual MORE EXPENSIVE than keeping them on pension. Hence, the 401(a) proposal was scrapped, Osborne says.
Stivers: Teachers will now have to work to age 60 and work for 35 to get “enhanced benefits.” Another formula allows teachers to retire at after 27 years of service.
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