Tim_White's Blog

 Another seat has filled in.

Conradi (actuary):

First item: The requests from the Commission are too complicated. Suggestion to start with a meeting to discuss various proposals regarding to freezing defined benefit plan and moving all people to defined contribution alternative.

Second item: Take a look at teacher pensions post 2005 changing their structure.

Also may be worth grandfathering some schedule A members, and leaving them untouched. Suggests that members over 57 or with 25 years of service be considered for grandfathering… they would retain schedule A benefits. The rest of the schedule A members would be switched to schedule B.

Third: Take a look at Federal retirement model which includes contribution and smaller pay-out. That portion would also include how the Feds would compare with Schedule B benefits that apply to new members coming into the system.

 

Other items:

-Prepare analysis that would allow you to see how changing cost of living would impact the cost of the system.

-Take a look at effect of moving to a much later retirement age for unreduced retire to go along with social security age (65, to 67).

 

Could have first part of results by September 10th.

By October 1st, information on moving schedule A to schedule B.

November 5th: Discussion on the Feds proposal. (The day after election day, making many here nervous). So then this would happen on November 12th.

The rest of the information by December 3rd.

 

52,500 for the fee on this information (the bill is less because the information requested is less).

 

More to come.

 

-Tim White