A key retirement measure has won legislative approval and has been sent to the governor's desk for his signature.
AB 1207, a CTA-sponsored measure authored by Assembly Member Ellen Corbett (D-San Leandro), would allow K-12 and community college districts to offer senior teachers up to two years of additional service and age credit with the State Teachers' Retirement System.
In addition to providing senior teachers with additional dollars during their retirement years, AB 1207 would give local chapters a way to bargain to keep the jobs of less senior teachers in districts needing to pare down their teaching force.
Retiring teachers taking advantage of the program would be limited in their options to return to teaching.
Also, according to CTA retirement experts, none of the incentive time purchased would count toward pension enhancements and bonuses (longevity, career, or highest year compensation), which require teachers to have actually worked the days.
Another important CTA-sponsored measure was still moving through the legislative process as the Educator went to press.
AB 265, authored by Assembly Member Gene Mullin (D-South San Francisco), would ensure that the state repays STRS the $500 million (plus interest) that was withheld to help balance the state budget.
The money was earmarked for a special STRS Supplemental Benefits Maintenance Account (SBMA), which helps offset the impact of inflation on the pensions of more than 63,000 longtime retired teachers. The fund underwrites the purchasing power guarantee that makes sure retirees' pensions always retain at least 80 percent of their original value. STRS is co-sponsoring the measure.