This morning SB 475 Lamping of St. Louis Co., requiring all educator retirement system to be 100% funded in 5 years, was heard in the Senate Committee on pensions. There were many reasons stated for this Legislation to be opposed. Senator Chappelle-Nadal of St. Louis Co. (committee member) stated it would be disastrous for public schools to be asked to come up with $7 billion dollars in five years and asking for a 60% contribution rate. Senator Romine of Farmington(committee member) questioned the sense of the legislation as most Missouri plans were in good shape.
MRTA President Mark Hargens did an outstanding job in voicing the MRTA's opposition to SB 475 stating MRTA's worry is that if the bill passes retiree benefits could be reduced because actives and school districts could not come up with the funds. Also testifying in opposition together with MRTA, were the School Administrators (SAC), MNEA, MSTA, School Boards Association, PSRS/PEERS as well as others.
A copy of the 29,998 signature MRTA petition was delivered to each member of the Senate Pensions Committee members on March 25th. Committee Chairman and sponsor of SB 475 Lamping stated this morning: " ...this bill is not going to pass. I am not going to ask you (the committee) for a vote." GOOD JOB MRTA! SO FAR! Please stay tuned.