If an employee is young he/she must continue to work to get health insurance. If you go somewhere else you cannot take it with you.
Salary cap is tied to the Social Security taxable cap of $127,400. You cannot have more than that toward retirement without taxes applied.
If you retire you have the option to remove your money, but must roll it either into another IRA, such as TIAA Cref, or into the new deferred comp state system. The bill says “portable” but is has these limitations.
We should talk with our representatives. Losing 3% of our salaries will equate to money not spent in Kentucky and will impact the economy. Attracting quality teachers to Kentucky will be more difficult.
West Virginia and California went to defined contribution plans and it did not work, so they went back.
Possibly, we should lobby representatives to give us a one-time option to switch to TIAA Cref, as done in the past.
It is unclear if those not vested will automatically go into the new system.
The response of teachers throughout the state is anger. Many have no optional retirement in place and must be in KTRS. Representatives indicate that 95% of calls are from teachers. UK and NKU do not participate in KTRS.
Secretary Rye suggested a full faculty meeting with a KTRS representative and President Hampton will pursue this. KSU faculty can go to the KTRS offices for individual consultation. Staff are available 8-5 and do not take appointments.
A Senator inquired if there is an organized resistance. The Association of Superintendents initiated organizational activities and Governor Bevin-made clear he did not approve
Asha French reported for the Curriculum Committee due to absence of Chair Andries.
Two Action items were presented for vote:
Revision of prerequisite for BSS300 Statistics for Behavioral and Social Sciences from MAT111 Contemporary Mathematics to MAT115 College Algebra, MAT115A Accelerated College Algebra or MAT200 Intro to Statistics. Unanimously approved by voice vote.
Revision of Social Work prerequisites, unanimously approved with a friendly amendment.
FSCC 17-18-08 was presented as an informational item and was tabled for further research. MAT176 has been removed from the KSU Catalogue but will still be counted toward requirements if already taken. Dr. Freeman said Math/Science will assure advising is clear, with an updated advisement sheet that states MAT176 will still be accepted for those students who have already taken it under the previous guidelines.