MIPFS testimony on retirement plan (MPSERS) restructuring - SB1040

MIPFS Executive Director Steven Norton testified before the Senate Appropriations Subcommittee on Retirement to express our concerns with the latest attempt to restructure the public school employee retirement system (MPSERS). An extract is below, and the full copy of his testimony is attached.

Changing the public school employee retirement system is a complex undertaking. It is too easy, however, to become lost in the details and lose track of key guiding principles. Our guiding principals are these: the changes to retirement need to be fair; the costs should be borne by everyone who has benefitted from our public schools in the past; and retirement plans going forward should provide adequate savings for the future and reflect the importance we attach to the people to whom we entrust the education of our children. I believe that we stand ready as a community to help make that possible.