- All employee groups would be in one retirement system. Public employees, Public safety, Fire Fighters and judges would be together in one plan.
- Employees would be given the opportunity, upon hire, to choose between two different plans. (hired after July 1,2011). They would choose either Plan A or Plan B.
- Plan A: Defined Contribution Plan (8% retirement contribution into a 401(a) plan that would be administered by the Utah Retirement System)
- Plan B: A Hybrid Defined Benefit/Defined Contribution Plan with a 35 year minimum service requirement, 1% per year service credit, 2.5% COLA based on the Consumer Price Index, and based on highest five years of salary. The Hybrid plan would also have a contribution to a 401(a) plan.
UEA opposes any changes to our retirement plan. Our future teachers need us to fight for them.
Go to www.utea.org for more information. Stay tuned to this blog for more ugly bills.