State teachers’ retirement system stable, no changes necessary

To the editor:

I feel a need to write in response to several recent articles.

The Public School Retirement System of Missouri was called a “Ponzi” scheme, and it was suggested that the Public School Retirement System, or PSRS, was in trouble and changes were needed. From all of my research, it appears that this is simply untrue.

PSRS currently is 85 percent funded and invests using a long-term investment outlook.

The retirement system’s board currently has flexibility and has done an excellent job responding to actuarial recommendations and maintaining stability even through this long, down economy.

Our plan is a contributory plan and our current member contribution rate is 14.5 percent.

This can be, and has been, increased as needed to maintain appropriate funding levels. PSRS does not provide health care to retired members, only benefits based on salary and years of service.

Please also consider the positive impact these paid out benefits are having on the state economy.