Barry Mc Peake

After 28 years of teaching, at 66 and 6 months old I have retired as June 30th, 2023. In 2012 pension changes were made after I had been teaching for 17 years. The result of the changes reduced my earned years to 41%. Prior to these changes I would have earned 60%. In dollars that means my annual pension is $37,374, instead of 54,694. A reduction of $17,320 for the rest of my retired life. In addition, the new law stated, that although I was eligible for full social security when I reached 66 years and 4 months (last April 2023), I cannot even collect a COLA until I have been retired for 3 full years and a month according to the ERSRI Cost of Living Adjustment for teachers. Thus, if a COLA is restored I would have to wait until I am 69 and 3 months,

How is it fair, when you have 17 years into a pension plan that all of the rules change? A $17,320 reduction per year for the rest of my retired life, and no chance for a COLA until I am 69 and 3 months old!

Please make changes to restore a COLA and a sense of fairness for a teacher who for 28 years paid into the state employee retirement system.

Submitted via online webform