At the March meeting of the State Teachers Retirement System (STRS) Board, the Board voted in favor of two benefit plan changes — one that impacts current retirees, and one that could impact certain future retirees.
The approved changes take effect on July 1, 2022, and include:
In conjunction with the Inter-University Council (IUC), which represents the presidents of the four-year universities, we advocated to the STRS Board that any “benefit plan improvements” should include a reduction in contributing member contributions. While elimination of the age 60 requirement will be of benefit to teachers who began their careers fresh out of college, it will not benefit most higher education faculty, who do not begin their careers until much later and thus are unable to achieve 35 years of service prior to turning 60.
We will continue to advocate for plan changes that are more equitable among retirees and all types of active educators.