Support SB 5085 - Equitable retirement funding for state employees

I strongly support SB 5085. Please ensure this bill passes out of the Ways & Means committee. SB 5085 merges the assets, liabilities, and membership of four closed retirement systems, (Police and Firefighters, public employees, and teachers) into the new Legacy Retirement System. Previously, the State overfunded Police & Fire. At the same time, in 2011, the State took away the Cost Of Living Adjustment (COLA) for retired Plan 1 teachers. Legislators who removed that COLA never thought it would be permanent but it turned out to be. This is an equity issue. Passage would treat retirement funding for teachers, other public employees, and Police & Fire the same. Female-dominated Plan I teachers should be treated the same as the male-dominated Police & Fire retirees. Plan 1 retired teachers have fallen behind and it’s time we do the right thing and right this wrong!