CRTA Commends Legislature for Teacher Pension Protection.News Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Sept. 14, 2001 The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Retired Teachers Association today praised the overwhelming support the Legislature has shown by passing a measure to restore lost purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. to the pensions of thousands of California's oldest and poorest retired teachers. On a 33-3 vote Thursday, September 13, the Senate endorsed AB135, which would guarantee a retired teacher's pension would be worth at least 80 percent of its original value. The Assembly passed the measure on a 75-0 vote June 5. "This bill would provide much needed financial assistance to an estimated 16,000 teachers who retired in 1985 or before, when pensions themselves were much lower than today," said Norman Gould, President of the California Retired Teachers Association. "We urge the governor to sign this bill and protect those retirees who need it the most." Gould commended state Senate President Pro tem president pro tem n. pl. presidents pro tem Informal A president pro tempore. John Burton John Burton is the name of:
"Senator Burton has once again shown that he is a true champion for seniors and is willing to work hard to protect low-income retired teachers," Gould said. "His support has made the difference in moving this bill with very large majorities." Increasing the purchasing power of retired teacher won't divert di·vert v. di·vert·ed, di·vert·ing, di·verts v.tr. 1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident. 2. any funds from classrooms or increase taxes, Gould noted. The State Teachers Retirement System maintains a special fund to provide purchasing power protection, and it currently has more than enough money to increase the protection to 80 percent. "This year's higher energy costs and low but steady inflation over the past 15 years have reduced the value of many teacher's pensions," Gould said. "The governor needs to help our retired teachers and sign this bill into law." CRTA Crta Carretera (Spanish: Road or Highway) CRTA Committee on Regional Trade Agreements (World Trade Organization) CRTA California Retired Teachers Association CRTA Controlled Rate Thermal Analysis is the state's largest organization of retired teachers. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion