| In 1989 our original choice was totally taken away from us. On the last day of the session an amendment was attached to a bill that was over 100-pages long that eliminated the Variable Plan; all money that a teacher had in the Variable plan was �mandatorily� transferred to the High 5 Formula Plan--the bill passed. The Pension Commission had not discussed the amendment and the bill did not have a hearing. Those of us who chose a plan other than the IMP had only one option, no input, no restitution, no added benefits, and no �Savings Clause.� Our �irrevocable� choice was gone. We were treated differently from those IMP teachers that were teaching beside us in 1968-69. All teachers that taught during the 1968-69 school year paid in the same percentage of their salaries to TRA over the years, but only one of the five groups--those that did not return their ballot or those that choose the IMP plan-- received two pension choices. Those who currently get to choose IMP at retirement will receive an average of $1,000 more per month for life, with additional cost of living adjustments. We have examined all correspondence from 1973 to 1999 from the Teachers Retirement Association to teachers (including a 1994 handbook). Nowhere do these terms appear: |
| Grrr!! |
| � �Improved Money Purchase.� Our teachers did not know that the IMP pension was even still available. � �Savings Clause.� We did not know that the IMP teachers got a second retirement option. � "20% increase." We did not know that the IMP plan included a 20% increase. |
 |
 |