by Bobbie Margo
The 2021 Education Minnesota Retired Annual Meeting was held virtually on Friday, April 23, 2021 at 1:00PM CDT. There were 68 members who registered; those in actual attendance numbered 42 individuals.
Prior to the meeting, an agenda, committee reports, and the minutes of last year’s (virtual) Annual Meeting were sent out. Retired President Julie Jagusch welcomed the attendees and presented her “State of the Union” address. Education Minnesota Vice President Bernie Bernham (liason to ED MN Retired) also spoke. Due to continuous membership, we are in good financial condition; and this year we will have 9 members representing us at the NEA-Retired Annual Meeting and at the NEA Representative Assembly. (these meetings will be held virtually) We have a published newsletter (print or electronic) three times a year and the “INSIDER” which is published only online on the first Wednesday of every month.
At the Annual Business portion of the meeting, the financial report, standing committee reports and election results were approved. Proposed Bylaw revisions were also approved.
Jay Stoffel, Executive Director of TRA, then presented a pension update. The fund is 75% funded with an unfunded liability of 25%. The stock market is up, and at this point the TRA portfolio has gained 15%. We must maintain that percentage until the end of the fiscal year. (June 30, 2021). TRA is not sponsoring any legislation this year; the fund has been busy implementing the Pension Bill of 2018. This bill was a HUGE landmark bill with provisions that will not all be implemented until 2028!! Of note, is the fact that the legislature still contributes $30 million dollars a year to cover the debt incurred from Minneapolis and from Duluth. The Pension Commission has, to date, met 5 times-at this point-things are quiet, and there is nothing that would impact TRA. Joan Beaver and Walt Munsterman are our members who regularly attend/monitor Pension Commission Meetings. COLA is frozen at 1% for now, and as of this writing, COVID has not caused any increase in teacher retirements. (we are on track for the norm of approximately 2,000 retirements in a year)
Finally ED MN staff person Christine Thornborrow explained that now SECURUS ID is now being offered FREE to ALL ED MN Retirees. The statistics are that 1 in every 27 individuals will become a victim of identity theft. With the “free recovery plan”, SECURUS would do ALL of the “phone calling” for you-in order for you to regain your identity. Their success rate is 100%!!!
In conclusion, the meeting was adjourned at 2:20PM CDT. Let’s all plan to meet again next year (hopefully face-to-face) for informational sessions and retiree bonding AND plan to bring another ED MN Retiree member with you!!!