Why not change the current benefit formula in 2012, instead of allowing teachers to receive the greater benefit until 2015?
When the Retirement Board was looking at different scenarios, it considered implementing the formula change earlier. However, doing so didn’t improve the funding period significantly from the proposed date of 2015. The board was also trying to be mindful of teachers who were much closer to retirement and provide them with a transition period, while recognizing that those further from retirement have more time to plan for their future financial security.
