The report found that the fund would be 100% fully funded by 2064 if new teachers were required to put 12.2% of their salaries toward retirement, up from the 8%, they currently provide. If the new program was adapted, it would be phased in beginning in 2016. Current teachers would contribute 10%; school districts, 14.5% of payroll, from 8.25%; and the state, 3.1% of its budget for teacher payroll, now at 2%.
The report also outlines six scenarios that would spread the added costs among school districts, educators and the state. Each would require instructors to pay more. Only one scenario would impose additional costs on new teachers. All six scenarios would squeeze more from school districts to varying degrees, and four would require additional money from the state.
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