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Chief of Duluth teachers fund goes to statewide group | Duluth News Tribune | Duluth, Minnesota

imgresPublished June 13, 2013, 12:00 AM

Chief of Duluth teachers fund goes to statewide group

The executive director of the Duluth teachers retirement fund has accepted a position with the statewide teachers pension fund.

By: Jana Hollingsworth, Duluth News Tribune

The executive director of the Duluth teachers retirement fund has accepted a position with the statewide teachers pension fund.

Jay Stoffel, who has been executive director of the Duluth Teachers Retirement Fund Association since 1992, will begin as deputy executive director of the Teachers Retirement Association in January.

The job will allow him to oversee the Duluth fund during a legislatively mandated study of the potential merger of the Duluth fund and the St. Paul Teachers Retirement Fund with the TRA. Both the Duluth and St. Paul funds are among the worst-funded in the state, about 60 percent.

A merger could be one part of solving that problem. Recently Stoffel also asked lawmakers to increase employer and employee contribution rates, for more annual state aid for the fund and for a cost-of-living-adjustment.

Lawmakers passed legislation signed by Gov. Mark Dayton approving both contribution rate increases — from 6.5 percent to 7.5 percent for employees and from 6.79 percent to 7.5 percent for employers phased in over a two-year period — and a 1 percent cost-of-living-adjustment. Also approved was a small benefit formula increase and $6 million in state aid two years in a row to help build up the fund.

Duluth faces declining enrollment and a fund with fewer active teachers paying in and more retirees collecting.

Stoffel said the study is already underway.

via Chief of Duluth teachers fund goes to statewide group | Duluth News Tribune | Duluth, Minnesota.

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