January 24, 2003
Posted at: 3:40 p.m. CDT
LITTLE ROCK, Ark. -- The Legislature will decide whether to grant a request by Arkansas Teacher Retirement System trustees for an increase in school district contributions of as much as $35 million.
System trustees yesterday agreed to ask for the increase from 12 percent of employee payroll to 14 percent, with any increase taking effect no earlier than July 1.
System executive director David Malone said the investment market has been difficult for the past three years, and the system needs the increase.
Education Department Director Ray Simon said some districts may have to shift money if the request is approved, though it would not necessarily endanger teacher raises.