Article: Higher pension rates hit schools

ALBANY, N.Y. It's another steep rise in pension costs for the state's school districts.The New York State Teachers' Retirement System this month notified districts that their rates will be in the 8-point-5 to 9-point-5 range in the 2006-2007 fiscal year.
The rate was less than one percent just a few years ago.
Rates haven't been above 8-point-5 percent in 17 years.
At Guilderland Central in the Capital Region, the projected 2007 rate will spike pension costs by up to 600-thousand dollars.
The New York State School Boards Association called for the creation of a task force earlier this year to study pension reform. The call followed several years of steep rises in pension costs, which were blamed on poor stock market earnings.
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ORC 3307.15 - not just a wish, IT'S THE LAW!