It’s getting harder for the school to pay for increased contributions to the state teachers’ pension system.
Board members for the Miller-McCoy Academy for Mathematics and Business on Monday received an update on the school’s move toward adopting a new retirement investment plan for its employees. Board finance committee members said they want to find the best option for the school’s longest-serving employees and has looked at what other local charter schools include in their plans.
The accrued deficit that now plagues Louisiana’s teacher pension plan is part of a 40-state trend, according to a report released Thursday by the National Council on Teacher Quality. The Teachers Retirement System of Louisiana’s $10.8 billion deficit is part of a larger sea of red ink resulting from risky investments, erroneous market predictions and a history of inadequate contributions.
Friends of King School met in regular session on July 25, after passing budgets for the two schools under the board’s management: Martin Luther King School of Science and Technology and Joseph Craig Elementary. Principal Doris Hicks, chief executive officer of the schools, updated the board on an overture from a group of George Washington Carver alumni interested in getting Friends of King to help them apply for a charter to run their troubled high school.