Argos School Board members recently considered a resolution related to a new state-wide requirement and the Teachers’ Retirement Fund (TRF).
Superintendent Ned Speicher explained that a resolution related to a state-enforced reduction to what schools have to pay into the TRF came before the school board when they met for their August meeting.
He explained, “The State of Indiana reduced the amount we have to pay for retirement for teachers. It was reduced by approximately 2 percent.”
Speicher continued, “To Argos, it will be about $35,000 a year savings that we don’t pay to the Teachers’ Retirement Fund, the State will actually pick that up.”
Superintendent Speicher said the resolution presented to the board dealt with where the school corporation planned to put the money saved from the reduction.
He noted, “We had to have a statement of what we’re going to do with that money, where we’re going to deposit that extra money and so we’re saving it in the education fund, we’re going to keep it in the education fund to pay teachers.”
Speicher indicated that the resolution was passed without any opposition.
All school corporations in Indiana are being required to account for where the savings from the State’s two percent reduction to TRFs will be deposited.
