Better news came Thursday for Missouri S&T faculty in to their retirement benefits.
Elizabeth Rodriguez, the vice president of Human Resources for the University of Missouri System, informed the S&T Faculty Senate employee retirement contributions were not likely to rise next year.
“We have no plans to increase employee contributions,” Rodriguez said during the Senate meeting.
Those contributions were established last year after the retirement fund took losses close to $1 billion, in its value after the national financial collapse.
Employees are now expected to pay 1 percent on salary up to $50,000, and 2 percent on salary above that to $250,000.
In more welcomed news, Rodriguez discussed the recovery of the retirement fund, which at the moment was only down $400 million from its 2008 level. As a consequence, the System will need to increase its contributions from 6 to 7 percent, lower than the 8 percent that was expected, according to Rodriguez.
