Support increase in state minimum retirement age
Editorial
A bill that would increase the minimum retirement age for most public employees under the age of 40, from 55 to 59.5, makes sense for the long-term health of the Wisconsin Retirement System (WRS), as well as being a better reflection of when government employees are actually retiring.
Senate Bill 612 was co-authored by Republican senators Jerry Petrowski, of Marathon, and Duey Stroebel, of Saukville.
For decades, the minimum retirement age for most public employees, including state, county, city and school district employees, has been 55 years old. Law enforcement and other protective services government employees have a lower retirement age, based on age and years of service.
This reflects the high-stress levels of those professions and their lower overall post-retirement life expectancies.
Those retiring at 55, receive a significantly lower monthly pension amount than those who wait until the normal retirement age of 65, making it an impractical solution for many. The amount the retirees in the program receive is based on a formula that takes into account their three highest years earnings, total years of paying into the WRS and an age modifier.
Among state employee retirement systems in the country, Wisconsin ranks among the best for its stability, management and funding levels. While other states are making promises to employees they have no way of keeping, Wisconsin’s system is fully-funded and capable of delivering on the promise to provide ongoing post-retirement income for government employees.
While an argument could be made that the legislature shouldn’t attempt to fix what isn’t broken, the changes in this bill will bolster the long-term health of the WRS, by increasing the minimum number of years of contributions made by employers and workers.
With people living longer, healthier lives, 55 isn’t what it used to be when the system was set up. The current system encourages a brain drain of talent and institutional knowledge.
Yes, older employees are often at the higher end of the payscale, but this is a reflection of the experience that comes from being masters of their professions. An employee in their 50s is still within the prime of their career, and the current model fosters a short-timers mentality that encourages this loss of experience and knowledge.
Rather than pushing experienced teachers and other government employees out the door as soon as possible, managers and administration should look at ways to prevent burnout and keep employees engaged in their profession.
With a tight labor force in the state, government managers and policy makers must do what they can, to ensure talented teachers and other workers continue to feel valued, and important to the organization and its goals.
As a society, we cannot afford to put older employees “out to pasture” and have them ride out years to retirement. Instead, we must work to ensure all employees are productive members of a multi-generational team, where all are valued for what they bring to the table.
Far from being a slight against long-time, loyal employees or an attempt to force people to work longer, the proposal to increase the minimum retirement age for government employees is a reflection of the value these employees have in the workplace.
Members of the Courier Sentinel editorial board include publisher Carol O’Leary, general manager Kris O’Leary and Star News editor Brian Wilson.
