Attacking Teacher Pensions is Misguided and Stupid

[Modern School]

The following is a repost from the San Diego Education Report Blog and highlights some important points about teacher pensions and the particular plight of CalSTRS, the California educators’ pension system.

It is important to recognize that educators are forbidden from collecting social security, which is guaranteed to all other workers as a cushion against poverty after retirement. If teacher pensions, like CalSTRS, are gutted or eliminated, educators will be forced to work until death or retire as paupers. Many teachers, including me, have put in many years at other jobs prior to teaching, paying into social security, but we will never be able to get any of our contributions back as a consequence of our commitment to teaching. While this would is a significant loss, it was balanced by the knowledge that our teacher pensions were secure.

Much of the growing public support for raiding teacher pensions comes from biased data that show bloated payouts to some retirees. However, it is not teachers who are receiving these bloated payouts, it is administrators, especially superintendents, some of whom receive pensions as high as $280,000, while teachers are lucky if they earn $40,000 per year after retirement. $280,000 for an individual is pretty damned cushy, but $40,000 per year is not, especially if you live in an expensive city like San Francisco or New York.

It is also important to recognize that workers pay a portion of their salaries into their pensions. To strip away their benefits retroactively, after having paid into the plans for years, is tantamount to stealing their wages. Likewise, when laws like those in California allow pension managers to invest employees’ contributions into risky stocks, it places the entire system at risk, not only jeopardizing employees’ benefits, but exacerbating state and district budget woes when a downturn causes pension assets to decline.

The original article can be viewed at http://learningboosters.blogspot.com/2011/02/san-diego-union-tribune-watchdog.html

Modern School
http://modeducation.blogspot.com/

[ClassWarrior]

1. It's hardly "misguided" or "stupid."

It's deceptive and evil, more like. It's calculated oppression. A botched compliment is "misguided." A bungler is "stupid." This is simply despicable.

NGU.

[Smarmie Doofus]

2. Good point re. COL vs. pension size.

>>>>>while teachers are lucky if they earn $40,000 per year after retirement. $280,000 for an individual is pretty damned cushy, but $40,000 per year is not, especially if you live in an expensive city like San Francisco or New York.>>>>

I'd *love* to get out but ... esp. if you have one or more dependents... where does one live in or around NYC on 40K? It's EXACTLY my dilemma.

>>>To strip away their benefits retroactively, after having paid into the plans for years, is tantamount to stealing their wages. >>>>

Equally good point. Thanks billionaires, foundations, Obama, Bloomberg, and the rest. If I'd known you were going to change the rules... i.e. steal my pension... I'd have left long ago.

Party on.