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I read somewhere that the state hasn't funded NJ teacher pensions for 13 of the last 16 years?! Is there any truth to this? The article I read also mentioned that teachers are contributing directly to their pension fund via deductions automatically taken from their paychecks, because that is the law. On the other hand, the state of NJ must fund these teacher pensions, also because it is the law, but they are not and instead simply breaking the law?!
Could anyone clarify if there is any truth to this? And if so, are teachers in jeopardy of not having a pension when time to retire due to lack of money??
I wouldn't be surprised if it's true. I'm a teacher but don't have a pension, only a 401k from our school and it doesn't even get matched. I also contribute to my own ROTH IRA and savings account because i do NOT trust the government to say that yes that money will be there when I"m older.
Yes that is correct. The state has reneged on their responsibilty and now blame the teachers for bankrupting the plan. If the state put up their end it wouldn't have been as bad. Christie announced huge reforms yesterday it's all over the news and radio. If it goes thru teachers will have to work until they are 65 with at least 30 years in. My brother just retired from Roadway at 55 YOA with a full pension with only 20 years in, The International Longshoreman Union. The days of public workers getting a early pension seem to be over if Christie gets his way. I have over 30 years in(police) and if I don't leave I will be penalized. So off I go today to put in for my retirement effective October 1st along with many others. Reform is needed and most of us accept it BUT we wish the last 4 governors held up their part of the bargain.
It's not just union workers that are the problem. The government is the problem. They grow their size for failing at their job. This is the only entity in the world that you have to fail to be successfully.
seriously salary raises ABOVE inflation AND they HARDLY contribute to their own healthcare FAMILY plans that costs private workers (probably unemployed or took a paycut) thousnad$$ out of our own pocket.. and they complain about lower RAISES, when people are being let go in the private industry left and right..
I read somewhere that the state hasn't funded NJ teacher pensions for 13 of the last 16 years?! Is there any truth to this? The article I read also mentioned that teachers are contributing directly to their pension fund via deductions automatically taken from their paychecks, because that is the law. On the other hand, the state of NJ must fund these teacher pensions, also because it is the law, but they are not and instead simply breaking the law?!
Could anyone clarify if there is any truth to this? And if so, are teachers in jeopardy of not having a pension when time to retire due to lack of money??
The state pension system has been badly underfunded for years. The pattern of making big unfunded promises began with Florio, ballooned under Whitman, and never really recovered.
They can't really just stop paying (even if the state runs out of money, it's unlikely the federal government will stand by). It's more likely that there will be some mix of increasing the retirement age, asset sales, increased contribution requirements, and possibly some kind of bailout from the federal government.
seriously salary raises ABOVE inflation AND they HARDLY contribute to their own healthcare FAMILY plans that costs private workers (probably unemployed or took a paycut) thousnad$$ out of our own pocket.. and they complain about lower RAISES, when people are being let go in the private industry left and right..
sad part is teachers' union officials probably make eve more from our property taxes
Sorry to hear you have made some bad decisions in your life. If teaching is all you crack it up to be why not join the ranks? Let me guess you were one of those people laughing at teachers who were making mid 20's 10 to 12 years ago. Now that your situation sucks, you want nothing more then to have a bunch of people to join your misery. Sorry no can do. Bad decisions were made by you and you only. Teachers will continue to get what was promised to them regardless of how much you .
i dont have a pension so why should they? the government made promises they shouldnt have made and the taxpayers are supposed to be on the hook.
Because the government made the promise and has to live up to it. If they want to change for new hires, that is one thing, but you cant change the pension for people who have been there 20+ years. These people worked the job, and made their financial decisions based around the money promised to them. It's not right to simply decline to make good on your offer
seriously salary raises ABOVE inflation AND they HARDLY contribute to their own healthcare FAMILY plans that costs private workers (probably unemployed or took a paycut) thousnad$$ out of our own pocket.. and they complain about lower RAISES, when people are being let go in the private industry left and right..
sad part is teachers' union officials probably make eve more from our property taxes
thanks. Love his talk.
I wonder why no one responded to his explanation
4.9% annaul increases while there was little inflation
state paid 92% cost of insurance
if the union were willing to take a pay freeze, there will be less cut on the teachers
the 1 billion Joe Corzine spent
Last edited by anna_mom; 09-18-2010 at 01:15 AM..
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Is there any truth to this? The article I read also mentioned that teachers are contributing directly to their pension fund via deductions automatically taken from their paychecks, because that is the law. On the other hand, the state of NJ must fund these teacher pensions, also because it is the law, but they are not and instead simply breaking the law?! 
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