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Old 10-30-2016, 07:00 AM
 
7,791 posts, read 4,381,326 times
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Our teacher's pension system is 40% funded whereas the other state employee's plan is only 17% funded. Very powerful lobby. Plus getting paid for not working all summer. So sick of hearing teachers whining! And half aren't even literate...
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Old 10-30-2016, 07:26 AM
 
16,587 posts, read 14,063,191 times
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Quote:
Originally Posted by BeerGeek40 View Post
Yeah, those 180 day work years are rough.
You're confusing students with teachers. We have staff days, professional development says and so on that are still work days even though students have off.
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Old 10-30-2016, 07:36 AM
 
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depends on where you teach and for who . both my wife and daughter barely see 190 days a year
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Old 10-30-2016, 07:53 AM
 
Location: Mount Airy, Maryland
10,459 posts, read 5,920,270 times
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And none work anywhere close to the 50 weeks the majority of Americans work.
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Old 10-30-2016, 07:55 AM
 
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you have to take off the weekends and holidays for everyone else . don't forget almost 1/3 of those 52 weeks is not worked on a regular job either .
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Old 10-30-2016, 07:58 AM
 
Location: Mount Airy, Maryland
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Quote:
Originally Posted by cruisetheworld View Post
White collar workers have access to 401 k plans with matching contributions, lucrative profit sharing plans, expense accounts, etc.
You are totally off the mark here by assuming we all have this stuff. Not even close.
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Old 10-30-2016, 07:59 AM
 
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basically i only had a 401k option and that did not even exist in my early working years
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Old 10-30-2016, 09:14 AM
 
26,589 posts, read 52,257,058 times
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Originally Posted by cruisetheworld View Post
In most school districts teachers are required to give 7-10% of their salary to a pension plan that will die with them. White collar workers have access to 401 k plans with matching contributions, lucrative profit sharing plans, expense accounts, etc. Also a 401k plan is part of an estate and can be passed onto heirs. Not so with a pension. White collar workers have no comprehension of that.
There was a time when 401K match, profit sharing, bonus, stock options were the norm... that ship has long sailed and no longer exists... one by one they disappeared over the last 15 to 20 years in my field.

It is something civil service workers have no comprehension of.
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Old 10-30-2016, 10:14 AM
 
14,256 posts, read 23,974,521 times
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Quote:
Originally Posted by cruisetheworld View Post
In most school districts teachers are required to give 7-10% of their salary to a pension plan that will die with them. White collar workers have access to 401 k plans with matching contributions, lucrative profit sharing plans, expense accounts, etc. Also a 401k plan is part of an estate and can be passed onto heirs. Not so with a pension. White collar workers have no comprehension of that.

Many of the pension plans that I have reviewed in a number of Midwestern states have some provision for widow/widower benefits. If the retiree selects those provisions, they accept a smaller pension payout but the pension continues until the death of the spouse.

One thing to remember is that the presence of a defined benefit plan (i.e., pension plan) does NOT preclude an individual from funding other retirement vehicles (i.e., 403(b) plan Traditional and Roth IRAs).

Most of the teachers "required" to contribute 7-10% of their income are EXEMPTED from paying the 7.65% employee social security (FICA) that private employees pay.
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Old 10-30-2016, 11:42 AM
 
29,764 posts, read 34,851,819 times
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Quote:
Originally Posted by jlawrence01 View Post
Many of the pension plans that I have reviewed in a number of Midwestern states have some provision for widow/widower benefits. If the retiree selects those provisions, they accept a smaller pension payout but the pension continues until the death of the spouse.

One thing to remember is that the presence of a defined benefit plan (i.e., pension plan) does NOT preclude an individual from funding other retirement vehicles (i.e., 403(b) plan Traditional and Roth IRAs).

Most of the teachers "required" to contribute 7-10% of their income are EXEMPTED from paying the 7.65% employee social security (FICA) that private employees pay.
Your last statement might need a fact check>

http://www.teacherpensions.org/blog/...ocial-security

Quote:
about 40 percent of teachers are not covered by Social Security because they teach in jurisdictions that have not elected to participate in Social Security. This means these teachers don’t contribute to the Social Security system (7.65% of their income up to $117,000 this year with a corresponding 7.65% contribution from their school district) but it also means they don’t earn Social Security credit toward their retirement benefit. Some or all teachers in fifteen states—Alaska, California, Colorado, Connecticut, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Nevada, Ohio, Rhode Island, and Texas—are not enrolled in Social Security.
http://educationnext.org/arent-teach...cial-security/

Quote:
Most people probably don’t realize not all workers are covered under Social Security. In particular, teachers constitute one of the largest groups of uncovered workers. Nationwide, approximately 1.2 million teachers (about 40 percent of all public K–12 teachers) are not covered under Social Security for their time in the classroom.
Contribution rates for public employees to their pension funds varies. What folks in those states that don't participate in SS often don't consider is that not only are the employees not contributing the government agency isn't either. Doing away with defined benefit pensions wouldn't eliminate employer costs in those states completely as they would then need to contribute 7.65% as you have noted. The savings would be the difference between the current public employer contribution rate and 7.65%. In addition some states with budget issues have elected to not make the supposedly required contribution to their pension funds and their fiscal year contributions in some cases is zero or less than 7.65%. If required to participate in SS states that currently don't wouldn't have that option.

One of the biggest benefits to states and society is that contributions are invested and there are trust funds. Those funds investments are one of the major contributors to capital growth in our country. Pension payouts to employees are deferred contributions invested with ROI. Not invested they may well have been spent in previous years. Cpnsider the impact on the stock market or the current level of markets if pension fund trust funds were not flowing through the markets? Bonds for roads and construction? Government knows this and understands and continues to support the concept of defined benefit pensions with modifications needed to assure sustainability.

I always remember this from the Great Recession and the banking system being on the verge of collapse and needing an infusion of money. Curious who FDIC wanted to turn to:

Last edited by TuborgP; 10-30-2016 at 12:00 PM..
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