Only 17% of California homes affordable to teachers (purchasing, go bankrupt)

[CA4Now]

Originally Posted by CaliRestoration

There are a lot of people who would jump on a $50,000 salary right now with the CalPERs retirement benefits, and medical plan.

New teachers would be under CalSTRS, have a medical plan under the ACA, and will be lucky to receive anywhere near the retirement benefits you might think they'll receive.

[CaliRestoration]

Originally Posted by CA4Now

New teachers would be under CalSTRS, have a medical plan under the ACA, and will be lucky to receive anywhere near the retirement benefits you might think they'll receive.

Oh yeah, what would those retirement benefits be? Can you show me what exactly they are since you claim to know how little they are?

[2sleepy]

Originally Posted by CaliRestoration

Oh yeah, what would those retirement benefits be? Can you show me what exactly they are since you claim to know how little they are?

The California Public Employees’ Pension Reform Act of 2013 (PEPRA) significantly changed the benefits structure of CalSTRS. The benefit structure now depends on whether members were hired to perform CalSTRS creditable activities before or after January 1, 2013. CalSTRS 2% at 62: For those hired on or after January 1, 2013

Health Care Coverage Worsens for Retired Educators, Teachers Pension Chief Reports "86 percent of California’s 1,114 school districts do not pay for health care coverage for CalSTRS retirees after age 65

Here's some info on PEPRA (AB340)

[CaliRestoration]

Originally Posted by 2sleepy

The California Public Employees’ Pension Reform Act of 2013 (PEPRA) significantly changed the benefits structure of CalSTRS. The benefit structure now depends on whether members were hired to perform CalSTRS creditable activities before or after January 1, 2013. CalSTRS 2% at 62: For those hired on or after January 1, 2013

Health Care Coverage Worsens for Retired Educators, Teachers Pension Chief Reports "86 percent of California’s 1,114 school districts do not pay for health care coverage for CalSTRS retirees after age 65

Here's some info on PEPRA (AB340)

Gee, what a ripoff!

These teachers only get 2% per year of service of their last annual salary for retirement for the rest of their natural life?!!!

What kind of animals are the CalSTRS administrators to subject teachers to such destitution.

[V8 Vega]

The teachers only have 2% taken from their paycheck, the taxpayers pay 98% of their pension.

[expatCA]

Originally Posted by CaliRestoration

Gee, what a ripoff!

These teachers only get 2% per year of service of their last annual salary for retirement for the rest of their natural life?!!!

What kind of animals are the CalSTRS administrators to subject teachers to such destitution.

Well if they work 30 years that gives us 2% X 30 = 60% of their salary. That is pretty good; and they base it the final and highest salary, Where does the money come from?

[LuvSouthOC]

Originally Posted by 2sleepy

This is not good news...

"Your typical California home now costs for $500,000. That is $200,000 more than your typical teacher can afford. Rents eat up a lot for many workers so coming out with that fantastical down payment that makes the numbers work so beautifully is largely done by the bank of mom and dad. Of course this is doable for a professional working couple. There is no doubt about that. You can also get six-pack abs but it takes wicked discipline on diet and working out and that is something most don’t have. I mean think about it for a second when the typical crap shack costs $700,000 in an area that has OK schools and looks like a toddler’s rendering of a home. So that 20 percent down payment is $140,000. House humping beer belly HGTV fanatics act as if this was super easy to come by, especially for broke Millennials."

Redfin even made a nice little chart to rub in the depressing news:

Why are teachers entitled to own where they live, over, say, auto mechanics or park rangers? Maybe we should all get paid the exact same amount by the Supreme Commisariat of Interior California Affairs.

[2sleepy]

Originally Posted by V8 Vega

The teachers only have 2% taken from their paycheck, the taxpayers pay 98% of their pension.

Do you just make stuff like that up thinking that no one will come along and challenge it?

"For service performed in 2014–15, you contribute 8.15 percent of your earnings (creditable compensation) to your CalSTRS retirement as required by the Teachers’ Retirement Law, if you earn more than one year of service credit in a school year. Under the 2014 full funding plan, contribution rates for CalSTRS 2% at 60 members will be gradually increasing annually to 10.25 percent in 2016–17. By law, CalSTRS 2% at 62 members (first hired on or after January 1, 2013) must contribute 50 percent of the normal cost of their benefits, in addition to the increase required under the 2014 full funding plan, so the contribution rate will be adjusted up or down depending on the normal cost of benefits. It is anticipated the rate will be 8.56 percent in 2015–16 and 9.205 percent in 2016–17."
http://www.calstrs.com/sites/main/fi...membership.pdf

[2sleepy]

Originally Posted by LuvSouthOC

Why are teachers entitled to own where they live

who said they were?

[Tulemutt]

Originally Posted by LuvSouthOC

Maybe we should all get paid the exact same amount by the Supreme Commisariat of Interior California Affairs.

Well, it would eliminate a lot of snottiness from many people.