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I saw Christie's speech where he alleged that all teachers make 6 figures. That was a bald-faced lie.
you have a link with the quote of this allegation?
he could have said compensation including healthcare and other benefits which would probably put a lot of teachers over the 100k mark. even still i doubt you can find a quote of him saying all teachers earn over 100k a year in total compensation.
Location: The place where the road & the sky collide
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Quote:
Originally Posted by CaptainNJ
you have a link with the quote of this allegation?
he could have said compensation including healthcare and other benefits which would probably put a lot of teachers over the 100k mark. even still i doubt you can find a quote of him saying all teachers earn over 100k a year in total compensation.
It was the 2010 state of the state address, I think. I watched 2 from the same time period on NJPTV's website. If it's still archived, it will be there. Enjoy.
It was the 2010 state of the state address, I think. I watched 2 from the same time period on NJPTV's website. If it's still archived, it will be there. Enjoy.
why would i search from something that doesnt exist?
but you feel free to believe and repeat that christie said all teachers earn 6 figures.
Yeah, that's kind of why I asked this question. I didn't know if the pension was the only retirement that teachers were counting on, but apparently not for NJ, since they are paying into Social Security also.
IMO, I do think that they should get back what they put into the pension fund, but when you do the math on that, it's a pretty low contribution. Overestimating, a 5.5% contribution on 100K per year for 30 years of work is only about 150K total contribution.
However, if they collect a $40,000 pension for twenty years of retirement, that's 800K back for a 150K contribution. And that's not even counting the healthcare in retirement.
Pretty good deal if you can get it. I can see why they are fighting so hard. We're talking big money here.
Aside from the benefits(which is a big deal) its not so different from a traditional IRA contribution. The same contribution schedule over 25 years,would give you a value of roughly $650,00-$750,000 over the same time period. It's just a forced savings vehicle.
Aside from the benefits(which is a big deal) its not so different from a traditional IRA contribution. The same contribution schedule over 25 years,would give you a value of roughly $650,00-$750,000 over the same time period. It's just a forced savings vehicle.
How? It's only 150K in contributions. How did you get 650?
Yes, the healthcare benefits are a huge part too, I agree.
Do you think teachers make 100K? My sister & brother-in-law have taught for over 35 years & they don't make 100K, but then, they teach in South Jersey.
Pay varies by district as well as where in the state. I saw Christie's speech where he alleged that all teachers make 6 figures. That was a bald-faced lie.
That calculation was in the teacher's favor.
If I did a more detailed calculation assuming a lower rate of pay, their contribution would a lot LESS and and the taxpayers would be on the hook for even more. You're right, I bet most teachers don't even contribute 150K over the course of their careers.
Do you think teachers make 100K? My sister & brother-in-law have taught for over 35 years & they don't make 100K, but then, they teach in South Jersey.
Pay varies by district as well as where in the state. I saw Christie's speech where he alleged that all teachers make 6 figures. That was a bald-faced lie.
By the way, How much do you estimate your sister and BIL have contributed in total over their careers to the pension fund, and how much do you estimate they will get back in the form of a pension?
Location: The place where the road & the sky collide
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Quote:
Originally Posted by Ann77
BTW, How much do you estimate your sister and BIL have contributed in total over their careers and how much do you estimate they will get back in the form of a pension?
I've never asked, since it's none of my business. They are not expecting big bucks from their pensions, that I know.
Oh, & in their district, they are only allowed to claim 1 dependant for healthcare. That has always been the case (They can claim one for a reasonable price. Any additional at at a big enough price That most teachers don't if their spouse has healthcare. When she had the first kid, my sister considered staying home until I reminded her of that, so she went right back. She claimed the kid. When the 2nd kid came along, my brother-in-law claimed that kid.
For one contract they got the "good" Blue Cross & Blue Shield. My sister was so excited that she told me. Next contract it was right back to middle of the road, comparable to anything available in mediocre companies in private industry.
I've never asked, since it's none of my business. They are not expecting big bucks from their pensions, that I know.
Oh, & in their district, they are only allowed to claim 1 dependant for healthcare. That has always been the case (They can claim one for a reasonable price. Any additional at at a big enough price That most teachers don't if their spouse has healthcare. When she had the first kid, my sister considered staying home until I reminded her of that, so she went right back. She claimed the kid. When the 2nd kid came along, my brother-in-law claimed that kid.
For one contract they got the "good" Blue Cross & Blue Shield. My sister was so excited that she told me. Next contract it was right back to middle of the road, comparable to anything available in mediocre companies in private industry.
stop shattering the illusion, will ya? whatever will we do if we don't have teachers to hate?!
i believe some states have programs where the teachers can opt out of social security. not positive though. good thread!
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