In NY, 48 teachers got over 200k each in pensions in 2017, the top got 326k and the average teacher pension in NY was 41,703. Average social security payment per year is 17,532, which is 42% of what the average NY teacher got in pension.
This is interesting, if true. I knew unions negotiated deals to keep teachers out of SSA for much bigger pensions, but it seems newer teachers are getting screwed as they won’t get pensions and can’t pay into social security.https://twitter.com/ChadAldeman/status/1161369666390020096 …
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Social security is going to be defunct in 20 years based on current trends anyways.
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My sister is a teacher here in Illinois. She doesn't pay into SSA and will not receive it. She only has her pension that the state keeps stealing from. So she probably will have nothing.
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The pension thing is ridiculous. They should get that. But for SSA, id rather be able to invest thatvmoney on my own than have the inept govt do it for me.
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Lucky them. They can take the money they don't pay in Social Security taxes and invest it, and end up much better off.
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No, they can’t...at least not in my state. State/local employees must pay 10-14% of their gross income (more than they would have had to contribute to SS) into the state pension system, where it is subject to grabs by state lawmakers.
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Yup look at CALPERS
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Prime example of why I hate unions......
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Boomerang effect...what goes around, etc.
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Rebranding Mob Boss = Union Boss
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Bingo.
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It is true. Teachers in Illinois are promised a pension beginning at 75% salary upon retirement. They all relieve at least a 3% COLA increase every year thereafter. No social security. The old Federal civil service system, CSRS, was the same.https://www.illinoispolicy.org/nearly-40-of-education-spending-consumed-by-pension-costs/ …
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Nobody paying into social security will get that either. So... Welcome to being young and screwed I guess?
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Pitting young against old workers has been in union-busting playbook for decades. Draining pensions, too! American labor laws since the 80’s have pretty much hogtied us into submission.https://www.labornotes.org/blogs/2018/05/whats-behind-teachers-strikes …
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Parties interested in how to negotiate *good* contracts should immediately subscribe to
@labornotes, & sign up early for their kick-ass conference in Chi-town next year! It’s a good time, GREAT party, & yr faith in humanity shall be restored!
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Uhh my parents are both teachers are extremely happy to not be part of a union.
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Most public servants do not have access to SSA. Their pensions are funded separately. Military pensions took a dive during the last administration however. Anyone enlisting during the Obama era will not get what they think they signed up for.
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Teachers have a private plan as do state employees.
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Pensions are outdated scams. Why can't they just have an investable savings account that acts like a trust instead of doing the ponzi thing?
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