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I'm confused about whether public workers are underpaid A teacher/police officer/etc making $90k a year gets a $67,500 annual pension after 25 years of service That pension is worth ~$2.5 million with today's rate of return. A $100k/year bonus tax-free, or ~$175K pre-tax No?
As a friend privately mentioned, pensions aren't included in income/wealth inequality stats, or marked to market as interest rates drop. Has anyone done this research? Seems it could be a big deal Also: If a teacher wants to trade pension for 75K bonus + 401K, why not let them?
Lol the government can’t afford to pay pensions and is kicking the can down the road. Not even sure what’s going to happen with all the outstanding pensions and healthcare costs for retirees...
the gov't owns the printing press that makes cash, so maybe it's just kicking inflation down the road and praying for growth in the interim?
Former teacher here. The barrier I see relates to budgets and funding for public institutions. Allowing teachers to 'choose' a 75K bonus + 403B package would affect annual budgets of states, districts. etc. Not easy in a govt that changes education policy every 4-8 years.
It really requires us to first admit the full cost of the pension and fund it correctly now. Kicking the can down the road is not good for anyone except for the few elected officials that dont have to do the work to fix it.
One of my friends is a high school math teacher in Westchester. Including pension and healthcare benefits in retirement, she calculated that her annual salary was $170k (back in 2012, not adjusted for 2019 dollars) ... for 8months, 6hr/day of work.
@jeetsidhu_ is this accurate ???
Directionally correct that public union employees are paid far above private workers. There are messed up incentives because current politicians can get wins today (ie union votes) by putting hidden costs (pensions) on future generations.
Because then the government would actually have to fund them.pic.twitter.com/NjOPvoWFwc
The other variable is whether employee loyalty will take a hit, since there will be no incentive to stick around for the 25 year tenure. Not sure if that's a good or bad thing.
I am fine with that. Tenures now being negotiated 24months into employment... its impossible to get rid of the bad apples. We would likely loose the good ones too but anything that breaks the gridlock and of tenure is a win for me.
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