Pensions?? Teachers don’t need no steenkin’ pensions!!

A quote from EdWeek:

“Many of the nation’s young public school teachers won’t be vested in their defined-benefit pension plans or reach the normal age of retirement before they leave the profession—factors that will cost them thousands of dollars in pension wealth, a new analysis concludes.”

When you read the rest of the article (about a study partly written by right wing edu pundit Andrew Rotherham) you discover that this is because more and more teachers are being burned out or fired, leaving teaching at younger ages. Only 45% can expect to survive a full five years of teaching and 80% of them will be forced out before they reach retirement age.

Solution?

From ideologues like these, the solution is easy: not to support overworked and harassed teachers. No. Instead get rid of “defined benefit” pensions altogether so teachers would have to take their own risks on the stock market with 401k plans … Just peachy and guaranteed to earn money for a relative handful of stock market traders.

 

Published in: on March 13, 2014 at 5:26 pm  Comments (4)  

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4 CommentsLeave a comment

  1. Why is the following crossed out? Are the percentages accurate?:

    being burned out or fired leaving teaching at younger ages. Only 45% can expect to work a full five years and 80% of them will be forced out before any retirement age.

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    • Let me fix that. The percentages I got from the article.

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  2. “Just peachy and guaranteed to earn money for a relative handful of stock market traders.”
    Um, you know that DB pension funds also invest in the same stock market, right? In fact, DB pension funds are managed by “a relative handful of traders” whereas regular pension funds like 401(k) are managed by the employees themselves (if they want).

    I don’t get why defending novice teachers’ right to keep their hard-earned money when they get mercilessly pink-slipped is “right wing”

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  3. If a relatively new teacher leaves a school system (resign, fired, whatever) he/she normally CAN retrieve the monies that they put in for retirement and roll them over into another account if desired; they just don’t get the school system contribution. In a year or two such funds would not have accumulated much interest anyway, no matter what type of account one put them into.

    Thus, novice teachers who get fired or so burned-out that they quit DO get to keep their hard-earned money after all.

    What I object to is using an imaginary wrong to promote the end of ‘defined benefit’ pension funds for everybody.

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