March 30, 20188 yr I find it interesting that a District Rep voted for this, that also works in a school district. I find it quite interesting that the school district still employs him after the sexual harassment settlement.
March 30, 20188 yr The company that I work for ended their pension program as of 12-31-17. Whatever was accrued we will get upon retirement but it will not longer be funded and our current benefits will not increase despite any continued years of service. We were given a lump sum of 1% of our current salary per year of service deposited into a 401k and we are on our own to fund it from here on out. As I understand it this has been a common practice in the public sector and we were one of the last companies in our industry to still offer a pension plan. Needless to say plenty of employees were upset with this change, but there were protest or failures to show up to work.
March 30, 20188 yr I find it quite interesting that the school district still employs him after the sexual harassment settlement. They hired him after all that came out so link that with the other thread on here about that school district.
March 30, 20188 yr Ok...teachers sat by and watched all this happen but should have went to work today instead of protest. Please pick one. :lol2:
March 30, 20188 yr The company that I work for ended their pension program as of 12-31-17. Whatever was accrued we will get upon retirement but it will not longer be funded and our current benefits will not increase despite any continued years of service. We were given a lump sum of 1% of our current salary per year of service deposited into a 401k and we are on our own to fund it from here on out. As I understand it this has been a common practice in the public sector and we were one of the last companies in our industry to still offer a pension plan. Needless to say plenty of employees were upset with this change, but there were protest or failures to show up to work. I would say the major difference between is teachers do not collect social security whereas most in the private sector have their retirement and SS.
March 30, 20188 yr I would say the major difference between is teachers do not collect social security whereas most in the private sector have their retirement and SS. They also do not pay into social security, right? So they're saving money on their check that they could invest however they choose?
March 30, 20188 yr I would say the major difference between is teachers do not collect social security whereas most in the private sector have their retirement and SS. They also do not pay into social security, right? So they're saving money on their check that they could invest however they choose? Believe me, I would love to have the opportunity to keep what I pay into SS each month to invest with as I see fit instead of turning it over to the government. I really wish President G.W. Bush would have been able to privatize social security as he campaigned.
March 30, 20188 yr They also do not pay into social security, right? So they're saving money on their check that they could invest however they choose? They don’t pay SS, but they have been paying 13% of every check into their retirement system. So there hasn’t been a savings.
March 30, 20188 yr They don’t pay SS, but they have been paying 13% of every check into their retirement system. So there hasn’t been a savings. Id much rather put more money into a retirement account than social security tat probably won't even be there when I'm eligible to claim it. Teachers could campaign to be allowed into social security, but I havent seen that. They're definitely not shy, so they apparently dont want it. Bevin said he explored it and was told by some teacher unions they did not want im social security. I dont blame them. Also, if they are only paying 13% into retirement, most other state employees spend a higher percentage on their retirement+ social security, so there probably is more money going into their pockets.
March 31, 20188 yr I just find the teachers union to be disingenous in this whole situation. Where was their leadership the last 20 years when the pension wasn't being funded. Where were the protests under past adminstrations. Now they are angry because someone is trying to ammend past mistakes. The fact of the matter is if this were a private pension the federal government would of dissolved or shut it down a decade ago for a lack of funding. Now because of poor leadership the union wants tax payers to bail them out. If it we're a private pension the government would have required it to be fully funded. That protection was not afforded to public employees.
March 31, 20188 yr If it we're a private pension the government would have required it to be fully funded. That protection was not afforded to public employees. Not fully funded I believe but there is more strenuous test private pensions have and protected by the PBGC.
March 31, 20188 yr The company that I work for ended their pension program as of 12-31-17. Whatever was accrued we will get upon retirement but it will not longer be funded and our current benefits will not increase despite any continued years of service. We were given a lump sum of 1% of our current salary per year of service deposited into a 401k and we are on our own to fund it from here on out. As I understand it this has been a common practice in the public sector and we were one of the last companies in our industry to still offer a pension plan. Needless to say plenty of employees were upset with this change, but there were protest or failures to show up to work. This is the most common practice in the private sector..
March 31, 20188 yr Id much rather put more money into a retirement account than social security tat probably won't even be there when I'm eligible to claim it. Teachers could campaign to be allowed into social security, but I havent seen that. They're definitely not shy, so they apparently dont want it. Bevin said he explored it and was told by some teacher unions they did not want im social security. I dont blame them. Also, if they are only paying 13% into retirement, most other state employees spend a higher percentage on their retirement+ social security, so there probably is more money going into their pockets. Better get out there and fight for social security now! One of the reps spoke on teachers and social security last night. That ship sailed years ago. Doesn’t matter what anybody wants on that front. FWIW, Only one teacher’s union: JCPS. The rest of us are on our own. Non-hazardous state employees pay 11% and hazardous pay 14% with SS and KRS contribution.
March 31, 20188 yr Exactly. The present outcry, while I understand it and even agree with it, also has a ring of inconsistency to it. Where was this outrage for the last two decades or so while the government was crapping away retirement contributions? THAT should be everyone's focus. Make the funds whole while changing pensions for the future.
March 31, 20188 yr The bill ends the existing defined benefit plan for new teachers, shifting them to a hybrid cash balance plan where benefits depend on market returns. The plan only guarantees a 0 percent rate of return on teachers’ accounts using a 10-year average of investment returns, and gives teachers only 85 percent of returns above that 0 percent. It is highly unlikely that 10-year average returns will dip below 0 percent (as they haven’t in the past), meaning 15 percent of teachers’ investment returns will be lost to them. I'm not a finance guy so maybe some of you experts could explain, but the above seems like a scam of new teachers. If you get 85% of the upside of the market with no risk on the downside, it's a great deal. Sounds like a very good fixed indexed annuity.
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