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.

Teachers teachers teachers.

 

What about social workers, state prisons, highway workers and state police?

 

Those Kentucky employees are not only suffering the same losses as teachers, they're also going to be taking a pay cut.

 

Not to mention the rest of the state already changed retirement for new hires in 2013. All new hires are in a 401 (a) retirement other than teachers.

 

Teachers retirement is funded better than the rest of state employees and from what I gather, theyre losing less.

 

I cant stand seeing nothing but worry for teachers when there are lots of other state employees who stand to lose as much or more.

Teachers teachers teachers.

 

What about social workers, state prisons, highway workers and state police?

 

Those Kentucky employees are not only suffering the same losses as teachers, they're also going to be taking a pay cut.

 

Not to mention the rest of the state already changed retirement for new hires in 2013. All new hires are in a 401 (a) retirement other than teachers.

 

Teachers retirement is funded better than the rest of state employees and from what I gather, theyre losing less.

 

I cant stand seeing nothing but worry for teachers when there are lots of other state employees who stand to lose as much or more.

 

 

I agree 100%, but this thread was about teachers.

Teachers teachers teachers.

 

What about social workers, state prisons, highway workers and state police?

 

Those Kentucky employees are not only suffering the same losses as teachers, they're also going to be taking a pay cut.

 

Not to mention the rest of the state already changed retirement for new hires in 2013. All new hires are in a 401 (a) retirement other than teachers.

 

Teachers retirement is funded better than the rest of state employees and from what I gather, theyre losing less.

 

I cant stand seeing nothing but worry for teachers when there are lots of other state employees who stand to lose as much or more.

 

Teachers are able to speak out loudly while many of those you mention cannot. Maybe their protests will help all state employees.

I agree 100%, but this thread was about teachers.

 

My point exactly. No one seems to care about the rest of the state's employees. There is limited information i can find on the bill but from what I've seen, teachers are the only group excluded from the actual pay cut to current employees.

 

I dont think this will hold up anyway. It will be challenged in court.

Edit

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.

 

The rest of the state already went to something similar in 2013, if I'm not mistaken. Teachers were the only ones with new hires still going into the pension system.

Teachers are able to speak out loudly while many of those you mention cannot. Maybe their protests will help all state employees.

 

I don't care how loud teachers protest. They can protest all day every day for all I care.

 

My point is, everyone seems so worried about our teachers, and no one seems to care about the rest of the state. And based on what I've read, the rest of the state's employee's stand to lose as much, maybe more.

The rest of the state already went to something similar in 2013, if I'm not mistaken. Teachers were the only ones with new hires still going into the pension system.

 

I just read the state workers will be shifted from a 4% guarantee to the 0% like new teachers.

 

Keeps getting worse.

I don't care how loud teachers protest. They can protest all day every day for all I care.

 

My point is, everyone seems so worried about our teachers, and no one seems to care about the rest of the state. And based on what I've read, the rest of the state's employee's stand to lose as much, maybe more.

 

Could be because everyone has had a fair amount of contact with teachers, the other professions not so much.

I just read the state workers will be shifted from a 4% guarantee to the 0% like new teachers.

 

Keeps getting worse.

 

From what I've read, the rest of the state workers also are taking a pay cut, while teachers will not.

 

Many of those employees haven't had a raise in 10-15 years (no cost of living, no raises period).

Could be because everyone has had a fair amount of contact with teachers, the other professions not so much.

 

Yes, and we are also talking about our children, near and dear to most of us.

This might be a dumb question, but are private school teachers included in the state pension/retirement plan?

 

No they are not on the same plan. But they were off today for Good Friday. And in NKY the Catholic school teachers make far less than the public providers and have little to no pension at the end of their careers. They seem to be in it for different reasons.

Take a job in the public sector, it seems pretty standard there.

That’s what many college graduates are going to do in the future. There’s going to be a severe shortage of teachers in a few years.

No they are not on the same plan. But they were off today for Good Friday. And in NKY the Catholic school teachers make far less than the public providers and have little to no pension at the end of their careers. They seem to be in it for different reasons.

But they do have social security, right?