March 10, 201115 yr You're making assumptions the same as me. Just because you can name 1 example of a union working with their employer doesn't negate my point. I can name you dozens of examples where they haven't. What part of their pensions and insurance do KY teachers pay now? Not sure on the insurance on the %, but I do know that 10% of each of my checks go toward teacher retirement.
March 10, 201115 yr You have nothing on which to base that. Your assumption is that the teachers union is unreasonable. If you paid attention in Kentucky over the last 5 years you will notice that Oxendine worked with the Governor and Senator Williams to reasonably decrease the amount of money contributed by the state toward Health Insurance for teachers. The Union simply didn't say "no way" they said, lets work together to get to a reasonable place and not surprisingly we reached a compromise. That is how it is supposed to work. Kentucky teachers are union?
March 10, 201115 yr Not sure on the insurance on the %, but I do know that 10% of each of my checks go toward teacher retirement. In our district we pay about 45% of our insurance cost, depending on what of the 4 plans you pick.
March 10, 201115 yr Author Not sure on the insurance on the %, but I do know that 10% of each of my checks go toward teacher retirement. Do you know what % of the overall that is?
March 10, 201115 yr Do you know what % of the overall that is? We get a defined benefit based on the number of years of service. So it varies. If I retire after 30 years I get about 65% of my high 5 years, or something like that. I am not close enough to retirement to know the exact numbers.
March 11, 201115 yr Those who choose to join are. I did not know that. Any idea what % of teachers in the state are union?
March 11, 201115 yr Author We get a defined benefit based on the number of years of service. So it varies. If I retire after 30 years I get about 65% of my high 5 years, or something like that. I am not close enough to retirement to know the exact numbers. What I'm asking is what percentage of your pension do you fund? The Wisconsin teachers were asked to pay 50% of their retirement. Do Kentucky teachers pay the same, less or more?
March 11, 201115 yr What I'm asking is what percentage of your pension do you fund? The Wisconsin teachers were asked to pay 50% of their retirement. Do Kentucky teachers pay the same, less or more? Just as those who pay into Social Security, Ky. teachers pay 50% and the state pays 50%. The diference is that teachers pay 10% of their pay into the fund, whereas those who pay into Social Security pay 6.3% of their income.
March 11, 201115 yr What I'm asking is what percentage of your pension do you fund? The Wisconsin teachers were asked to pay 50% of their retirement. Do Kentucky teachers pay the same, less or more? I understood what you were asking, and I gave you the best answer that I could. I don't know what percentage I am paying of the total.
March 11, 201115 yr Will you or your employer DIRECTLY fund 100% of your pension or will others be expected to make up a shortfall?
March 11, 201115 yr Just as those who pay into Social Security, Ky. teachers pay 50% and the state pays 50%. The diference is that teachers pay 10% of their pay into the fund, whereas those who pay into Social Security pay 6.3% of their income. I don't know much about the teacher's pensions and stuff, that is why I am asking. Do teachers pay medicare tax also? I think FICA and medicare total 7.75%. There are a lot of other factors to concider also. -What age does pension payout start? -How does teacher pension payout compare to Social Security. Is it more, less, about the same. -If you're paying 10% of your income and getting less that's one thing. If your paying 10% and getting more that's a different story. Edited March 11, 201115 yr by coldweatherfan
March 11, 201115 yr Will you or your employer DIRECTLY fund 100% of your pension or will others be expected to make up a shortfall? No idea if there will be a shortfall. Teachers pay into the KTRS. That money is invested and we get retirement at the end of our career.
March 11, 201115 yr But you are assured a certain payment for life regardless of how much you contributed or how much the investments paid correct? How old do you have to be before you can retire?
March 11, 201115 yr Survey on govt spending: http://www.washingtonpost.com/wp-dyn/content/article/2011/03/10/AR2011031004693.html
Archived
This topic is now archived and is closed to further replies.