“A teacher who retires with 30 years of experience receives 51% of average final salary. This is not generous from a comparative perspective.”
Are you VEA people nuts??? I retired from a Fortune 10 company with 30 years and got 20% of my salary.... 51% payout is VERY GENEROUS, compared to the private sector!!
I say if the VEA is pissed off at Gov. McDonnell... then more power to the Guv!!!
My mother is a VEA member and she bitches nonstop how much she’s underpaid...the union keeps telling Virginia teachers they are one of the lowest-paid teachers in the nation.
She is conservative, to a point, but is fierce about her pension, which she “earned” in her estimation. I asked her why the private sector should kick in over half of her retirement, and she responded, because we EARNED per our CONTRACT and THEY DON’T PAY US ENOUGH TO MAKE US SAVE FOR OUR PENSIONS...we are on the front lines of the single-family raised “youths” that manage to come to class, before dropping out.
I asked her, what will teachers do if there isn’t enough revenue to pay their lifetime pensions and benefits, she said that they would strike, like Europe, as she thinks the Euro-Socialist model is better than the US. Teachers are “valued” over there, not in VA.
Her final reply was what was the last resort if the US could not meet its pension/debt requirements, her response...”Sell the F*king Golden Gate Bridge to the G*D*mn Chinese or Russians, for all I care...I want my money and we (teachers) EARNED IT....”
There is no arguing with the brainwashed, even your own mother. We are taxed to death to pay government salaries, benefits and pensions...it is about to end, and the correction will be ugly.
(direct quote from the article)
“It’s all about the money” - Robley Jones
You said it, Robley. Teachers unions are about power, not kids. Go shove gay/AIDS Ed and global warming up your fat, unionized, lazy a$$.
“Third, Virginia’s plan is not “generous” when compared to other plans. The same study (link above) shows that our multiplier and the replacement income generated by the formula are low. A teacher who retires with 30 years of experience receives 51% of average final salary. This is not generous from a comparative perspective. It ranks rather low.”
Let me guess, compared to other states that are ALSO going bankrupt due to high pension costs.
30 years ... hmmmm ... so you work from 25 to 55 retire, live to 85. you are getting an additional 50% of your last years salary, likely to be a good bit higher than day 1 salary ... this would be about 80% of the total salary cost. PHEW! not cheap.
Abolish and replace with 401k style defined contribution pensions?
I haven't posted here in months, but I have to point out that this statement is misleading.
Yes, state workers do now pay the employee contribution. New hires have been doing that for some time. Those who have been vested in the system are now also paying that 5%.
And they were given a 5% increase in salary to compensate for the difference.