So, put the teacher retirees in prison. Combine the liabilities... might lead to savings. /S
stop sending non-violent people to prison, and homeschool your kids. Problem solved :-)
In a utopia no one would be incarcerated, but there would be retired teachers.
The Dept.of corrections they are talking about has had defined contribution (I.e. 401k) for 18 years now, as well as almost all other state agencies. I’m amazed they still have defined benefit for teachers.
CC
75% of Illinois taxes fund government pensions.
Michiganders spend a lot on their ME$$A heath insurance when they’re working, too.
http://www.mackinac.org/depts/epi/insurance.aspx