Posted on 10/13/2016 10:58:48 AM PDT by MichCapCon
The Michigan Education Association recently released a survey of some of its membership. Much of it isn’t surprising — like other workers, teachers want to make more money and don’t like how they are evaluated.
But one key question is about retirement and shows that school employees don’t feel secure with the current teacher pension system.
The survey asks: “Do you feel that you’ll be able to comfortably retire?” Only 12.2 percent answered “yes,” while 52.2 percent said “no,” and 35.6 percent were unsure.
There is reason to be concerned. The teacher pension system, MPSERS, has nearly $27 billion in unfunded liabilities. Government pension systems across the state are underfunded and causing real cuts of government services.
The way to protect the retirements of teachers is to stop enrolling new employees into this underfunded system and give them 401(k)-type plans instead. This would allow workers more flexibility and control over their retirement, cap the current plan’s liabilities, force the state to start paying down the debt and prevent future underfunding.
BS....try having no defined pension sweetheart deal...try being a regular working stiff....try not having your union thugs force the poor taxpayers to keep you in the style you’ve become accustomed to....
I bet the tax payers would like reform, too!
The pension is 61% funded. The answer is easy: Pay 61% of the benefits. If it goes lower, then pay that percentage. If it goes to zero, pay that percentage.
An even better idea is to simply take all the money assign it to the folks presently in the pension system based on the proportion of the total that they’ve paid in (or whatever has been paid in on their behalf) and write them all checks to go into an IRA (or whatever they want to do with it).
Close it down.
The only reform tax payers will likely ever see will involve the suggestion that they may as well enjoy it since it’s gonna happen anyway.
That’ll be the case no matter if non-government workers get the shaft State by State or all at once when the federal finally and lawlessly steps in.
Typically the health care problem is worse. People are living longer and using more health care.
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