My school district, last I checked, and its been a while, was paying a full 1/3 of its budget to provide pension and benefits for teachers who are no longer working (retirees).
They can retire after 20 or 25 years, and get pensions equating to 75 or 80% of the salary of their last 2 years of teaching for the rest of their lives, plus medical with minimal to no out contribution from the retiree toward the plans cost.
So, you work until you are in your late 40s or 50s, and then collect on the company dime for another 30-40 years.
In New Jersey, the state pays the pension, the school contributes some for CURRENT employees and the employee contributes as well. (more under Christie)
It is the same or worse in Californicator land:
My school district, last I checked, and its been a while, was paying a full 1/3 of its budget to provide pension and benefits for teachers who are no longer working (retirees).
They can retire after 20 or 25 years, and get pensions equating to 75 or 80% of the salary of their last 2 years of teaching for the rest of their lives, plus medical with minimal to no out contribution from the retiree toward the plans cost.
So, you work until you are in your late 40s or 50s, and then collect on the company dime for another 30-40 years.
Health bennies for current hires likely cost the moon, too. You wouldn’t believe what some of the cadillac plans in NYS cover for current employees.
Not sure where you are from, but that was not the case in MA. Sure you could retire early, but your pension was reduced, no SS, and the medical insurance was not cheap
Of course teachers stuff varies from place to place.