Pension Pilfery

“The teachers unions don’t just screw over kids, they also screw over new teachers. Millennials beware.”

By Larry Sand On February 7, 2017 Leave a Comment

The above tweet from Mike Petrilli, president of the Thomas B. Fordham Institute, pretty much tells the dismal story. To followers of Pension Tsunami, UnionWatch and Transparent California, the looming pension disaster for taxpayers is not news. But what has gone under-reported is that young teachers entering the field are carrying a disproportionate amount of the load. And if those teachers don’t make teaching a career for life, they become victims of a reverse Robin Hood scenario – where the “haves” are stealing from the “have-nots” and the “haven’t yets.”........In Pennsylvania, Philadelphia Federation of Teachers president Jerry Jordan has long railed against using 401(k) retirement plans for his union’s members as a way to curb skyrocketing pension costs. Yet while insisting on a defined benefit plan for its teachers, the union’s 34 office workers are forced to enroll in a more realistic 401(k) plan.............Continue Reading →