Teachers and public pensions myths TheUnion.com:
"The topic of public pensions seems interwoven into most newspapers these days. As a retired teacher, the “educator” in me feels the need to set the record straight on a few key points. Many people seem to think that teachers receive their pensions as a free benefit when, in fact, they pay into their own retirement account.
The average teacher paid into his/her retirement for more that 26 years and receives $2,700 per month in benefits. (Those who retired in the 70s or 80s receive a far smaller monthly benefit). Most do not receive medical benefits following retirement.
Although teachers are eligible to retire at 55, they lose a certain percentage of their benefit for each month between their retirement age and age 60. Unlike corporate workers, teachers are required to contribute to their pensions; most paid eight percent into the California State Teachers' Retirement System (CalSTRS) which is higher than the rate private workers pay for Social Security.
In general, teachers aren't eligible for Social Security so their CalSTRS pension is their only guaranteed income in retirement. Just as private sector retirees rely on Social Security, retired teachers rely on CalSTRS.
Teachers don't enter the profession to get rich. They made contributions in good faith, were promised a pension in return, and should be able to depend on this modest retirement income."
"The topic of public pensions seems interwoven into most newspapers these days. As a retired teacher, the “educator” in me feels the need to set the record straight on a few key points. Many people seem to think that teachers receive their pensions as a free benefit when, in fact, they pay into their own retirement account.
The average teacher paid into his/her retirement for more that 26 years and receives $2,700 per month in benefits. (Those who retired in the 70s or 80s receive a far smaller monthly benefit). Most do not receive medical benefits following retirement.
Although teachers are eligible to retire at 55, they lose a certain percentage of their benefit for each month between their retirement age and age 60. Unlike corporate workers, teachers are required to contribute to their pensions; most paid eight percent into the California State Teachers' Retirement System (CalSTRS) which is higher than the rate private workers pay for Social Security.
In general, teachers aren't eligible for Social Security so their CalSTRS pension is their only guaranteed income in retirement. Just as private sector retirees rely on Social Security, retired teachers rely on CalSTRS.
Teachers don't enter the profession to get rich. They made contributions in good faith, were promised a pension in return, and should be able to depend on this modest retirement income."