Political Forums  

Go Back   Defending The Truth Political Forum > Political Forum > Current Events

Current Events Current Events Forum - Latest political news and events


Thanks Tree28Thanks
Reply
 
LinkBack Thread Tools Display Modes
Old May 7th, 2015, 10:39 AM   #1
Senior Member
 
roastpork's Avatar
 
Join Date: Nov 2012
Location: Chicago
Posts: 8,659
Greedy Teachers?

Those poor, poor teachers.

The Chicago Teachers Union, or CTU, said it’s insulting to ask Chicago teachers to contribute their own money toward their retirements.

However, that setup is the standard for nearly ever other worker, government and private-sector employees alike. Retirement savings come from three components: employee contributions, employer contributions and investment returns.

But CTU officials think they should be the exception to that standard.

Chicago teachers are supposed to chip in 9 percent of their salary toward their retirement savings each paycheck. But currently the school district – and by extension, taxpayers – pays the majority of employees’ pension contributions. According to the Chicago Public Schools, or CPS, fiscal year 2015 budget:

“Employees also are required by statute to contribute 9 percent of their salary to pensions (called the ‘employee contribution’). However, CPS pays 7 percent of the 9 percent for a total of $134 million budgeted in FY15 for participants in CTPF. Non-teacher employees are part of a separate municipal pension system. CPS also pays 7 percent of the 8.5 percent employee contribution for these employees, at a cost of $40 million in FY15.”

That means requiring CPS teachers and non-teacher employees to cover the employee portion of the pension contribution would save CPS $174 million a year. And that’s just what the Chicago Board of Education has proposed.

But the CTU opposes that proposal, arguing the pickups were negotiated in the early 1980s in exchange for a salary increase. According to the Chicago Sun-Times, “The union said CPS agreed in 1981 to pay for 7 percent of the 9 percent of each CTU member’s pension contribution in lieu of a raise the board said it couldn’t afford at that time.”

But out of the nearly 30,000 CPS employees today, only about 300 worked for the district during that contract negotiation. That means only 1 percent of current CPS employees were actually there when the agreement was signed.

The teachers benefiting from the negotiation have done nothing wrong. But all CPS employees need to realize their employer is on the brink of financial collapse.

CPS faces a budget deficit exceeding $1 billion. Recent corruption allegations are plaguing the school board. Moody’s Investors Service issued a double-notch credit downgrade to CPS earlier this year, dropping its rating just one level above junk. And when CPS later moved forward with a bond issuance, it paid a steep penalty compared with similarly rated bonds.

Ending teacher pickups is a simple, responsible way for CPS to save $174 million. It’s not out of line to ask employees to pay their share of the costs associated with their own retirement benefits. That’s a simple standard across most industries, public and private. And the pension benefits for CPS employees are certainly on the generous side – employees can retire as early as 55 with only 20 years of service or they can choose to work longer to reach the maximum pension benefit, which equals 75 percent of their final average salary with automatic increases every year for life.

A $174 million reduction in CPS spending would only make a small dent in the $1.1 billion budget deficit. But it is a good example of a sensible reform than can help modernize an outdated system.


Ben VanMetre
Director of Pension Reform
Thanks from coke
roastpork is offline  
Old May 7th, 2015, 01:03 PM   #2
Senior Member
 
tristanrobin's Avatar
 
Join Date: Dec 2006
Location: New Haven, CT
Posts: 23,889
I am almost always on the side of the teachers, but in this case, they are definitely taking advantage of the taxpayers. They should be paying their fair share.
tristanrobin is offline  
Old May 7th, 2015, 01:08 PM   #3
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Quote:
Originally Posted by tristanrobin View Post
I am almost always on the side of the teachers, but in this case, they are definitely taking advantage of the taxpayers. They should be paying their fair share.
Especially when they have to teach those shit kids that live in Chicago.
pensacola_niceman is offline  
Old May 7th, 2015, 02:35 PM   #4
Senior Member
 
Join Date: Jul 2014
Location: massachusetts
Posts: 11,092
Quote:
Originally Posted by roastpork View Post
Those poor, poor teachers.

The Chicago Teachers Union, or CTU, said it’s insulting to ask Chicago teachers to contribute their own money toward their retirements.

However, that setup is the standard for nearly ever other worker, government and private-sector employees alike. Retirement savings come from three components: employee contributions, employer contributions and investment returns.

But CTU officials think they should be the exception to that standard.

Chicago teachers are supposed to chip in 9 percent of their salary toward their retirement savings each paycheck. But currently the school district – and by extension, taxpayers – pays the majority of employees’ pension contributions. According to the Chicago Public Schools, or CPS, fiscal year 2015 budget:

“Employees also are required by statute to contribute 9 percent of their salary to pensions (called the ‘employee contribution’). However, CPS pays 7 percent of the 9 percent for a total of $134 million budgeted in FY15 for participants in CTPF. Non-teacher employees are part of a separate municipal pension system. CPS also pays 7 percent of the 8.5 percent employee contribution for these employees, at a cost of $40 million in FY15.”

That means requiring CPS teachers and non-teacher employees to cover the employee portion of the pension contribution would save CPS $174 million a year. And that’s just what the Chicago Board of Education has proposed.

But the CTU opposes that proposal, arguing the pickups were negotiated in the early 1980s in exchange for a salary increase. According to the Chicago Sun-Times, “The union said CPS agreed in 1981 to pay for 7 percent of the 9 percent of each CTU member’s pension contribution in lieu of a raise the board said it couldn’t afford at that time.”

But out of the nearly 30,000 CPS employees today, only about 300 worked for the district during that contract negotiation. That means only 1 percent of current CPS employees were actually there when the agreement was signed.

The teachers benefiting from the negotiation have done nothing wrong. But all CPS employees need to realize their employer is on the brink of financial collapse.

CPS faces a budget deficit exceeding $1 billion. Recent corruption allegations are plaguing the school board. Moody’s Investors Service issued a double-notch credit downgrade to CPS earlier this year, dropping its rating just one level above junk. And when CPS later moved forward with a bond issuance, it paid a steep penalty compared with similarly rated bonds.

Ending teacher pickups is a simple, responsible way for CPS to save $174 million. It’s not out of line to ask employees to pay their share of the costs associated with their own retirement benefits. That’s a simple standard across most industries, public and private. And the pension benefits for CPS employees are certainly on the generous side – employees can retire as early as 55 with only 20 years of service or they can choose to work longer to reach the maximum pension benefit, which equals 75 percent of their final average salary with automatic increases every year for life.

A $174 million reduction in CPS spending would only make a small dent in the $1.1 billion budget deficit. But it is a good example of a sensible reform than can help modernize an outdated system.


Ben VanMetre
Director of Pension Reform
What a load of semantic bullshit.

Teachers work and they get paid, their pension is a part of their pay package.
If you want them to "contribute more" to their pension, you are really asking them to take a cut in pay.

Once again, what they are getting is what was negotiated, it's what's in the contract and not a penny more. It's the deal, and it's in writing, and signed by the city.
Thanks from LongWinded
goober is offline  
Old May 7th, 2015, 02:47 PM   #5
Senior Member
 
Join Date: Dec 2012
Location: California
Posts: 18,530
Tenure should be outlawed. If teachers are of the opinion that they are above, and should not be subject to a negotiated contract then let them earn that salary and retirement on a piece meal basis. They don't turn out a qualified product, they get fired.
Thanks from roastpork
caconservative is offline  
Old May 7th, 2015, 02:47 PM   #6
Senior Member
 
LongWinded's Avatar
 
Join Date: Jun 2014
Location: United States
Posts: 11,878
In this nation, before the great voodoo economics of Reagan, MOST employers paid for the retirement of workers; and they did so to BANKS which kept building interest and actually HAD a pension retirement for workers when they retired. NOW, NO one is sure their retirement won't be lost in gambling on the stock market by their employer holders of their retirement accounts.

What the problem is with the presenter of this article is clear; he's under the delusion that right wing anti-American worker policies and pro-rich and their corporations is all we have ever had. Not true. And it can end this coming election. It's time for the middle class to grow. Tax the rich, tax the corporations and let's move this nation forward, not back to the dark ages.
LongWinded is offline  
Old May 7th, 2015, 02:51 PM   #7
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Quote:
Originally Posted by LongWinded View Post
In this nation, before the great voodoo economics of Reagan, MOST employers paid for the retirement of workers; and they did so to BANKS which kept building interest and actually HAD a pension retirement for workers when they retired. NOW, NO one is sure their retirement won't be lost in gambling on the stock market by their employer holders of their retirement accounts.

What the problem is with the presenter of this article is clear; he's under the delusion that right wing anti-American worker policies and pro-rich and their corporations is all we have ever had. Not true. And it can end this coming election. It's time for the middle class to grow. Tax the rich, tax the corporations and let's move this nation forward, not back to the dark ages.
We should also tax the Italian mafia who still controls America's unions - just ask Vinny.
Thanks from RNG
pensacola_niceman is offline  
Old May 7th, 2015, 03:28 PM   #8
Senior Member
 
Hollywood's Avatar
 
Join Date: Dec 2014
Location: Memphis, Tn.
Posts: 22,541
Quote:
Originally Posted by pensacola_niceman View Post
We should also tax the Italian mafia who still controls America's unions - just ask Vinny.
Vinny who? Vinny is not an uncommon name in St. Louis and other cities.
"Unions"???? You don't even go to the trouble to say some, a few or even many? Just right to the most extreme position/ WTF???
Thanks from LongWinded
Hollywood is offline  
Old May 7th, 2015, 05:18 PM   #9
Senior Member
 
Join Date: Jul 2014
Location: massachusetts
Posts: 11,092
Quote:
Originally Posted by caconservative View Post
Tenure should be outlawed. If teachers are of the opinion that they are above, and should not be subject to a negotiated contract then let them earn that salary and retirement on a piece meal basis. They don't turn out a qualified product, they get fired.
Sure, take tenure out, give em another 20,000 a year to make up for it, it's all open to negotiation...
goober is offline  
Old May 7th, 2015, 05:25 PM   #10
RNG
Senior Member
 
RNG's Avatar
 
Join Date: Apr 2013
Location: Between everywhere
Posts: 30,201
Quote:
Originally Posted by goober View Post
Sure, take tenure out, give em another 20,000 a year to make up for it, it's all open to negotiation...
A lot of more intelligent unions have seen the writing on the wall and accepted downward renegotiations. The writing says bankruptcy.
Thanks from roastpork
RNG is offline  
Reply

  Defending The Truth Political Forum > Political Forum > Current Events

Tags
greedy, teachers



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
States: A$$e$$ing The Greedy; Kansas Or Clinton?? Medicine Man Current Events 0 October 29th, 2014 05:47 AM
Gettin' Greedy, With Snookie!!! Medicine Man Current Events 4 August 21st, 2014 12:19 PM
Globalization? Greedy Corporations? Maybe you're just dumb.... Uncle Han Current Events 9 October 26th, 2013 07:24 PM
Oprah, oz, dr.phil & other greedy liars Mr. Logic Current Events 10 August 21st, 2013 06:21 AM
Obama shows he is just another Greedy Poltician. TNVolunteer73 Americas 34 April 22nd, 2013 06:48 PM


Facebook Twitter RSS Feed



Copyright © 2005-2013 Defending The Truth. All rights reserved.