Once again MCC writes a story only telling half of it.
Yes Teachers are still entering the retirement system, however the plans are now defined contribution and NOT defined benefit plans that were around years ago. It was in the late 80s when employees had a choice to either stay in the original plan or opt for the MIP plan. Which offered yearly COLA increases for retirees, but they had to contribute up to 6% of their pay to join it.
Then in the Early 90s all new hires were required to join the MIP plan and the older one was not available.
In 2012 they went to another plan. A defined contribution plan that you also are now mandated to pay into for your healthcare portion in addition to the retirement.
Finally, Most of these stories NEVER go back to the root of the problem that the Politicians created themselves. Going back to the Blanchard Administration the Governors didn’t fully fund the retirement system. That has happened in all Administrations since...The administrators of MPERS also decided when the Stock Market was soaring in the late 90s to give each retiree an extra check each year. No one took a second to think just perhaps the good times would ever stop.
But it is the Employees that are to be blamed. Not the politicians and Fund Managers that rode off in the sunset with their Million dollar golden parachutes.
The employees should be blamed; teachers’ unions are the de facto owners of the Democratic Party (which is why Obama injects the hiring of new teachers into every discussion, regardless of whether or not it is relevant to the subject matter at hand).
These pension liabilities have destroyed NJ; teachers aren’t the victims here, but the parasitic vampires that destroyed NJ businesses and our middle class. Who would buy a home here when the current costs of the teachers current salaries alone would cost you $500 per month? After the Asbury Park Press released all of our teachers’ salaries online, the myth of the underpaid teacher was forever laid to rest and Governor Christie (their sworn enemy won two terms fairly easily. The scales have fallen from the taxpayers’ eyes, and they see the enemy for who they are.