Skip to comments.Huckabee Said That For Every $1 WI Teachers Put in Their Pension Plan, the State Puts in $57
Posted on 02/20/2011 5:38:52 PM PST by Stayfree
Mike Huckabee said on his show that for every $1 that teachers put into their pension plan that the state of Wisconsin puts in $57. If that is true, that is obscene!!!
It's not "the State". It's the taxpayer. Get it right.
I still call BS. As mentioned above, NYC puts in about $10 for every fire department employee’s $1, and $9 for every cop’s $1.
He's Main Stream Media. They aren't really great on fact checking.
I like FOX because I prefer a right leaning version of the news.
But even fox tends to rush stuff onto the TV screen without much research.
I take ALL news with a healthy grain of salt.
Calling any Freeper accountants that would like to provide insight.
!!!EXCEPT!!! That the state does not actually put any money away- It just promises to pay that amount at some time in the future. It puts away an IOU.
Well NOW is the future for some retirees and they have to borror billions each year just to pay retired people.
When you have to BORROW money just to cover operating expenses you are in serious trouble.
In the private secotr, when income does not cover AT LEAST operating expenses, you shut down immediately -because it is costing you more money to stay open than to close.
Walker is asking them to go to 12% of the healthcare premiums and equal contribution into the retirement fund. The big bitch is the removal of collective bargaining rights on pensions and health care. Wages would still have those rights but raises would be indexed to inflation unless approved by a referendum.
It's Senate Bill 11 or SB11 in case you're interested.
They are elevated to the level of gods and goddesses in this culture; cause nothing is too good for little Alexandra and little Fauntleroy’s education. Thing is WE’RE BROKE! It’s painful to have to finally say it, but we’re all going to have to either get real or face the fact that debt is an addiction.
So true. You should meet the teachers in Canada. I remember them whining one year because Christmas holidays weren’t going to start until the 23rd of December! They are so oblivious to the real world, they actually were asking, “When are we going to do our Christmas shopping?” They normally start holidays well before Christmas, giving them time to shop during the day, unlike the rest of us who fit it in on weekends and evenings.
I heard the huckster say that and thought it sounded outrageous. Wonder where he got that information.
Good question. It certainly gives ammo to the "Fox Lies!" crowd.
Here is some info from the Milwaukee Teacher’s association.
Starting in 2011, teachers will pay one percent of salary as a health insurance premium. So, a teacher making $52k per year will pay $10 per week. Family coverage is 2%, so the premium for the same income would be $20/week.
This is up from ZERO premium paid by teachers.
The school district pays 6.5% of each employee’s grass pay into the retirement fund. The employees pay nothing out of pocket. I don’t believe anything changed in the new contract.
see page 208 on this copy of the contract.
Most contracts are similar.
My employer puts in (matches) half of my first 3%. It’s not a lot, but it IS free money (sort of), so I contribute enough to the 401K to get their max contribution.
Of course, I’m in the process of emptying the account, since indicators are that the market is about to take another big doodoo. Lost 35% in ‘08, won’t happen again.
Not a chance. So if a teacher puts in $100 every two weeks the state adds $5700? That’s $11,400 a month or $138,800 per year.
I saw that Huckabee show. He did a nice job with his commentary and, in fact, runs a very good television program. It was great to see the Nuge, too! It seems Huckabee has found his niche, and I hope he continues with his show for many years to come. I enjoy it.
When I was working, the City (taxpayers) put in about dollar for dollar. After the stock plunge in 2001, that grew to almost 2 to 1. Last I knew that is about the same. Employees paid in 8%, city about 15%. This is to a local pension fund. Those employees in the state funded Municipal Employees retirment System (MERS) have a different fund mix.
In short, I doubt Huckabee’s numbers. It is possible the the teachers pension funded invested poorly. I have heard that several public pension funds elected to invest in higher than accepted risks and lost big in 2001 and again in 2008. If that is the case, then there could be a replacement factor involved.
Dependind on the pension specifics such as years of service, age, etc, figure about 20-25% of payroll for pension. Asking teachers to pay 9-10% is not unreasonable. Paying one third to one half is not out of line.
And what did HE do to change the educational system and pensions while he was governor of Arkansas for 10 years or was it 12? He needs to shut up unless he did what he is insisting in Wisconsin. I love how people can shoot the crap when they are not in the position. I guess that is why I don’t like the Huckster.
Facts are your friend. An amount of money is taken from teacher wages every month and placed into the fund. Over time, interest and investment growth accrues. The money will then be paid to the teacher in installments upon their retirement; not unlike a 401K except a teacher has no *say* in what and where their funds are invested.
The assets are invested in mutual funds and money markets by the *State of Wisconsin Investment Board,* as in most states. In 2007-8 these *invested funds* were in the negative.