Skip to comments.St. Paul, Duluth teachers pension fund bailout OK'd by commission
Posted on 04/03/2013 5:10:55 AM PDT by TurboZamboni
A bill to provide $7 million in annual state aid to a pension fund for teachers in the St. Paul School District will move to the full Legislature.
Lawmakers on the Legislative Commission for Pensions and Retirement voted 10 to 4 to advance the bill Tuesday, April 2. Along with the aid, the bill also includes increased contributions and cost-saving measures in an effort to close the retirement fund's $16.7 million annual gap between what it needs and what it brings in.
The commission also approved a similar measure that includes $6 million in annual state aid for the Duluth Teachers Retirement Fund Association and approved a Teachers Retirement Association proposal to change early retirement benefit reductions in an effort to encourage teachers to keep working until at least age 62.
(Excerpt) Read more at twincities.com ...
Wonderful. Executive and legislative branches controlled by democrats steal money from tax payers to keep incompetent teachers and their unions solvent. Just lovely.
Hm. A $16.7 million annual shortfall. I suspect that a fund manager in the private sector with a gap like that wouldn't last long in his job. In fact, Sarbanes-Oxley would probably require his imprisonment.
“......St. Paul’s proposal calls for about $7 million per year in state aid until the plan reaches full funding, which is expected to take 25 years.....”
The plundering of the taxpayers by the various public “workers” unions continues.
Has anyone offered to bail out our 401K plans?
Did you post this article to commence a teacher bashing thread?
*Employees contribute 6.5% of salary.* to their own pension fund as often do police and firefighters...so the money is theirs. I don’t see a problem. It’s not uncommon for the cities across the fruited plan, to *not* contribute to the plan or borrow from it. Political shell games.
I hope he did. Teachers NEED bashing.
the bill includes a cost of living allowance increase for teacher that’s DOUBLE the one police and fire retirees are allowed while their pension plan is underfunded.
members of the P & F fund and their employers had to bail out the fund themselves, not pass the hat in the Legislature.
this just illistrates who the guv and legislature work for-teachers unions.
Promises are promises. So, apparently you don’t believe in them?
Blame the politicians you elected, not the teachers. Were the funds raided for other purposes?
Perhaps this Pew study is hocus pocus too?
Thanks, we will.
Specifically: if they try to rob taxpayers to fund teachers' sweetheart retirements then we will kick them out. That's a promise you can believe in.
The Government promised teachers (and not just teachers) unsustainable pensions and benefits in exchange for their vote and their political contributions.
Taxpayers weren't consulted in any way - and now we are making our feelings known.
Why doesn’t the locality just raise real estate and other taxes? Why should the rest of the state have to cover the shortfall?
Of course, this begs the question, as to why the pensions are so generous to begin with?
because the responsible municipalities always subsidize the irresponsible.
that’s the way MN works.
IE:see LGA (”Local Government Aid)
I also yelled "fire" in a crowded theater this morning and uttered "fighting words" at Mall of America at some giant guys.
Former ‘Superintendent Of The Year’ Could Go To Prison For 45 Years
Thirty-five Atlanta educators were indicted last week for allegedly participating in a cheating conspiracy involving one of America’s most storied school superintendents.
Retired Atlanta schools chief Beverly Hall was named “National Superintendent of the Year” in 2009 and had previously headed troubled school districts in New York and Newark.
She was credited with rescuing the struggling Atlanta school system and helping it meet testing standards set by the Bush-era No Child Left Behind law.
35 indicted in APS cheating scandal
re-posted this just because.
>>........and now we are making our feelings known.<<
On FR? That'll do a lot of good....well, it may be therapeutic. Carry on bash away.
Not sure about your state, but in mine, it is the LAW that teachers make these contributions. You have no choice, you can not opt out.
another crap sandwich.....
its all baloney that can not be kept up...
and IF the school teachers were really interested in their sustainability, wouldn't they want to expect less in pension just so they can continue to employee lots of due paying teachers?.....its all for the children you know...
With respect to cities- The First 10 City Pensions That Will Run Out Of Money :
#5 St. Paul...Unfunded liability: $1.4 billion Unfunded liability per household: $13,686 Solvency horizon: 2020
#4 Cincinnati...Unfunded liability: $2 billion Unfunded liability per household: $15,681 Solvency horizon: 2020
#3 Boston...Unfunded liability: $7.5 billion Unfunded liability per household: $30,901 Solvency horizon: 2019
#2 Chicago...Unfunded liability: $44.8 billion Unfunded liability per household: $41,966 Solvency horizon: 2019
#1 Philadelphia..Unfunded liability: $9 billion Unfunded liability per household: $16,690 Solvency horizon: 2015
1. Politicians want to get elected and reelected.
2. Unions contribute to their campaigns and gurantee turnout.
3. Politicians negotiate sweetheart deals with the unions.
4. Politicians underfund pensions so they can buy goodies for their contituents and buy more votes.
5. Before the stinky hits the fan, the politicians have moved on and/or retired.
6. Retirees and the taxpayers get screwed.
The average workers nationwide do not receive exhorbitant pensions
You forgot number 7: these same teachers indoctrinate the children in the classroom to take the message home to their parents to influence them.