The Governor’s decision was touted as a victory by teacher unions operating under the newly formed Coalition for a Secure Retirement Michigan. Their web site states that “a majority of both state and school retirees receive less than $20,000 a year in pensions, according to the most recent Comprehensive Annual Financial Report.” This statistic is cited not as a call to arms to defend and increase the paltry income, but as a reason for teachers to attend their own workshops on the many types of retirement income they should be considering, including “investments, savings, IRAs and 401Ks.” The organization advocates here-today gone-tomorrow stock market based pensions over any genuine guarantees on pensions.
SB 1040 coerces current teachers into accepting the defined-contribution 401(k) pension plan now, before the study is completed. Teachers are compelled to begin making larger contributions under threat of receiving reduced payments in retirement. One need only notice the remaining $35 billion hole in the pension pool after SB 1040 to know that not only will the elimination of defined-benefit pensions for new hires be coming down the pike, but further cuts in wages, benefits, pensions, and conditions of teachers should be expected. At the same time, one can reasonably expect a continuation of the coordinated campaign of demonizing teachers as living high on the hog at the expense of students. This campaign will point to the fact that private sector workers have already engaged in their “shared sacrifice.” In addition, this attack targets older teachers.
Nobody will want to go into this shithole of a "profession" if there are no incentives to keep them.
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It's all about raiding the public treasury for private profit.
Eli Broad and his ilk believe principals should be MBAs when in fact principals are supposed to be lead teachers. We already have too many incompetent ones in the field.
If it weren't for the fact he and his ilk have bribed politicians of both political parties to take advantage of declining state revenue, nobody would take them seriously.
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I'll bet the Queen isn't too happy with this display of the crown jewels.
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