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Based on a 17-year amortization rate, Pennsylvania taxpayers will have to shell out an additional $2.1 billion a year, 90 percent more than the $2.4 billion in contributions made in 2013. The Keystone State government’s plan to contribute an additional $600 million into the pension this year will do nothing to address the shortfall.
As with other teachers’ pensions, addressing PSERS’ insolvency is critical for Pennsylvania largely because of the number of Baby Boomers retiring from the teaching ranks.
At some point, given the increasing liabilities, Pennsylvania will have to deal realistically with PSERS’ insolvency.
These moves woud also be helpful to younger teachers who are often the ones who bear the brunt of most pension reform plans. Given that defined-benefit pensions such as PSERS already do little for younger teachers because half of them are likely to leave classrooms within five years (and thus, unlikely to fully vest in the plans), moving away from the current pension would actually make teaching more attractive, both to those already working in the profession as well as to talented collegians who would otherwise look to gigs in the private sector.
originally posted by: onequestion
a reply to: seeker1963
Its funny how the pensions go belly up right before they have to get paid out right?
originally posted by: onequestion
a reply to: seeker1963
Armed resistance is coming, its an inevitable probability at this point.
The people in this country need a wake up call and its going to hurt when it comes.
Im ready mentally and physically, i hope everyone is as well.
originally posted by: seeker1963
originally posted by: onequestion
a reply to: seeker1963
Its funny how the pensions go belly up right before they have to get paid out right?
This go around we have Wall Street and the Bankers to thank for the pension fiascos! They gambled, lost, and then they got a bailout not the people who lost.
Nothing more than politics as usual.
originally posted by: onequestion
a reply to: seeker1963
Its funny how the pensions go belly up right before they have to get paid out right?