Opinion: Pension Smenshion 101

Can I just tell you how tired I am of hearing about teachers' pensions at parties, while shopping (I have to start shopping faster) and reading about it in the newspaper and magazines?

Teachers make an adequate pension. They don't make a fabulous pension, and they don't get the full benefit until they have worked about 30 years with a master's degree. Teaching for 30 years is an amazing accomplishment and is usually rewarded with a pin or something in a hot library or cafeteria at the end of the year.

Teachers do not teach for the pension.

Five  years ago, no one had his/her back up regarding teachers' pensions. It's only been in the last two years of Wall Street and the banks betrayal that the bitterness about teachers' retirement has crept boldly into the conversation. Before that, and before teachers ran around with a target on their backs because blaming Wall Street was too complicated, no one complained about educators' retirement. It's very different now.

You are going to have to trust me on this; they don't teach to get the pension.

Just a couple of facts:

• When you hear about educators making a huge retirement THEY ARE NOT TALKING ABOUT TEACHERS (check out administrators retirement).
• OC retired educators receive an average of $50,079 a year.
• Teachers pay 8 percent of their monthly pay into pensions.
• Employers contribute 8.2 percent.
• The State contributes a little more than 2 percent (it was 4.7 percent, but was reduced 10 years ago saving the state over $3,000,000,000).
• Retirement is based on age, years of service, and final pay. It is not based on the higher percentages that you often hear about.
• Most retirees do not receive their own nor their spouse's Social Security benefits.
• Most retired teachers do not receive any employer health care.
• Teachers who spend eight years in the classroom only receive their own contributions (many teachers today are likely to work 10 years or less).
• Teachers must work 27 years to receive benefits that equal 62 percent of their working income.

The Human Face

I have a friend who is a 76-year-old retired teacher. She retired a while ago and her pension is a whopping $2,180.96 a month. She pays around $400 a month for her insurance on top of what she pays for Medicare which is about $150. This was almost fine a few years ago, so she substituted for five years to make it fine.

The last few years she has been in ill health and not able to work. Things became so bad that she established a reverse mortgage and that has helped a little. She is lucky enough to be able to participate in the district's health insurance at $399.16 month which does not include vision and dental coverage.

She cannot receive social security. Her drugs are expensive even with Medicare and the district's insurance.

This is what she doesn't do: go to the movies, drive much, go out to dinner,  buy many clothes, or take trips. She taught for over 30 years, and during that time watched her money carefully.

This is not an unusual story, so lay off the teacher pension talk.

Just Sayin'