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Religion & Law

: Constitutionally Correct

Why teacher pensions don?t work

By Alliance Alert

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Joel Klein writing in the Wall Street Journal [full text via Google News]: "We live in a funny world. Bernie Madoff pretended he was getting 8% returns on his clients' investments?and he's in jail for running a Ponzi scheme. But in the public sector that kind of make-believe is common. As former chancellor of the New York City public schools, I learned that one of the options the city pension plan offered teachers and administrators guaranteed an 8.25% return, regardless of what the investments actually earned in the market . . . Whether the investment returns are there or not, defined-benefit pensions require the government to pay retirees a predetermined amount for life."

Full post as published by Constitutionally Correct on January 10, 2011 (boomark / email).

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