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Old 11-10-2018, 08:54 AM   #54
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Originally Posted by Major View Post
My teacher family and friends who teach in NH seem to have to work longer for less of a pension than family and friends who work as teachers in Mass and RI. I know RI is extremely generous, you can retire at 60% after 28 years (prior to pension reform). My father-in-law retired after 35 years from Mass and collects about $35,000 per year. In talking to NH teachers, their pay is less than Mass and RI, so as a result the pensions are lower.
I think your teacher example argues against your earlier point that the public sector pays more than the private sector, even after adjusting for Summer break, etc. When I compare good teachers I know to similarly skilled people in business, the business people always seem to earn more.

The pensions go a long way toward making up for this. If we pull them out or downgrade them to IRAs, the teachers will need to find some other way to funding their retirement. Perhaps by quitting their teaching jobs and leaving us with much less skilled teachers.

That's not to say they aren't expensive or that there aren't some formulas that are wrong. Just that there are HUGE impacts to dramatically lowering the compensation of an important group of people.
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