Originally Posted by Bucco

You did NOT contribute to Social Security and I did...BUT Social Security is handled just a bit differently !

Is that correct ? You talk as if you did something special...you did contribute to YOUR pension plan...lucky you....I contributed to Social Security and you did not !

That is one question, ie. you didnt contribute to Social Security ? Second one is..you talk as if NO public funds were used for your pension...is that what you are saying ?

Also, we pay 15% for our Social Security...what? you say 7.5%? I paid 71/2% and my employer paid 71/2 %....Slitting it in half is just a FDR trick to make it look better because the employer doesn't care if he pays me or the government, therefore I paid 15% every paycheck for 48 years.

I didn't get summers off or a week off every couple of months either.

All I'm saying is that there is a great injustice to the whole darn system.
Why should I eat dog food?

Edit: My rant is not directed to you Mr. Bucco. Sorry I have your quote in my post.

Bucco,as a teacher in CT when I started teaching we were not allowed to get into the S.Security system because we had our own retirement system.It was not voluntary. However over the years I have paid social security while working at various jobs to subsidize my income. Now that I am retired I cannot by CT. law collect both a pension and Social security so I paid into the system and get nothing back.
As for public funds going into my pension there are none. Our pension is our pension the funds of which come from the teachers only. Why is that so hard for you to believe?

http://www.courant.com/news/politics...,2842427.story


50 state report pensions have 3.3 trillion liability. Ct, is like in 5th place with billions in liabilities. Talk of starting 401K for state employees.

The bubble is ready to burst.

Originally Posted by waynet

Bucco,as a teacher in CT when I started teaching we were not allowed to get into the S.Security system because we had our own retirement system.It was not voluntary. However over the years I have paid social security while working at various jobs to subsidize my income. Now that I am retired I cannot by CT. law collect both a pension and Social security so I paid into the system and get nothing back.
As for public funds going into my pension there are none. Our pension is our pension the funds of which come from the teachers only. Why is that so hard for you to believe?

First of all, your other posts on this subject never mentioned that you did not pay into Social Security, which I am sure was an oversight...you "implied" that you paid something extra for your pension which you did not !

Secondly, since I am not up to snuff on CT teacher pension, I will take your word on no taxpayer money but I am sure you then can explain this from the article linked by Donna...

"If left unchecked, the growing unfunded pension liability could eventually force states such as Connecticut to either raise taxes or cut services in order to pay for the pensions that are mandated under union contracts. Though currently underfunded, the pensions must be paid."

To Donna and Bucco.....one more time....WE(TEACHERS)ARE NOT PART OF THE STATE RETIREMENT SYSTEM. WE FUND OUR OWN INDEPENDANT RETIREMENT SYSTEM. State of Connecticut workers are under the state plans we are not. It's our money that goes in and with good investment strategies it's our money that pays us. I do understand that states are having difficulties meeting their contrctual obligations for retired workers but for once leave teachers alone. IT HAS NOTHING TO DO WITH US!!!!

Originally Posted by waynet

To Donna and Bucco.....one more time....WE(TEACHERS)ARE NOT PART OF THE STATE RETIREMENT SYSTEM. WE FUND OUR OWN INDEPENDANT RETIREMENT SYSTEM. State of Connecticut workers are under the state plans we are not. It's our money that goes in and with good investment strategies it's our money that pays us. I do understand that states are having difficulties meeting their contrctual obligations for retired workers but for once leave teachers alone. IT HAS NOTHING TO DO WITH US!!!!

I will not argue with you Wayne, but would ask you to please supply some sort of link, because as a result of your posts, I have done some reading and all of them point to problems with the STATE funding TEACHERS pensions and the possibility of raising taxes to support them.

If that is true I am having trouble with your rationale, but will await the link to support that NO taxpayer money is used for teacher retirement in CT !

Thanks

This is from the webpage of the state of CT....the section outlining how teacher pension benefits are arrived at....

"Your contributions pay only part of the cost of your retirement benefits. The State of Connecticut pays the remaining cost.

http://www.osc.state.ct.us/empret/ti.../aboutplan.htm

Will bow if you have other info to the contrary as you are the one who actually lived it !!!

Originally Posted by waynet

To Donna and Bucco.....one more time....WE(TEACHERS)ARE NOT PART OF THE STATE RETIREMENT SYSTEM. WE FUND OUR OWN INDEPENDANT RETIREMENT SYSTEM. State of Connecticut workers are under the state plans we are not. It's our money that goes in and with good investment strategies it's our money that pays us. I do understand that states are having difficulties meeting their contrctual obligations for retired workers but for once leave teachers alone. IT HAS NOTHING TO DO WITH US!!!!

Is that a put your head in the sand solution? The teachers organize the biggest boondoggle public employee union and it hasn't got anything to do with teachers?

Seems like nobody wants to look at the real facts. All the entitlement payouts like Medicare, medicaid, social security are all running in the DEEP RED and nobody is addressing it. 78 million baby boomers are retiring and everybody thinks their exempt from all the liabilities.

The Obama team is already looking into stealing the 401K funds like Argentina did.
Look, the name of this thread is "Where did our real wealth go?" The USA is ready to triple our national debt and the unions are begging for money. Social security is in big danger. I just thought we could discuss what we could or should do.
I am scared. Does anybody think these problems will go away?

WAYNENET....Have you found that link to validate you claim that NO taxpayer money is spent on teacher retirement in CT ???

I find this important because I try very hard not to just "say stuff" and pass them off as facts. Opinion is different, but you cant just say stuff to make a point.

If I have strayed, I will surely apologize to you, but I am interested in how you make that statement !

Thank you

Originally Posted by waynet

Donna, I will write this again....Teachers pay in to their own retirement at 6% per year. This money is then invested. It is out of this investment that teachers retirement is paid. The cost of teachers pensions to the state is ZERO.
I don't know why you insist on comparing pension plans to S.Security. There is none.
Maybe instead of worrying about teachers you should look at WAll Street.

Is this statement true or false (Pa. is the reference state): As a result of the economic turmoil and market collapse of 2008 the teaches pension funds declined in value to the point where taxpaye /alternative resources were needed to be tapped to meet current obligations.

I thought that was the case just before I moved.

Are teachers pensions "fixed" or can they collapse (like many 401K's did)?

Originally Posted by rshoffer

Is this statement true or false (Pa. is the reference state): As a result of the economic turmoil and market collapse of 2008 the teaches pension funds declined in value to the point where taxpaye /alternative resources were needed to be tapped to meet current obligations.

I thought that was the case just before I moved.

Are teachers pensions "fixed" or can they collapse (like many 401K's did)?

You live by the union, you should die by the union. There should be no taxpayer money going to these unions, ever.

"What’s really going on, I think, is that the nature of class war has changed. The old virus has mutated. The old social and political divisions have given way to two new classes — rather as on the trains. Those in economy are most of us, paying for the comforts of those in first class. And those in first class are the new political class — all those who owe their advancement and their security and their pensions and their privileges not to their backgrounds or their talents, or even necessarily their political parties, but to the state and our taxes."

- Minette Marrin

Bumping this so that WAYNET can respond to the varied questions asked of him

It is very strange that the unions back the democrats.

The unions get their money, to back the democrats, from emplyees of private companies.

When they destroy the companies the Government will own them.

Then the unions will get their money from the Government and they will give it back to the democrats.

If you do not understand this don't worry neither do the unions and the democrats.

Originally Posted by Bucco

Bumping this so that WAYNET can respond to the varied questions asked of him

Hey Bucco... you can exhale now and stop holding your breath.