Egads. I could kind of see some elementary teachers doing this in a tongue-in-cheek kind of way MAYBE (though I would hate that even), but what hs teachers have this as part of their lives? Why? I sometimes think there's this infantilizing attitude towards people who work with youth--probably rooted in misogyny. Does anybody ever say, "I find this infantilizing and demeaning" ? |
In the mid 1980s, the Federal civil service closed the Civil Service Retirement System (CSRS), which was a Defined Benefit pension, to new employees. Most Feds are now in the Federal Employee Retirement System (FERS). FERS is mostly a 401(k)-like Defined Contribution system. The 401(k) like component is called Thrift Savings Plan (TSP). FERS has a tiny tiny component which is defined benefit, but almost irrelevant because it is so small. See www.opm.gov for details.
By contrast, state & local employees in MD/VA still have a CSRS-like pension system. It really is much better than the FERS available to most Feds. In the commercial world, pensions for new hires are almost extinct. So, yes, teacher pensions are very good by comparison with almost anything else… |
Is FERS pension so "tiny,tiny"? My husband receives a federal pension. I think the multiplier is 1.1% x number of years of service. That's in ADDITION to the federal government matching part of the Thrift Savings Plan, right? I think they match something like 5% of your salary? 1.1% PLUS a match for your 401K sounds like a better deal than I get - 1.5% but no matching on additional 403(b). |
I know someone who has a PHD, then recently did a 1 year masters teaching program at George Mason and is now a teacher in Fairfax County public schools. I don’t know the salary but l know they expected their pay to be not the lowest due to the PhD, though it’s not related to what they are teaching in public elementary. |
Oh .. and for the FERS pension, fedgov employees contribute only 3% of their salary. For the MD state teacher pension we contribute 7% |
Correction -- FERS employees contribute either 0.8%, 3.1% or 4.4%! Wow -- what a great deal feds USED to have if hired before 2013! |
How many of those employees have advanced degrees in their field? |
This is rather unrelated, but my grandmother was a NYC teachers ages ago. She retired in the 70s. Back then, you could retire from teaching in NYC with an amazing pension - 20 years got you 50% of your salary (so I guess a multiplier 2.5%. I think she taught for 30 years though, so 60% of her salary. Plus Social Security. Now THAT was a great pension!
https://www.nytimes.com/1972/10/19/archives/city-teacher-pensions-called-unacceptably-high.html |