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DC Public and Public Charter Schools
Reply to "Unpopular opinion: DCPS teachers are super well paid!"
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[quote=Anonymous]Since we’re talking salaries and be edits, the public would be well-serviced by hiring a financial planner to come in each year and present to teachers about their pension benefit. Since teachers are not high-income, most probably don’t understand how valuable their defined benefit pension plan is. For example, I suppose you’re a teacher that starts after college and retires at age 62 with 40 years of service. Assume further your highest three salaries are $120,000. In this scenario, you would receive at least 80% of your income annually for life just from the single defined-benefit component. To purchase this product in the market right now would cost you $1.3 million dollars. So, just the single (albeit main) prong of your retirement is worth $1.3m. Teaching for five more years would raise the cost of the an unity to $1.5m. Most people with defined benefit plans are not particularly high-income and so, I suspect, they don’t realize how incredibly valuable their pension plan is. When you add social security on top, teachers easily receive more than 100% of their working income in retirement. IRAs and 401(k)s, like most non-public employees have exclusively, are additional valuable savings vehicles. But it is all about the DB pension. [/quote]
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