In today’s Washington Examiner I highlight the unfair burden public pension plans impose on today’s teachers and students.
CCSD could boost teacher pay, at no extra cost, if lawmakers allowed it to modernize its retirement system — the Public Employees’ Retirement System of Nevada (PERS).
While CCSD pays PERS directly, teachers pay their share through salary reductions.
Consequently, as PERS costs skyrocketed — up over 36 percent since 2007 — to today’s all-time highs, CCSD was unable to raise salaries as much as they, and teachers, would like.
What’s most frustrating about this rate hike, however, is that it provides no additional benefit to the current teacher paying it. Instead, almost all is spent on paying down PERS debt — a function of a system which was designed to transfer the cost for the previous generation onto present-day teachers and taxpayers.
In other words, current teachers are receiving lower wages to pay for PERS past funding failures.
Be sure to read the whole thing here.