joel klein slams teacher pensions, collects $34K/year forever for 8 years' work.

[Hannah Bell]

Klein, who could rake in as much as $4.5 million this year at his new gig with News Corp., also will collect $34,000 annually for his eight years as chancellor.

"Defined-benefit pensions helped bring the once-vibrant U.S. auto industry to its knees," Klein wrote in The Wall Street Journal on Jan. 10. "The promised benefits just proved too costly. In that industry, such pensions are mostly a thing of the past."

"Alas," he added, "the same kind of pensions are now hollowing out public education."

But Klein's eight-plus years as chancellor entitled him to a slice of the public pension pie, and last month he helped himself. His $250,000-a-year salary allowed him to cash out at a much higher rate for fewer years logged.

A teacher with a master's degree can make up to about $34,000 in annual pension payments only after 20 years of service.

http://perdidostreetschool.blogspot.com/2011/01/joel-klein-collects-nyc-pension.html


Moral?

Only non-rich people's pensions are "hollowing out" the country; the pensions, rents & rakeoffs of the ruling class are different.

[davidinalameda]

1. and?

he did the job and he deserves whatever benefits were promised him

blame those who hired him and gave him the contract that they did

[Hannah Bell]

2. I have no problem with him collecting a pension. I have a problem with him collecting a pension

while slamming pensions for his employees; whose pensions are much smaller & will be collected for a much shorter period of time.

[Orrex]

3. Exactly correct. And...

The only reason that a whopping $34K seems like a lot of money is because the rest of us have been convinced that our work isn't worth its true value.

CEOs and top brass ("the talent") must constantly be paid more, or else they'll fail to produce.
The serfs must constantly be paid less, or else they'll fail to produce.

[tkmorris]

5. Your hypocrisy meter is not registering

I don't begrudge the benefit, I begrudge the attitude.

[Name removed]

7. Deleted message

Message removed by moderator. Click here to review the message board rules.

[marmar]

16. I don't think the issue is that he's collecting a pension, but that he's a hypocrite....

..... n'est-ce pas?

[freshwest]

4. Okay, now I am officially ticked off.

I was enraged before, and having a fit, but this is official.

:grr:

And I'd better stop before I really go off my rocker...

:argh:

I despise these hypocrits.

:nuke:

I'll be better later...

[DragonSlave]

6. It would be better to pay new teachers more

Whenever someone talks about teacher's pay being too low, they aren't talking about insufficient pension benefits. They are talking about the pay for new teachers who have massive college debt and sign into contracts that pay less than what their colleagues earn. These teachers may never have the same earnings as their older colleagues. Then those collegues retire and go right back to work to collect double.

There is a serious issue of inter-generational justice and equity here. Seniority is okay but the pay scale shouldn't increase that much. Equal work for equal pay please!

[Hannah Bell]

8. huh? they're on the same pay scale. the fact that they may have college loans

seems beside the point.

it's the same pay scale. put in the time, they get the same.

those "old" teachers started out lower & put in the time.

[Reader Rabbit]

9. Not to mention the fact that none of us old farts got our loans paid for.

There are a bunch of teachers at my school who are getting anywhere from $7000–$17,500 in loans forgiven for working in our low-SES school. Meanwhile, I should finish paying off my last student loan at the end of this year—my 17th year of teaching.

[SoCalDem]

11. oopsie a dupe

[SoCalDem]

12. Isn't it odd how so many people don't "get it"?

The basic premise of "the pension", is to DEFER the "now" extra pay, in favor of letting it go toward a payment when you are no longer able to work.

Every time there is a wage negotiation, people get any raise broken into many pieces..enhanced health-care benefits, pension benefits, etc. Those segments diminish the amount you see on each paycheck.

Pensions are not given to people as a sign of generosity...they are deferred paychecks.

While some pensions are awarded to people who seem to not deserve or need them...or even be old enough (in some people's estimation) to warrant them, if the rules are followed, they are indeed entitled to them.

Modern society has shortened the vesting time because people no longer stay at (or have the opportunity to) one company for their entire work-life. Pension/profit-sharing plans had to become more "flexible", and to allow 7-8-10 years instead of the former 25-30 years.

What ruined pensions were two things:

1)merger mania, where companies were gutted & the parts & pieces sold off (along with the pensioners)

2) companies stopped counting their pension fund as a debt owed "someday"..a liability..and called it an asset, making the company a target for takeover & gutting.

[proud2BlibKansan]

15. In 1980 my salary was $7000

for an entire year.

By 1985 I had made it up to $10,000 and felt rich.

[proud2BlibKansan]

14. The new talking point being used to slam senior teachers

Congratulations.

Sad to see it on DU however.

[maryf]

20. yep

and no one seems to value experience...can you imagine a school being taught by teachers with less than 5 years experience each? Who would they turn to for advice? Their business school trained administration?

[blindpig]

10. k&r

[Starry Messenger]

13. k&r

[old mark]

17. K&R- I didn't make that much when I was working...not even close...nt

[Angry Dragon]

18. Another piece of scum

[maryf]

19. Thanks Hannah...

At the end of this year, I'll have 19 years and three months in NYS...I might not make it to twenty...my pension will be about 11 thousand, if I were to decide to retire if I were laid off. If I make it to twenty years in this climate...I'll garner in the lower 20's...7 months for me would make a huge difference, enough to allow me to find a low paying job (at 54/55 kind of tough) to supplement my pension and maybe not have to try to sell my house (only bought as I couldn't find a rental for my pets).

I'd love to have a 34 thousand pension, but don't think I'll make it to 62...