When IRTA convinced the GA to base our 3% annual increase on the prior year's pension as opposed to the original pension amount, we told legislators that, as an alternative, they could use the CPI, as SS does. "No," they said; "It must be predictable." We'll, 3% is predictable, and overall, we've done much better with our 3% increases than SS recipients have done, given the many years of low CPI.
"Overall" is the operative word. Overall, we have kept up with inflation. But we didn't need a crystal ball to know that a time would come when inflation would get worse. That's why we need a floor and ceiling. 3% is the minimum. And for teachers who have just been retired for a couple of years, they haven't done well. But realistically, it won't happen.
The company I worked for 27 years gave a pension of $400/month in perpetuity. Then we got to invest in a 401K with company matching. That gave me a bit of a savings but no generous pension with cost-of-living increases. So I have that and social security. I think that’s ok. I believe public employees have much more generous retirement benefits. Count your blessings.
Good retirement benefits... are a right, a human right, that American capitalism denies millions.
When we are past working age, we have to beg? Or rely on "generous" "hand-outs?"
This is sick. There is no shortage of food, housing, medical care to support our elderly - just a system that withholds some or all (depending on your particular work history/employer) to prioritze profits over decency. Sick.
Good retirement benefits are not “generous”. They are not a gift. They are earned. They are not a “blessing”. No more than a livable wage or good healthcare are blessings. The shame of America is that every older person does not have these things. But the attitude that retirement benefits are gifts and blessings will ensure that we remain an international outlier when it comes to how we treat our elderly.
Fred, I too, am suject to WEP/GPO. When i retired my Social was reduced by 2/3. All those years of work down the tubes.
There is a list of things I expect to see from my elected representatives. Save the planet, etc.
But WEP/GPO is at the top. I kept that in mind when I voted Tuesday.
When IRTA convinced the GA to base our 3% annual increase on the prior year's pension as opposed to the original pension amount, we told legislators that, as an alternative, they could use the CPI, as SS does. "No," they said; "It must be predictable." We'll, 3% is predictable, and overall, we've done much better with our 3% increases than SS recipients have done, given the many years of low CPI.
"Overall" is the operative word. Overall, we have kept up with inflation. But we didn't need a crystal ball to know that a time would come when inflation would get worse. That's why we need a floor and ceiling. 3% is the minimum. And for teachers who have just been retired for a couple of years, they haven't done well. But realistically, it won't happen.
The company I worked for 27 years gave a pension of $400/month in perpetuity. Then we got to invest in a 401K with company matching. That gave me a bit of a savings but no generous pension with cost-of-living increases. So I have that and social security. I think that’s ok. I believe public employees have much more generous retirement benefits. Count your blessings.
Good retirement benefits... are a right, a human right, that American capitalism denies millions.
When we are past working age, we have to beg? Or rely on "generous" "hand-outs?"
This is sick. There is no shortage of food, housing, medical care to support our elderly - just a system that withholds some or all (depending on your particular work history/employer) to prioritze profits over decency. Sick.
Good retirement benefits are not “generous”. They are not a gift. They are earned. They are not a “blessing”. No more than a livable wage or good healthcare are blessings. The shame of America is that every older person does not have these things. But the attitude that retirement benefits are gifts and blessings will ensure that we remain an international outlier when it comes to how we treat our elderly.