pension package and retirees? – Teachers.Net (NJ Teachers)

Join Teachers.Net

chatboardsgroups

Chatboards

Recent Groups

NJ Teachers

MEMBERS

6 Members

+ Join Group

Pinned Posts

ALLAll Teachers

Teachers.Net LIVE CHAT Support group - Tues eve!

Featured Jobs

Full-timeMontessori Teacher

Maple Ridge, British Columbia, Canada

TemporaryTeachers, rural schools

Peace River North School District

Full-timeHead Teacher: 2nd/3rd Grades – Mills College Children’s School

Teaching Jobs on Teachers.Net

Featured Job special only $39!

https://teachers.net/jobs

Become a Teachers.Net sponsor!

New Jersey Teachers Chatboard

pension package and retirees?

by ron/nj

Jun 20, 2011

Is there anything proposed in this latest package that affects retirees?

ron

view previous comments

ron/nj, NFM .

Jun 29, 2011

Ellie On 6/29/11, ron/nj, NFM wrote: > . how so....the freeze on COLAs still stands or did I miss something?

Jun 29, 2011

ron/nj, NFM .

Jun 29, 2011

Richard On 6/29/11, Ellie wrote: > On 6/29/11, ron/nj, NFM wrote: >> . > how so....the freeze on COLAs still stands or did I miss > something? >

Retirees were also hit. Yes no COLAS. That really stinks. I did read somewhere that it might be brought to court. How did that slip by?

Jun 30, 2011

Ellie how so....the freeze on COLAs still stands or did I miss >> something? >> > > Retirees were also hit. Yes no COLAS. That really stinks. > I did read somewhere that it might be brought to court. > How did that slip by?

it didn't slip by ...there's very little they can do to eliminate benefits except get rid of COLAs ...See Morehow so....the freeze on COLAs still stands or did I miss >> something? >> > > Retirees were also hit. Yes no COLAS. That really stinks. > I did read somewhere that it might be brought to court. > How did that slip by?

it didn't slip by ...there's very little they can do to eliminate benefits except get rid of COLAs because the pensions are legally considered deferred payment.

And even the COLAs are included in this so they can't "get rid" of the COLAs. They didn't do this...they simply said postponed paying them until the fund is 80% funded. That could take 30+ years ...or never.

And yes there are legal actions being taken but that could take 5 years or more to settle. Most likely it will settle in favor or the retirees but that still might do any good. Legal fees will eat up quite a bit and the NJ fund is still in big trouble. The 5 years of accumulated COLA payments could eat up most of the fund.

I'm not in NJ but have been following your state closely because it will probably set the precedence for other states with public pension problems (and there are LOTS). Christi has already said other states have privately called him about how to do similar actions in their states.

One of the big problems with the NJ fund is all the skipped payments by the state. And the unions kept getting what they were asking for so minimal fuss was put up. NO ONE asked what was going to happen years down the line to the retirees when the money ran out. It's very difficult...well impossible...to play catch up on what should have been put in.

In my particular case....and I just retired...I'm not counting on my pension. I'm desperately trying to start a new career. I would like to basically bank my pension and build my private savings. If my pension holds then it's a fabulous plus and I'll spend away later in life. But if it doesn't then I can't afford to find out in my 80s.

The stuff you'll read on what has gone on with our pensions will make you beyond enraged but the bottom line is if the money isn't there ...it's not there. So better to have a backup plan in place and fight like hell for what's rightfully yours in the meantime.

Jun 30, 2011

More discussions on the New Jersey Teachers Chatboard...

Grading practices

NJ High School Chem or Bio Teaching Jobs-Alt Route?

CEAS Certificate Expiration?

Health Insurance

by Gennier Gomez

Topic for 7th grade art demo lesson, for an interview,

Back to New Jersey Teachers Chatboard

Teacher Chatboards

General

Teacher Chatboard

Method & Theory

Grade Levels

- -

Multiage Classroom

Adult Education

Classroom Projects

Arts and Crafts

Read Across America

Travelling Buddies

Learning Centers

States

Teachers Abroad

Australian Teachers

Canadian Teachers

Subject Areas

Foreign Languages

Language Arts Center

Science Teachers

Language Arts

4 Blocks Literacy

6 Traits Writing

Accelerated Reader

Building Blocks (K)

Books & Literature

Creative Writing

Librarian/Media Arts

Reading/Writing

Remedial Reading

Foreign Language

ESL/EFL Teachers

French Teachers

German Teachers

Spanish Teachers

Travel/Study Abroad

Peer Groups

AP/GATE Teachers

Beginning Teachers

Distance Teachers

Department Heads

Library/Media Science

Master Teachers

Mentor Teachers

Retired Teachers

Special Education

Student Teachers

Substitute Teachers

Method & Theory

Beginning Learners

Character Education

Classroom Discipline

Collaborative Learning

Disruptive Students

General Education

Learning Disorders

Learning Research

Lesson Planning

Montessori Method

Motivating Students

Professional Devel

Professional Readings

Staff Development

Standardized Testing

Testing & Grading

Career Center

Continuing Education

National Boards/NBPTS

Hot Topics

Classroom Humor

Healthy Teachers

NCLB/Race to the Top

Teacher Gatherings

Teacher Inspirations

Teacher Recipes

Teacher Social Board

Tech Center

Apple Classroom

Computer Teachers

Educational Software

Internet Security

Library/Media Science

Teaching with PowerPoint

Teacher Video Share

Teaching with the Web

Tech Coordinators

Teachers.Net

Home About Forum Policies Privacy

Resources

Chatboards Lesson Plans Classroom Projects Classified Ads

Follow us...

Facebook Twitter Pinterest Mailring

Contacts

Advertising Job Listings Submissions Reprints