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School pension costs to soar

Increase in 2013-14 may exceed 30 percent

Hamilton Elementary School teacher Susan Alviene works between periods with third-grader Tiffany Payne.
Photographer: Marc Schultz
Hamilton Elementary School teacher Susan Alviene works between periods with third-grader Tiffany Payne.
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Teacher pension costs are expected to jump by more than 30 percent next year, worrying school districts that have already cut programs and positions. The Teachers Retirement System announced Oct. 26 that the amount districts must contribute to the pension fund is increasing from 11.8 percent of total teacher payroll to between 15.5 percent and 16.5 percent for the 2013-14 school year. John Cardillo, spokesman for the retirement system, said the increase is necessary because ...


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comments

tonijean613
November 5, 2012
8:44 a.m.

[ Flag Post ]

Can someone explain exactly what needs to be done to put a freeze or cap on pension benefits? Are some teachers getting a significantly higher pension than others? What is the average pension? Does early retirement help or make this expense worse for taxpayers? Should we be increasing the retirement age of teachers? Do spouses recieve the pension of a teacher after a teacher dies? If so, can this be changed? Are teacher pension benefits taxed as income when they start receiving them? Is there Double dipping still going on ?? Why doesnt the Legislature implement a temporary 1% tax on Wall Street stock transactions for just one year to fully fund the NYS pensions? After all, Wall St was responsible for the crash and no one has gone to jail- so why not at least recoup this money directly from Stock Market investors? 1% is so insignificant to traders, but it would be a huge tax relief homeowners struggling to pay their property and school taxes. Call your Legislators. Tax the Stock traders !

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