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Teacher turnover hits new highs

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IU doesn't give you a pension?
Nope. We have a 403B now. I think years ago there was a k plan. There was a type of pension years ago for some select faculty. I am neither select nor faculty, and it was done away with anyway.

I thought, other than teachers, pensions had died. Then I discovered a friend at Lilly has one.
 
I suspect there are things we can to make teaching more attractive that don't cost that much.
I have always thought; Why not change the tax structure for teachers? Why not allow them to save more, instead of trying to throw benefits at them.
If you lowered the Married-filed Jointly tax rate down for educators, it would be a game changer
 
Nope. We have a 403B now. I think years ago there was a k plan. There was a type of pension years ago for some select faculty. I am neither select nor faculty, and it was done away with anyway.

I thought, other than teachers, pensions had died. Then I discovered a friend at Lilly has one.
Not faculty?

Are you Martha?
 
I have always thought; Why not change the tax structure for teachers? Why not allow them to save more, instead of trying to throw benefits at them.
If you lowered the Married-filed Jointly tax rate down for educators, it would be a game changer
Problem with that is, why not do that for police? Firemen? Any public service?

You start going down the road of tax preference and it make for an even worse system than what we've got now.
 
Nope. We have a 403B now. I think years ago there was a k plan. There was a type of pension years ago for some select faculty. I am neither select nor faculty, and it was done away with anyway.

I thought, other than teachers, pensions had died. Then I discovered a friend at Lilly has one.
How does a 403B work?

You know a pension is just an annuity, right? You could create your own 'pension' by going to an annuity when you retire.

Public school teachers pensions used to be pretty lucrative, relative to their salary.
 
Problem with that is, why not do that for police? Firemen? Any public service?

You start going down the road of tax preference and it make for an even worse system than what we've got now.
100% agree that it should be offered to the police too. Educators and Police we need to "shore up".
If everybody is jealous about the tax benefits, i would think the plan worked.
 
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Problem with that is, why not do that for police? Firemen? Any public service?

You start going down the road of tax preference and it make for an even worse system than what we've got now.

That's what wrong with the system now. Everyone has this own special carveout or exemption.
 
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Pensions aren’t all they’re cracked up to be. Getting $1500 a month isn’t the high life.

Good point. I saw that teachers in Indiana average 27% of the average of their last 5 years' salary. If I retired yesterday with that I would have petty much the same monthly income as from my plan.
 
The United States is in obvious decline by almost any metric. There are a number of reasons for this. I think the #1 reason is our education, The evidence of bad education is everywhere. In k-12. In higher ed. in law school. In med school. In schools of education. In business school. We are obsessed with social ills that have little or nothing to do with a particular academic or professional discipline, yet these social problems have become an important of the curriculum of each.

The one area that seemingly has resisted the onslaught of bad education is STEM.
It’s a wonder to me how we can produce the expertise to create the Webb telescope, or land a booster rocket on a barge over a 100 times without fail, but we produce public officials who don’t understand simple economics and a congress who doesn’t understand our system if government.

Weve had many threads about why our educational product is so bad. There are a number of moving parts and all of it needs examination and overhaul. I do know this though. Any profession that chooses people like Randi Weingarten as the face of the profession deserves all the criticism it gets.

Mostly personal. My stoker taught Jr. High for more than twenty years, back in the day when teachers were more professional, took their subject matter seriously, dressed like a professional instead of like a student, and they still received their share of criticism. Now, she is as critical of the teaching profession (as shown on TV and social media) as anybody. For teachers to be respected as the professionals they are, they need to play the part. Most do. But enough don’t and they taint the whole shebang.
Most people who gravitate toward STEM tend to have personality types that are data driven and results oriented.

The emotionally driven irrational "woke" activist stuff doesn't interest people in science and engineering like it does others. At least at the non management non administrative level.
 
Nope. We have a 403B now. I think years ago there was a k plan. There was a type of pension years ago for some select faculty. I am neither select nor faculty, and it was done away with anyway.

I thought, other than teachers, pensions had died. Then I discovered a friend at Lilly has one.
Most defined benefit pension plans were transitioned to cash balance plans decades ago. Much less lucrative. But some still exist for people who vested before those changes.
 
How does a 403B work?
They are basically 401K plans for govt and non-profits. Defined contribution plans. Have a few restrictions that 401k plans don't (think 403bs can only offer mutual funds or annuities).
 
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They are basically 401K plans for govt and non-profits. Defined contribution plans. Have a few restrictions that 401k plans don't (think 403bs can only offer mutual funds or annuities).

I am glad you answered as I really have no idea. I know our servicer changed a few years ago. We had TIAA-CREF. IU formed a committee and chose Fidelity to manage but I think the plans we can invest in are owned by other companies. As I recall the committee (think a lot of Business profs) didn't want Fidelity advisors upselling Fidelity plans for a commission to people asking for advice.
 
They are basically 401K plans for govt and non-profits. Defined contribution plans. Have a few restrictions that 401k plans don't (think 403bs can only offer mutual funds or annuities).
I think my BIL has one of those. He worked for a seed certification company associated with Purdue. When he started, they had that and they weren't eligible for SS. Then, they were deemed eligible for SS, but the company continued putting money in his 401k.

I doubt he ever came close to 6 figures in salary - it was a very low-paying job. But with his SS and 401k annuity, his monthly income is more than when he was working and he still has a million dollars in his retirement account.

Pretty good for a guy who never got beyond high school and put his 2 daughters through college and they never wanted for anything - although his tightness is legendary. I wish I had his financial discipline.
 
They are basically 401K plans for govt and non-profits. Defined contribution plans. Have a few restrictions that 401k plans don't (think 403bs can only offer mutual funds or annuities).
Only mutual funds and annuities? Sounds like a plan drawn up by insurance companies and financial institutions.
 
I am glad you answered as I really have no idea. I know our servicer changed a few years ago. We had TIAA-CREF. IU formed a committee and chose Fidelity to manage but I think the plans we can invest in are owned by other companies. As I recall the committee (think a lot of Business profs) didn't want Fidelity advisors upselling Fidelity plans for a commission to people asking for advice.
If anyone ever wants or needs to sue their retirement plan, let me know!
 
I bet Zeke is getting more than $1500 a month.

She's jetting all over the world on her teacher's pension.
My pension sucks. But I am indeed jetting around the world. Maui this week actually.
 
I am glad you answered as I really have no idea. I know our servicer changed a few years ago. We had TIAA-CREF. IU formed a committee and chose Fidelity to manage but I think the plans we can invest in are owned by other companies. As I recall the committee (think a lot of Business profs) didn't want Fidelity advisors upselling Fidelity plans for a commission to people asking for advice.

I've had Fidelity in multiple employers (have Vanguard now) and never been pushed or encouraged to upsell to their products. But, they offer the low cost/low fee options and I never use advisors.
 
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