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California public teachers don’t have Social Security. They people into their retirement system pension plan instead.
by Pulcinella 5y ago
California public teachers don’t have Social Security. They people into their retirement system pension plan instead.
- lotsofpulp 5y agoAs a result of previous leaders of California teachers’ unions choosing to risk receiving higher benefits from the state of California (which cannot print USD, exposing benefit recipients to more risk) rather than the benefits that come from the federal government (which can print USD and always make good on its promise, minimizing benefit recipients’ risk). In this scheme, earlier generations of California teachers will make out great. Latter generations of California teachers will suffer. The typical result of DB pension schemes.