Public pensions are allegedly guaranteed by each state and/or the federal government. After all, doesn’t it say so in many if not all state constitutions? That’s why public employees count on the fact that when they retire after working 20, 30, 40, or more years, they will receive the pensions they were promised.
A friend of mine who is still teaching attended a State Teachers Retirement System (STRS) Seminar in Irvine, California recently and asked if teacher’s pensions were safe. My friend was told that the California Constitution guarantees the State of California’s obligations towards the Teachers’ Retirement System. (My friend’s name will go unmentioned in this post because of the fact that in public education today no job is safe for teachers if you say the wrong thing in public.)
My friend thought, “What (the STRS representative) does not realize is if the money is not there, then the…
View original post 1,118 more words