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Public School Teacher Pension Tsunami Imminent May 5, 2009

Posted by papundit in Uncategorized.
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Pittsburgh Tribune-Review raises the warning about the Pennsylvania Public School Employees’ Retirement System, known as PSERS.

Starting in the 2012-13 school year, when retirements are expected to accelerate, school districts and the state will have to pay an additional $2.5 billion annually into the fund, according to the Association of School Business Officials.

Of course, this is all thanks to the tradition of lavishing public employees with defined-benefit pensions (and then disguising the true cost of these liabilities to taxpayers).  Come hell or high water, taxpayers will be on the hook to ensure these retirees get guaranteed income for life.

Teacher retirement benefits are mandated by law. Courts have ruled they cannot be reduced for current teachers or state employees covered under similar retirement plans.

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