Quote:
Originally Posted by Sly
They pay 11% of salary, mandatory, and they can retire at 55. They then receive up to 80% of their highest salary for the rest of their lives. Get in at 25, retire at 55, die at 85 with that same 80%.
The math doesn't work. They are dependent on future teachers paying dues. It's a Ponzi scheme.
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But their dues never add up to what they are paying out. They are lucky to get to 70% of what they are paying out. Most are near 50%. So the tax payer is on the hook for the scheme.