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In state after state active teachers were being forced by legislatures to increase the amount of money taken from each paycheck into their pension systems.
At the same time the same legislators were saying that pension systems cannot and will not exist in the future. Therefore, legislators are forcing teachers to “save” money while promising them they will never get it back later.
In state after state dual systems or choice systems force teachers to pay into 401k programs approved by legislators.
These 401k programs make upfront profits (fees, handling costs, service charges, or premiums paid for by the teacher and/or employer) from this mandatory savings system while openly stating that the 401k programs will lose money at various times.
Retired teachers who contracted for lower immediate wages while earning deferred compensation (pensions) are now being told that states have not paid what they were contracted to pay by law into the systems, therefore the state will punish the teachers they stole from by refusing to pay the agreed upon amounts.
read more
At the same time the same legislators were saying that pension systems cannot and will not exist in the future. Therefore, legislators are forcing teachers to “save” money while promising them they will never get it back later.
In state after state dual systems or choice systems force teachers to pay into 401k programs approved by legislators.
These 401k programs make upfront profits (fees, handling costs, service charges, or premiums paid for by the teacher and/or employer) from this mandatory savings system while openly stating that the 401k programs will lose money at various times.
Retired teachers who contracted for lower immediate wages while earning deferred compensation (pensions) are now being told that states have not paid what they were contracted to pay by law into the systems, therefore the state will punish the teachers they stole from by refusing to pay the agreed upon amounts.
read more
