Re: Corbett’s pension plan is filled with ‘false’ savings: Mike Sturla
[Representative Mike] Sturla is a perfect example of the old saying ” Numbers don’t lie but liars use numbers”. His average pension numbers include teachers and state employees that retired 20 years ago or longer, before public employee salaries got way out of hand.
A teacher retiring today after 35 years of service at age 57, who in most Lancaster Co. school districts is making $65K to $80K per year plus benefits, will be receiving an annual pension from the low to upper $60K per year plus medical insurance. They will also be able to receive a lump sum payment of every penny they contributed to the pension plan, plus 4% interest compounded over 35 years.
One other thing most people don’t know, beyond the yearly salary increase, teachers and state employees receive a longevity increase every year of about 2.25%. So when you hear a teacher say they settled for ONLY a 3% raise, they actually received 5.25% raise; of course they did it for the children.
