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State student enrollment up 12,260 kids from last year
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The legislature can build themselves new offices with the latest and greatest technology, yet we house our kids in trailers.
Pathetic and shameful.
Sad really.
Honestly it is probably time for Orem to form its own school district anyway. Maybe combine with Provo to get a decent sized district.
I do not know how much the underfunding really is, but to put things in perspective, there are 560,000+/- students in the school system. If the educator component of underfunding is $1.0 billion, then for each student enrolled in our public schools tax payers face a $1,786 liability for educator services already rendered.
Compare this liability with the state’s average M&O spending per student; in 2006 it was $5,683.
Go Figure!
Utah has the best managed retirement system in the country. However there are a few legislators that are trying to spread myths so they can demolish public education.
Don't believe the hype.
The state puts the money into the retirement fund as the teacher works. It is part of the paycheck. It is also one of the last things that keeps people in the profession.
I sure hope the legislature doesn't start putting their hands on the state retirement fund. That could get very ugly, very quickly.
Retirement for teachers is about the only thing they have left. They aren't in it for the prestige, pay, or respect. That's for sure.
Furthermore, any new money, and in Utah it is close to 15% of wages paid, that is being set aside for retirement, defined benefit and defined contribution programs. These are for the obligations incurred today, not yesterday. The underfunding is for yesterday's obligation.
As a perspective, for each of the 27,350 licensed school district employees statewide, for each $1B underfunding for these employees it would be a $36,550 shortfall. Paid off over 5 years would be about an 11% annual required increase in funding for teachers compensation, with no increase in take home pay.
Underfunding is no myth. There is a pension problem. It will have to be resolved.
There is no underfunding for yesterday's obligation once the market stabilizes. Just look at the history of the URS. It is a well managed fund that is very stable. Before 2008 it was taking in more than it was giving out. This is a small bump in the long history of a well managed fund.
The legislators need to stay out of it and let the professionals do their job.
Uh....good luck with that....It hasn't happened yet, on any issue.
Now that investment returns have normalized at much lower levels and portfolio losses are realized, not just paper losses, the actuaries are going to have to change their underlying analysis and assumptions to determine what the REAL obligation or funding liability is for URS.
Watch out! Your taxes will go up and your services will go down. Class size will not shrink, it will increase.
The defined benefit program is a dinosaur.
But the defined benefit plan for public employees and how it impacts tax payers is another issue.
I agree with the poster that said if the legislature does away with the teacher retirement program, that will be the last straw. NO ONE will make it a career. We will end up with hourly employees, which is what the legislature seems to be shooting for.
That isn't what I want for my kids.
Defined benefit isn't a dinosaur. It is the only thing keeping the program running. The fact that businesses are doing away with pensions doesn't make it a dinosaur. It just means businesses are getting it wrong. Just look at the economy and you'll see my point. There is no loyalty and we keep shipping good jobs overseas so we don't have to pay benefits.
It is a disaster caused by republican ideology that isn't working for us.
We need to return to a stable economy with careers. We don't need or want the Walmart mentality taking over everything!
We don't want a Walmart economy. We need to return to the days where a man can support his family and have a career. This changing jobs every 3 or 4 years is not working for our country.
I hope our legislators read your comments.
I have no problem with a teacher earning a retirement. They definitely do earn it. I just spent a few hours at my local junior high for a career fair and I know that the teachers are earning every penny they get. I would have to think that after 30 years they deserve some peace and quiet and relaxation. I don't know how they can survive that long to be honest.
Keep the retirement fund just the way it is. Or better yet make it ever more enticing so we can keep a few good teachers on the job.
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Our enrollments just keep going up. How will we ever keep up when we are last in per pupil spending in the nation? Administrators are overpaid! The schools I am in cut classified employeees first.