NJ teachers union plans to protest benefit cuts

[Omaha Steve]

http://www.nj.com/news/index.ssf/2008/06/state_teachers_union_plans_to.html

by Joe Donohue/The Star-Ledger
Thursday June 19, 2008, 11:44 AM

The New Jersey Education Association, which represents 205,000 teachers and other school workers, plans to protests outside 30 state senators' offices Friday against a bi-partisan package that would scale back pension and health benefits.

"We stand ready to work with the Legislature to root out the real causes of pension abuse and corruption that genuinely harm the state's finances,'' said NJEA President Joyce Powell. "But we will not tolerate -- not now, not ever -- any attempt to scapegoat teachers, bus drivers, cafeteria workers crossing guards and other school employees for sins they have never committed."

Friday's protests will take place outside the legislative offices of 15 Democrats and 15 Republican senators who "either support the bills or have yet to take a position on them."

One of the pending bills would end traditional pensions for new part-time state and local workers and replace them with 401(k)-style retirement plans. It also would end their health benefits.

Another bill would raise from three to five years the average on which pensions are based for newly hired workers. The bill does not apply to police or firefighters.

Budget committees in both panels are reviewing the pension changes today.

[HockeyMom]

1. I had a choice in Florida

State Pension or 401K. I chose the Pension. I am vested after 5 years or age 62 whichever comes first.

I used to work at a private agency in NY. I got a Pension automatically and the 401K was optional. We actually were required to sit for 2 hours listening to some guy lauding the benefits of the 401K option.

For what I was paid at that agency, I might as well buy a $5 dollar lottery ticket every week than "invest" in a 401K.