tag:blogger.com,1999:blog-9299655.post3756276563086298292..comments2024-03-28T19:03:28.661-04:00Comments on Lehigh Valley Ramblings: How Much Did State Spend on LV Schools?Bernie O'Harehttp://www.blogger.com/profile/13756311150988957401noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-9299655.post-4874499753366908812016-04-07T19:50:20.507-04:002016-04-07T19:50:20.507-04:00All the projections are based on a 7.5% return on ...All the projections are based on a 7.5% return on investment. Last year it was 3%. what will it be this year? If it does not make 7.5% the difference is made up with an increase in the contribution by the taxpayers. It has $51 million in assets and $43 million in liabilities. The taxpayers contribution has increased 528% in 7 years. anywhere from 14% to 31% in any year. It is now 30.03 % this year. and supposed to only go up .59% next year. But this is based on a 7.5% return. Miracles do happen , but I would be surprised to see a 7.55 return this year. Ray Nemeth Srhttps://www.blogger.com/profile/08408009881636716591noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-30573634882017160202016-04-07T19:38:31.628-04:002016-04-07T19:38:31.628-04:00Fred,
You are trying to be an honest broker in...Fred,<br /><br /> You are trying to be an honest broker in this discussion and your insights are appreciated. <br /><br /> Scott Armstronghttps://www.blogger.com/profile/13455506547371305057noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-28657661305037944652016-04-07T19:31:07.960-04:002016-04-07T19:31:07.960-04:00Scott @6:43 -
I just did a quick Google and found...Scott @6:43 -<br /><br />I just did a quick Google and found a more recent projection for the coming 10 years that DOES support what you wrote. I don't have time now to research it enough to comment further.<br /><br />I was referring (from memory) to an initial 20 year projection published right after ACT 120 of 2010 was passed. That showed a 5 year duration of these higher contributions followed by a gradual decrease.<br /><br />This is an important topic for discussion. In any case, I hold our elected politicians in Harrisburg responsible as much as I blame the overly powerful PSEA.<br />I believe, because the elected politicians operate under a different retirement plan they prefer not to discuss ANY of this further. <br /><br />Fred Windish<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-5966442033042457302016-04-07T19:24:32.813-04:002016-04-07T19:24:32.813-04:00Ray,
Don't let the facts intrude on the as...Ray,<br /><br /> Don't let the facts intrude on the assertions made earlier that there really is no problem here. And even if there is a problem then it is somebody else's fault, and one would think by reading this thread that those involved think they have a get out of jail free card if they can tie a Republican to it. Currently the public employee pension fund has over 60 billion dollars in unfunded liabilities.Where is that money going to come from? That amount is twice the size of the states annual budget and growing. It is a metastasized cancer on both the state and public education. Scott Armstronghttps://www.blogger.com/profile/13455506547371305057noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-51941491766085438962016-04-07T19:17:03.863-04:002016-04-07T19:17:03.863-04:00I understand that Fred and mf are retired teachers...I understand that Fred and mf are retired teachers, but they are not looking into this pension, the auditors and many legislatures know what is going on, but there is no political will to deal with it, The teachers union has everyone frozen. Maybe they should just turn it over to the union and let them figure it out. or increase the payments by the teachers to match the amount paid by the taxpayers. Ray Nemeth Srhttps://www.blogger.com/profile/08408009881636716591noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-35453582498586407422016-04-07T19:11:46.609-04:002016-04-07T19:11:46.609-04:00Anyone who thinks the pension fund is under contro...Anyone who thinks the pension fund is under control, is not paying attention. It is insolvent, no one wants to take on the unions, and the unions believe there is more money somewhere to sustain this,. It is going to implode and it will not survive. The assets have been declining by 1.5 billion a year, and it is being made up by the taxpayers and floating bonds. The fund has been paying out over $2.5 billion a year over what it takes in. The plan is about to be downgraded by the rating agencies. Just Northwestern Lehigh has had over $50 million added to their debt just from the pension. The bigger schools are much more. It appears they are just going to let it all collapse. Ray Nemeth Srhttps://www.blogger.com/profile/08408009881636716591noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-74535147303372265332016-04-07T18:57:32.704-04:002016-04-07T18:57:32.704-04:00Hank Hill,
I have been raising the alarm on t...Hank Hill,<br /><br /> I have been raising the alarm on the pension issue for years, in the meantime the ASD has lost hundreds of teachers and many programs in order to pay the exploding PSER obligations.In the meantime the PSEA/teachers' union has blocked every effort of meaningful reform. <br /><br /> Is this misinformation?Scott Armstronghttps://www.blogger.com/profile/13455506547371305057noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-53378625927020316512016-04-07T18:52:25.234-04:002016-04-07T18:52:25.234-04:00Mike F. wrote,
"Fred you are absolutely corr...Mike F. wrote,<br /><br />"Fred you are absolutely correct. The changes made in 2010 are working and it is making a difference."<br /><br /> Working? Making a difference? Allentown has been bled white in the last few years and will continue to bleed out.The PSER problem that the PSEA/teachers' union won't allow to be fixed is destroying public education in PA and hurting the poorest districts first and foremost. Scott Armstronghttps://www.blogger.com/profile/13455506547371305057noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-63157820829039552732016-04-07T18:48:09.431-04:002016-04-07T18:48:09.431-04:00"Our government politicians bear responsibili..."Our government politicians bear responsibility for much of these loses.<br /><br />Fred Windish "<br /><br />And Fred the PSEA/teachers union selfishly prevents any reform of the pensionproblem and in doing so they are bankrupting the state and hurting public education. Scott Armstronghttps://www.blogger.com/profile/13455506547371305057noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-79589069091239667362016-04-07T18:43:50.509-04:002016-04-07T18:43:50.509-04:00"The present increased local district payment..."The present increased local district payments are scheduled to gradually reduce back to levels closer to traditional amounts."<br /><br />Fred, My understanding is that PSER payments will continue to rise for at least the next several years,then level off but stay at that high rate well past our life span on this earth. This information/understanding comes from many different sources.<br /><br /> Scott Armstrong<br />Scott Armstronghttps://www.blogger.com/profile/13455506547371305057noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-4545108270517386052016-04-07T18:39:52.368-04:002016-04-07T18:39:52.368-04:00I have found that the people who complain the most...I have found that the people who complain the most about the public pensions have the least knowledge on the subject. They will moan on and on about it, but once they are told what has happened they look at you with a deer in the headlight stare. Charter schools are a major drain on the taxpayer. I have yet to see any evidence that they are any better at what they do then a traditional public school. Major reforms need to be undertaken on charters in order to get everything under control. Based on what i have seen on the public access salary sites there are a lot of teachers making way too much money based on their years of service and the actual time worked during a year. Im a public sector employee (Commonwealth) for almost 8 years and there are some teachers with the same years of service making double what I am making (i have no problem with the amount of money i make. I think i am fairly compensated). I'm pretty sure my job would turn most of their stomachs. A salary that high should be something that isn't approached until near retirement (if even then). The number of administrators also has to be reduce. I see too many chiefs for not enough indians. What the house/senate/governor have to do is start working on legislation to move to the consolidation of the 500 plus school districts to one or two district per county. The saving realized from this would be large both in the short term and long term. Sorry for rambling here.<br /><br />Hank_HillAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-29180565859243535632016-04-07T16:18:19.898-04:002016-04-07T16:18:19.898-04:00Ohair you're an asshole with teeth. You are so...Ohair you're an asshole with teeth. You are so brave. You are an old fool with brain damage. You live in a very small place brave shit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-23113598544167557302016-04-07T15:44:59.841-04:002016-04-07T15:44:59.841-04:002:41 -
You bring up an interesting point about cu...2:41 -<br /><br />You bring up an interesting point about cutting teacher pay an immediate 10%. I agree, student success (as measured) would change little. Also true, the current pay could be INCREASED by an immediate 25%, and student measured success would actually change very little.<br /><br />You see, teacher pay and student success are not really cause and effect. Paying more for a lawnmower usually means getting a better built, more durable machine. None of that applies to public education.<br /><br />Of course, we first need to define what is educational success and if the measuring tool of choice is reliable, and might there be a better tool. <br /><br />Fred WindishAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-66694708454602136192016-04-07T15:41:51.545-04:002016-04-07T15:41:51.545-04:00Michael F, I have deleted the slur from an anonymo...Michael F, I have deleted the slur from an anonymous coward. But it takes guts to do what you do. It's almost as unpopular as being a blogger.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-66447408580065757882016-04-07T14:43:07.616-04:002016-04-07T14:43:07.616-04:00One other thing, the pension fund projections are ...One other thing, the pension fund projections are all based on a 7.5% return on investment, last year it was 3% If things don't shape up this year it may be in negative territory, if it is, the school districts will be looking at a 40% contribution.Ray Nemeth Srhttps://www.blogger.com/profile/08408009881636716591noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-77952217612183590592016-04-07T14:41:49.500-04:002016-04-07T14:41:49.500-04:00PA's per pupil spending ranks in the nation...PA's per pupil spending ranks in the nation's top ten. PA's per capita income ranks 23rd. Public education is greatly valued in PA, to the point where we significantly spend beyond our means. Our teachers are some of the best compensated in the country. Our SAT ranking is 41st. We're getting ripped off and our kids are being cheated by teachers who are union members, first, and teachers after that. Complain about teachers and the whine it's poor parents. Complain about the being overpaid, and they brag about the great job they're doing. Reduce teacher pay by 10% across the board and there'd be no discernible difference in the results.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-3493943811607728542016-04-07T14:40:28.232-04:002016-04-07T14:40:28.232-04:00One other thing about the pension plan, the taxpay...One other thing about the pension plan, the taxpayers paid close to $7 billion in interest to the fund this year,(page 62 of the 2015 financial audit), the schools teachers can cash out and receive all the money they put in + 7.5% annual interest. After 20 years they can take out the money in a lump of near $500,000, they can then take a year off, get a job at another school district and start over. some of this was changed in 2010 but all the others are eligible. No matter the changes made in 2010, the pension funds are all insolvent and are being kept alive with loans and taxpayer payments. The next recession will send most in the country over the edge. Ray Nemeth Srhttps://www.blogger.com/profile/08408009881636716591noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-25930648261239216432016-04-07T14:22:48.552-04:002016-04-07T14:22:48.552-04:00Of all the scams the education industry spring on ...Of all the scams the education industry spring on the taxpayer, the charter school scam interests me the most. As more students transfer to the charter schools the remaining students cost more per student. 1000/10=100' 1000/9=110. Now the charters are paid 110 per student.This escalates because the base cost of the of the school district escalates yearly as the number of enrolled students falls or remains flat.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-44395356767917495752016-04-07T13:57:59.473-04:002016-04-07T13:57:59.473-04:00Hey taxpayers we need a union. As soon as soon as ...Hey taxpayers we need a union. As soon as soon as we can concoct a way to hold the tax spenders hostage . Soon we'll have two year olds attending pre pre pre school. It's for the children. Pay up Grandpa, you should be happy we allow you to pay taxes, you don't expect an illegal with 6 kids in school to pay a nickel out of her 70,000 in welfare benefits . TFPAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-46168969844779096612016-04-07T13:45:36.606-04:002016-04-07T13:45:36.606-04:00Fred you are absolutely correct. The changes made...Fred you are absolutely correct. The changes made in 2010 are working and it is making a difference. People fail to realize if we eliminate all future employees from PSERS then where does the money come from to fund current and future retirees? It would take several large pension bonds with significant interest payments to end PSERS and SERS and move exclusively to a 401k style system.Mike Faccinettonoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-44882740235130051512016-04-07T13:42:59.713-04:002016-04-07T13:42:59.713-04:00I sleep fine because I am not afraid to state my n...I sleep fine because I am not afraid to state my name and what I believe in.Mike Faccinettonoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-17312497275051690962016-04-07T13:42:00.712-04:002016-04-07T13:42:00.712-04:0015,000 students. 2000 employees. Screw you taxpaye...15,000 students. 2000 employees. Screw you taxpayer.Pay up or we'll sell your house.Pay up grandma ,we don't care if you have a cracker a's long a's I have a 50000/yr. Pension. Pay up shut up. The slime ball reps. Belong to us.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-14594390969037202922016-04-07T13:36:57.901-04:002016-04-07T13:36:57.901-04:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-35267806725806812142016-04-07T12:33:02.875-04:002016-04-07T12:33:02.875-04:00Scott, 12:04 -
I don't know how else to pay t...Scott, 12:04 -<br /><br />I don't know how else to pay teachers other than with taxes. Property tax reform that would create more actual payers would help, I believe. <br /><br />Yes, teachers are paid appropriately now. <br /><br />Fred WindishAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-65812475821128308202016-04-07T12:26:25.768-04:002016-04-07T12:26:25.768-04:00Once again, the teacher pension formula described ...Once again, the teacher pension formula described WAS cut back several years ago. The new multiplier is now 2%, rather than 2.5%. Although the change only applies to those hired over the past few years, the curbs HAVE been put in place along with several other limitations and shared investment responsibility checks.<br /><br />At this time, local districts are contributing a greater percentage to help make-up for nearly a decade of NO contributions, even though the employees maintained their own contributions as agreed. The present increased local district payments are scheduled to gradually reduce back to levels closer to traditional amounts.<br /><br />I have been receiving a teacher pension for 10 years, so am collecting under the prior plan. There is no free medical coverage, by the way, although it was a good plan with reasonable deductibles and co-payments. Now, I'm on Medicare.<br /><br />People seem not to understand the teacher pension system was similar to a 401(k) plan with (generous) matching employer contributions all along. They also fail to acknowledge the incredible power of compounded interest using regular payments over a very long period. The final pension sum, from which retirement payments are made to the employee (annuity-like) grows very large, as it would for anyone else following such a disciplined formula.<br /><br />Unfortunately, traditional pension plans, including those not even requiring employee contributions, have been almost phased out. Same for the concept of "career" wherein someone remains with a single employer for many years.<br /><br />Our government politicians bear responsibility for much of these loses.<br /><br />Fred Windish Anonymousnoreply@blogger.com