Geno offers to give up pay - Well...at least someone in CT gets it

[Blarney76]

Oh really I thought all American citizens get it automatically, I mean as long as the program is around which it probably won't be by the time I retire in 50 years. Does this mean that the teachers also don't have to pay into it?

Public teachers/administrators/professors in CT do not pay into Social Security, rather they pay into Teachers Retirement Board (TRB).

 

[tomcat]

Oh really I thought all American citizens get it automatically, I mean as long as the program is around which it probably won't be by the time I retire in 50 years. Does this mean that the teachers also don't have to pay into it?

I believe -- someone correct me if I'm wrong here == that the teachers pay into their own pension system in lieu of SS. And as someone mentioned above, it has been a longstanding practice for state employees, who generally work for less (yes, yes, I know there are a few politically connected major exceptions) than people in equivalent work in the private sector, to be offered pensions in addition to SS that keep them coming to work when they could catch a better deal salary-wise elsewhere.

In my last pre-retirement job, a public sector position in Arizona I held for more than 9 years, I figured I was paid maybe 15% less than the going private sector rate for the level of work I did. However, I contributed 50% of my pension funding every two weeks, and my employer matched it. These contributions were mandatory, and boy, was I grateful for them. Pensions were calculated based on your last three years of salary and the number of years you were employed. That pension makes a real difference for me now. I did not take the job because of the pension, but as retirement neared, I was really glad I was working in a place where my SS would be supplemented.

At least in the past, the states figured they needed to appeal to employees' self-interest, which only makes sense, and if they couldn't match private sector salaries, they still needed to offer something that would make it worth the salary sacrifice. Hence the pensions. But, to carry this one step further, if you're going to offer employees a pension, you'd better fund it, which is what many of those politicians didn't do. That's why states like Illinois are in huge hot water today with what's called "unfunded pension liability." I'm predicting that many of them will renege on the promises they made to workers, leaving those workers high and dry after years of service.

 

[Monte]

Public teachers/administrators/professors in CT do not pay into Social Security, rather they pay into Teachers Retirement Board (TRB).

I do know, that at one time, the public school teachers in Waterbury DID pay into, and when retired, did get SS. Most of the other cities, no.

 

[Blarney76]

I do know, that at one time, the public school teachers in Waterbury DID pay into, and when retired, did get SS. Most of the other cities, no.

That's interesting about Waterbury, I had never heard of public educators in Connecticut contributing to SS. In my 25+ years around public education in the state of Connecticut there has never been SS withheld, it's been solely TRB (which is mandatory, and at present, a higher percentage than what private employees pay into SS) as well as the option to establish a 403(b) plan.

And like Illinois, Connecticut is also in a position of unfunded pension liability which is why Gov. Malloy's current budget proposal calls for a restructure of the teacher pension contribution and seeks to have cities absorb a greater portion of the massive pension burden...not a good scenario for district budgets.

 

[ndmb]

Unlike the legislators, he is well worth what he is paid.

The legislators not only get mileage reimbursement, but unbelievably the mileage reimbursement is included in their pension calculations. Since legislators get the same pension benefits as other state employees, one can see why they are not eager to cut back in that area. Maybe they would agree to give up some of these exorbitant benefits?

Over 1,000 state retirees have six figure pensions, and again unbelievably, 11 retirees are receiving illegal pensions - pensions in excess of the IRS limits on the amount an individual can receive. No apparent attempt by Connecticut to comply. Why not?

At Connecticut State legislator makes $28k a year. I don't begrudge them cushy millage reimbursements.

 

[BroadwayVa]

"I'll give up what the state pays me, what the taxpayers are paying me..." That doesn't include all the other income he gets or could get based on that state-supported work. As we've discussed, 400k is salary, the other 1.6M from the athletic dept, etc

Not trying to be nasty to Geno, for whom I have enormous respect. But then how about (say) CD who makes 400k? is an assoc. head coach worth that much in a budget crisis where they might have to cut substantially the honors program? Doesn't this put pressure on her? etc, etc . until we're down to someone who has to explain their (say) 125k salary with a kid in college and a sick parent. etc etc

Geno is making way too much money in absolute terms but is a steal in relative value. Why should he suffer and put pressure on a lot of other people because of the greed, larceny, mismanagement, and stupidity of others? He should take his entire contractural salary. How much of it he then decides to donate back to the university is his business.

Bags: The high lighted sentence-I agree with the first half---my basic communistic beliefs--
Geno---offering this is like ---spitting in the ocean---no effect. In terms of his over all income --it's like me dumping 10,000 annually into some deep dark hole (which I usually do) or like the average Ct Citizen family giving the state 400 bucks each. Nice gesture, meaning nothing to the budget. If he wants to help--campaign for budget reductions in laws and regulations and benefits --the typical state employee doesn't get the legislature/state police bennies.\
Last time I looked CD wasn't making 400k! If Geno is worth 3 mil--CD is worth at least 1.5 mil.

FYI---The photo of the 2018 team is on the Uconnhuskies.com/sports/roster site. Great pix

 

[BroadwayVa]

Oh really I thought all American citizens get it automatically, I mean as long as the program is around which it probably won't be by the time I retire in 50 years. Does this mean that the teachers also don't have to pay into it?

Just think multimillionaires --in Connecticut and elsewhere--get their SS checks and Medicare-and take it--just want to make you feel great about what you will get.

 

[DaddyChoc]

In my last pre-retirement job, a public sector position in Arizona I held for more than 9 years, I figured I was paid maybe 15% less than the going private sector rate for the level of work I did. However, I contributed 50% of my pension funding every two weeks, and my employer matched it. These contributions were mandatory, and boy, was I grateful for them. Pensions were calculated based on your last three years of salary and the number of years you were employed. That pension makes a real difference for me now. I did not take the job because of the pension, but as retirement neared, I was really glad I was working in a place where my SS would be supplemented.

they MATCHED 50% holy * thats legal robbery

 

[huskeynut]

I do know, that at one time, the public school teachers in Waterbury DID pay into, and when retired, did get SS. Most of the other cities, no.

Here's the law.

When Congress passed the Social Security Act in 1935, it excluded federal, state, and local
government employees from mandatory coverage
(42 U.S.C. Ch 7).
The exclusion for state and local public employees was based on constitutional concerns about whether the federal
government could impose taxes on state governments. In the early 1950s, Congress amended the law to allow state and local government employees to
receive coverage if they voluntarily chose it in a referendum. The then
-members of the Teachers’ Retirement System voted against joining the Social Security system. In 1959, at the request of the Connecticut Education Association, the General Assembly prohibited TRS members from holding another referendum. The ban on Social Security coverage for Connecticut teachers remains in place (CGS § 5158(d)).

Teacher's can receive social security benefits if they have earned enough quarters by working other jobs. However, the amount received with be approximately 50% less than usual.

I'm a retired teacher. I had my quarters in to receive social security. But it ain't much, let me tell you!

 

[Fairfield Fan]

Unlike the legislators, he is well worth what he is paid.

The legislators not only get mileage reimbursement, but unbelievably the mileage reimbursement is included in their pension calculations. Since legislators get the same pension benefits as other state employees, one can see why they are not eager to cut back in that area. Maybe they would agree to give up some of these exorbitant benefits?

Over 1,000 state retirees have six figure pensions, and again unbelievably, 11 retirees are receiving illegal pensions - pensions in excess of the IRS limits on the amount an individual can receive. No apparent attempt by Connecticut to comply. Why not?

If memory serves, the salary for a state representative is about $38,000 a year. For a state senator, it's about $42,000 a year. In other words, it's squat. And while the General Assembly is supposedly part-time, in reality it's a full-time job. And for that, these mostly highly educated people earn salaries that wouldn't permit them to get a mortgage in most Connecticut towns.

 

[Huskee11]

At Connecticut State legislator makes $28k a year. I don't begrudge them cushy millage reimbursements.

.

Day 87 without a budget. Lots of wasted driving.

 

[JRRRJ]

Unlike the legislators, he is well worth what he is paid.

The legislators not only get mileage reimbursement, but unbelievably the mileage reimbursement is included in their pension calculations. Since legislators get the same pension benefits as other state employees, one can see why they are not eager to cut back in that area. Maybe they would agree to give up some of these exorbitant benefits?

Over 1,000 state retirees have six figure pensions, and again unbelievably, 11 retirees are receiving illegal pensions - pensions in excess of the IRS limits on the amount an individual can receive. No apparent attempt by Connecticut to comply. Why not?

If it's anything like California, most of those six-figure pensions belong to professorial retirees from the University and -- especially -- the Medical Center. Combination of a very good salary and tenure, which leads to long careers.

 

[Monte]

Oh really I thought all American citizens get it automatically, I mean as long as the program is around which it probably won't be by the time I retire in 50 years. Does this mean that the teachers also don't have to pay into it?

Ct State law says, that public school teachers can not pay into SS, or receive any payments after retirement. The only exceptions would be if a teacher had another job outside of teaching, at one time,and contributed to SS. Then, if the teacher had 40 quarters of contributing to SS, he/she could collect upon retirement.

 

[huskeynut]

Ct State law says, that public school teachers can not pay into SS, or receive any payments after retirement. The only exceptions would be if a teacher had another job outside of teaching, at one time,and contributed to SS. Then, if the teacher had 40 quarters of contributing to SS, he/she could collect upon retirement.

Correct. And remember, if teachers do qualify for SS, they will only get about half of what they should. I had well over 40 quarters in when I retired. I get squat from SS.

 

[Alydar]

If memory serves, the salary for a state representative is about $38,000 a year. For a state senator, it's about $42,000 a year. In other words, it's squat. And while the General Assembly is supposedly part-time, in reality it's a full-time job. And for that, these mostly highly educated people earn salaries that wouldn't permit them to get a mortgage in most Connecticut towns.

What this has led to is a legislature filled with employees of large CT corporations who actually encourage their employees to run for office and who pay them their full salary while they serve. Banks and insurance companies are prominent among those corporations, or at least that was the case a decade or more ago when I became aware of the situation.

 

[MilfordHusky]

Correct. And remember, if teachers do qualify for SS, they will only get about half of what they should. I had well over 40 quarters in when I retired. I get squat from SS.

Here's the philosophy:

The benefits for relatively low pay are disproportionately high. For Federal employees and others who were eligible for retirement benefits from their primary jobs, the amount of the social security payment based on other jobs was viewed as a windfall, because it was added to a full pension. In the early 1980s, under the Reagan Administration, the "windfall provision" was eliminated. The WEP provides for a reduction in the calculated social security benefit of up to 60%. I'm a retired Federal employee with earning credits in the private sector. My social security benefits are roughly 4% of my Federal retirement benefits.

 

[Huskee11]

Correct. And remember, if teachers do qualify for SS, they will only get about half of what they should. I had well over 40 quarters in when I retired. I get squat from SS.

My aunt was a teacher for much of her working career. She was predeceased by my uncle who worked for an insurance company his entire career. Although it was a long time ago and I can't cite chapter and verse, her rights to surviving spouse benefits under social security were severely curtailed due to her service as a teacher. Seemed very unfair although presumably there was some straight face justification for it.

 

[huskeynut]

Here's the philosophy:

The benefits for relatively low pay are disproportionately high. For Federal employees and others who were eligible for retirement benefits from their primary jobs, the amount of the social security payment based on other jobs was viewed as a windfall, because it was added to a full pension. In the early 1980s, under the Reagan Administration, the "windfall provision" was eliminated. The WEP provides for a reduction in the calculated social security benefit of up to 60%. I'm a retired Federal employee with earning credits in the private sector. My social security benefits are roughly 4% of my Federal retirement benefits.

The term used is "double dipping."

 

[MilfordHusky]

The term used is "double dipping."

Right. Some people work in different places with different retirement systems. If they work in each long enough, they earn pensions in each. This is very common for military, police, and firemen, who have fairly low retirement ages because of the nature of the work. They then earn retirement benefits as the result of a second career.