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| Home > News > Salary and Benefit News > Report examines impact of teacher pension systems |
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| Report examines impact of teacher pension systems |
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As many states wrestle with education reform issues, such as teacher pay, two prominent scholars have released a report that analyzes the fiscal impact of pension plans currently in place.
Michael Podgursky, a professor of economics at the University of Missouri, and Robert Costrell, a professor at the University of Arkansas, co-authored the report for the journal Education Finance and Policy. They said that their study is the main source of research to date on teacher retirement benefit systems in America.
The study was based on the 2009 academic conference at Vanderbilt University, which brought together economic, political science, law and public policy experts. The authors discovered that most public teacher retirement systems offer defined-benefit pensions, which guarantees educators a certain monthly payment after retirement. This system, according to Podursky and Costrell, encourages some good teachers to retire in their 50s, while causing some unmotivated teachers to stay put until retirement age.
According to The Washington Post, a total of 19 states approved some form of pension reform in 2010. Last week, Maryland Governor Martin O'Malley proposed an increase in teacher contributions toward their retirement funds. Unions argue that rising pension costs would negatively impact educators who are struggling in a tough economy, especially considering they have taken furloughs in recent years to cut costs, according to the media outlet. |
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