this post was submitted on 26 Aug 2023
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Active teachers are paid from the fund in the form of debt. When they retire, they start to collect on the debt outstanding. As you can clearly see, the fund structured such that how much one is able to collect in retirement is commensurate to how much debt was accrued during active teaching service. It is not structured as a basic dividend.
To ignore the payment received just because it isn't available to drop on hookers and blow is what is super weird. If I put everything I make into retirement savings I guess I received no pay at all? That's a bizarre way to look at it.
This is incorrect. The fund pays teachers as a defined benefit. There is no pay relationship between the funds success and a teachers payout. Teachers don't receive a debt from the fund which is paid out at retirement, they have an up front defined benefit they recieved calculated based on years of service.
If the fund could not pay teachers the govt guarantees it will fill out anything remaining (if this happened who fucking knows what would actually happen).
Teachers can't receive money from the fund until they retire OR if they quit and take a commuted value which would be deemed income and taxable (ie it'd be pretty dumb to take in this way).
They have to live now, this retirement plan is nice, and one of those shining examples of privatization working well, BUT teachers any live on that while they are teaching. ECEs right now out of school earn about 26k/year. That is not going to attract people into the field.
The hookers and blow quip is shitty, first because it cheapens your argument, second because you shouldn't tell people how to spend their money.
Exactly. Literally a debt owed to the teacher, accumulated in commensuration with the service provided by the teacher. Or, more simply, payment for work.
Cool. Now, on to something of value, let me remind you that the whole reason we have an education system is teach our youth how to separate such emotions from their thought, to ensure that feelings don't cloud judgment in life. Given this grand display of the education system not working, what do we even need more teachers for?
You don't get retirement benefits until you retire, you can't spend that money unil you do, and you need it then anyway. The pension helps but it doesn't make the position attractive as better wages now. Being poor now so you can retire poor while doing some very difficult work is not attractive. Further any pension as a weight in future prospects is surely weighted against them leaving the field early.
What grand display are you talking about?
Places with education systems have better outcomes for their population than places that don't, we need it so our children have a good life.
Yes, that's the nature of extending credit to a debtor – you don't get your money back until the terms expect payment. That doesn't mean it doesn't exist.
One could always borrow to find immediate liquidity using the outstanding debt to be collected as collateral.
Teachers, being the owners of the fund, could also come to an agreement to change its structure. The fund doesn't have to create a debt to active teachers, that's just what its owners decided to do at one point in time.
The one where someone went on some weird emotional tirade because of some meaningless words. An educated populace is able to comprehend information in a message without getting wrapped up in their feelings about it.
According to the OCED/Statscan, Ontario is the most educated province in the most educated nation. In other words, it is considered the most educated place in the world. By which metrics does Ontario display the world's best outcomes for its population?