Public-sector pension plans are deep in debt, to the tune of more than $1 trillion. That story is known, and it gets re-told every year through headlines with new data showing just how much rising pension costs are cutting into government budgets. But the plans responsible for the retirement security of millions of public employees, many of them teachers, have another problem you probably haven’t heard of. The truth is, millions of workers may not even know they’re losing out due to a bigger, slower-moving problem. Only about half of all new teachers will stay long enough to qualify for a pension at all, and fewer than one in five will reap the large back-end rewards promised by the plans. In a new… Next »
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