Leslie Kan, who blogs about teacher pensions for Bellwether, writes that “New Jersey teacher are furious” because “Governor Christie has shortchanged the pension fund” and they’re expressing their anger by wearing black tee-shirts that show the number of pension payments they’ve made into the system. Kan is on their side: evil Christie promised to make certain pension payments through the 2011 pension reform legislation but he’s “break[ing] his own promise.”
Even worse, she writes, teachers don’t understand that they’re loss is greater than the missed pension payments. They don’t know, she says (and maybe it’s just me who detects a note of condescension here), that they “will actually end up paying out more towards the system in contributions plus interest than what they will get back in benefits. And, “while Governor Christie has shortchanged the pension fund, the system itself is shortchanging the majority of New Jersey teachers. Unfortunately, because of the lack of transparency and byzantine nature of pension systems, many teachers may not realize this.”