- Restrictions on Access:
- Open Access.
- While New Jersey has seen great success in its public school system, earning the top spot in the 2019 ranking of US states by the Education Week Research Center, its fallen short of that glory in its retirement benefit model. A chronically underfunded teacher pension system has weighed heavily on the states budget for years. Meanwhile, what teachers can expect to receive out of the fund has declined significantly since 2007. This paper aims to demonstrate that New Jerseys teacher pension system does a disservice both to the states teachers and its tax payers, delivering a benefit less than what they could expect to earn on individual savings while crowding out other items in the states budget. The system could be much improved through the conversion to a defined contribution plan, to which teachers could contribute and which teachers could take with them, whether or not they remain in the education field. Another recession like the 2008 financial crisis could make it impossible for New Jersey to deliver on its pension obligations. Decisive action must be taken to implement a feasible long-term plan soon.
- Dissertation Note:
- B.S. Pennsylvania State University 2020.
- Technical Details:
- The full text of the dissertation is available as an Adobe Acrobat .pdf file ; Adobe Acrobat Reader required to view the file.
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