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December 16, 2009

How to Game the System

New York State lawmakers recently created a new public pension system ("Tier 5") that they hope will save about $48 billion over 30 years.  You can read about it here and here.  The "Tier 5" system applies to state public employees as well as New York City teachers hired after January 1st, 2010.  Existing employees will continue to benefit from the more generous "Tier 4" system.

Tom Carroll's twitter feed referred me to a detailed guide for future state teachers to game the system.  "[T]here is still a very small window -- a matter of days -- for future members to still lock in Tier 4... You can join Tier 4 by substituting ONE day."  Please read the entire guide if that one quote doesn't sufficiently annoy you.  Thanks to the New York State teachers' union for this helpful public service.

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Comments

Proving once again the Libertarian adage that I made up: If there is a system, it will be gamed.

Maybe one day there won't be a Teacher's Union. I know its crazy, but we're all entitled to dream ...

Once again, thanks for turning over the rocks (like getting on Tom Carroll's twitter feed) to find these disturbing gems.

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