Teachers union employees have been getting a 24% contribution to their 401k accounts.
Readers, I’d like to hear what your company kicks in to your retirement accounts, whether it be 401k, profit sharing or any other type.
The maximum I’ve ever had was 13%. That was a 10% match plus 3% from company stock.
That was way back in the 1980s when I was an employee of the Post-Newsweek company (Local 10, Washington Post, etc.)
But of course, I had to kick in my own 10%, making the Channel 10 kick in a dollar for dollar match.
And that made for a total 23% contribution of which I kicked in just under half.
According to Broward Beat, union employees are getting 24% without kicking in a penny.
Or are they kicking in? Somehow I don’t think they are.
Either way, up until now BTU was mighty generous with members’ money.
Mighty generous indeed.
Just think. A union head earning $150,000 was getting $36,000 dollars added to their 401k each year.
That’s about $3,000 less than teachers earn in each of their first six or seven years.
And it’s coming from the union dues paid by many of the teachers being shafted by the union contract.
Had I remained with Channel 10 for 20 years, with 23% (10% mine, 10% company match plus 3% company stock) I’d have been a millionaire at retirement.
And I never earned one third the salaries of top union management back then.
Considering most if not all of the union employees are or were teachers, the state retirement plan already leaves them well compensated.
Santeramo and crew stand to walk away potential millionaires, with free money that should belong to the union membership.
Of course, 401k returns aren’t as good as mine were back then, but they’ll still walk away with plenty.
Now, almost as a response to the complaint that went to AFT, the union’s cutting that 24% contribution.
For now, anyway.
It’ll be interesting to see what a forensic audit turns up.