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How will the financial crisis affect teachers?


Wall Street and the financial crisis have been topping headlines this week. But if you’re anything like me, you’re probably struggling to wrap your head around what’s going on and what it realistically means to you.

For those teachers who aren’t trading big money on Wall Street, the obvious concerns are likely retirement funds, the education budget and the tax-repercussions of these government bailouts. [Who knew a nation so in debt had $85 billion to $1 trillion dollars just laying around?]

Our friends over at EdWeek talked with the experts to get some answers.

The word on your pensions:
“Nationally, public-employee pension systems covering educators, including K-12 and university employees, had assets totaling $2.37 trillion in their trust funds as of January, according to the National Council on Teacher Retirement.”
Worried about your 403b?
According to Dan Otter, a former teacher who now runs and the teacher retirement advice site 403bwise.com, teachers are nervous about their financial future. He posted a memo from AIG assuring 403b-ers that their investments are underwritten by a “strong insurance company.”

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