1 COMMENT (HTTP://WWW.DENVERPOST.COM/GUESTCOMMENTARY/CI_27420039/SOCIALSECURITYGAPPUNISHESCOLORADO

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(/portlet/article/html/imageDisplay.jsp?contentItemRelationshipId=6564263)Extending Social Security coverage to all Colorado s teacherswould at least establish a minimum floor of retirement benefitsfor everyone. (AP file)

GUEST COMMENTARY

Social Security gap punishes ColoradoteachersBy Chad Aldeman and Leslie KanGuest Commentary

POSTED: 01/29/2015 02:02:54 PM MST | UPDATED: ABOUT 3 HOURS AGO

Public school teachers face plenty of uncertainty.It's a challenging profession that demands patiencewithout guarantees of success.

If that weren't enough, many Colorado teachers areflying without a net when it comes to theirretirement.

Why? They don't qualify for Social Security, theretirement and disability program that provides asafety net for 95 percent of Americans.

Teachers and other members of the Colorado PublicEmployees' Retirement Association (PERA) get agreat pension if they spend their entire career in

qualifying jobs. But those who don't perhaps because they move between states or jobs or leavework to care for family are in a much more precarious position.

According to state data, a 25 year old entering the teaching profession has less than a 1in50chance of staying in the system until the regular retirement age of 58. In fact, a new report fromTeacherPensions.org (http://TeacherPensions.org), the Laura and John Arnold Foundation, andBellwether Education Partners estimates that 85 percent of Colorado teachers and other schoolemployees will leave public employment with insufficient retirement savings and no Social Securitybenefit for their work.

The rare teacher who stays a full career wins an average annual pension of nearly $50,000. Butone who spends half as long in the classroom gets only about onesixth that much.

While public servants in many other states facethe same sort of savings penalties, in states likeColorado the risks are even more acute becauseteachers won't even earn Social Security benefits.

Retirement savings are often described as athreelegged stool consisting of Social Security,employer retirement plans, and personal savings.The extent of employerprovided benefits variesby job, and personal savings are a function offinancial circumstances, investment returns, andplanning foresight. For many American workers,Social Security is the most consistent portion of

the threelegged model.

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Colorado made the decision not to offer Social Security to its state and local government workerswhen it first became an option in the 1950s, believing its state pension plan alone could offer betterbenefits.

Social Security has spurred heated debates in Washington over its solvency and longterm future.However, with so many retirees so dependent on Social Security, it's highly unlikely that theprogram will disappear altogether, and we're more likely to see modifications rather thandraconian cuts to future benefits.

On the other hand, Colorado is already cutting benefits for workers and retirees. In 2010, facedwith rising pension costs, the Colorado Legislature imposed retirement cuts on teachers of allexperience levels. It reduced benefits for earlycareer workers, limited the amount that pensionscan adjust to rising inflation (cutting benefits of current retirees), and increased employercontributions. These cuts make teaching in Colorado less attractive, and they may force districts toreduce staffing, limit salaries, increase class sizes, or cut programs like music, libraries, or foreignlanguages all bad news to teachers.

Social Security isn't a substitute for an effective teacher retirement system. But extending SocialSecurity coverage to all Colorado's teachers would at least establish a minimum floor of retirementbenefits for everyone.

And unlike the current Colorado retirement system, teachers with Social Security carry thesebenefits with them, regardless of whether they move across state lines or professional sectors. Plus,Social Security benefits are protected from inflation and are progressive, meaning lowerincomeworkers receive a greater proportion of benefits relative to their income.

If we value teachers, let's make sure they have a viable path to a secure retirement.

Chad Aldeman and Leslie Kan are the authors of "Uncovered: Social Security, RetirementUncertainty, and 1 Million Teachers."

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