At 27 years they can receive 67.5%, not 75%. (2.5% x years)They are going away because u can put in 27 years and retire at 49 and then live another 40 years drawing 75% of your highest 3 YEAR AVERAGE. In no other profession can you retire after 27 years and then draw a guaranteed salary for the rest of your life, which could end up being almost twice as long as you worked.
That is not financially or economically sustainable. If teachers want to agree to work until sometime in their 60s and then get those benefits then maybe reasonable people might start to listen.
What's your opinion on military pensions?
An E-8 who enlisted out of high school can retire with 20yrs service (38 yrs old) and receive $30K/yr (~50%) and a projected over $1.8M over the next 40 years with COLA. If they serve 27 years they would receive $46K which is 75+% of their near $60K pay.
I actually know 3 retired Lt. Cols who each retired at 20 yrs...$75K/yr. Each was early-mid 40s when they "retired". One then went to fly for American Airlines, one does Jr ROTC at a high school and the third became a govt contractor making about double what he was paid active duty.