First of all, I heard the pension plan is massively underfunded, but maybe that's CALPERS. In the private sector, people have 401Ks. If the stock market crashes, as in the last several years, their retirement crashes too. With defined benefit, the teachers still get every penny. Where do they get it from? Taxes on people with the 401ks whose retirements just got defunded. But hey, the private sector drudges can always work till age 70, both because now they need to, and also to pay for those ex-teachers to lie on their ass - the same ones who gave their grandchildren an education that ranks them behind all the industrialized countries.
PLC seems to think that what you heard is wrong. Lets examine this statement and rate it on the HOPolitiFact meter. ( which I declare to be trademarked and patented by me, all rights reserved by me, only I can use the word HOPolitifact
)
Pension funds in Illinois are underfunded as are the pensions in many other states too. I declare that HOPolitiFact rates this statement as true.
People in the private sector have 401K's. HOPolitiFact rates this as true.
If the stock market crashes 401k funds can suffer. HOPolitiFact rates this as true.
Teachers get their benefits regardless of what the stock market does. HOPolitiFact rates this as true. (but they can lose their benefits even after they have been paid into the system if the legislature takes them away)
The money to fund teacher pensions comes from those with 401k's. HOPolitiFact rates this as half true. It does come from people with 401k's but also from people without 401k's and even from the payroll taxes that the teachers themselves pay.
People in the private sector can work until they are 70. HOPolitiFact rates this as true.
People in the private sector need to work until age 70. HOPolitiFact rates this as false. Statistically speaking people in their 70's are well off financially compared to the rest of the population. There are some who are not but they do not represent the norm as was implied by the statement.
People in the private sector can pay taxes to fund the retirement accounts of retired teachers who will lie around when retired. HOPolitiFact rates this as half true for the same reason that the above half true response was half true.
Grandchildren today have an education that ranks them behind all industrial nations. HOPolitiFact rates this as false. The US ranks 18 out of 36 industrialized nations on education.