Tag Archives: piggy banks

Yesterday, U.S. Education Secretary Arne Duncan came to town. The good news is he visited two of Denver’s autonomy schools: Bruce Randolph and Montclair. The Education Secretary certainly is saying the right things about how this approach can grow: “The business we should be in is scaling up what works as quickly as possible,” Duncan said. “Let’s take those lessons, let’s replicate them and move on absolutely as fast as we can with a sense of urgency. We have to get dramatically better as a country, and we need to do it as fast as we can.” The $5 billion pot of “Race to the Top” innovation money is supposed to fulfill this purpose. As pointed out by Swifty Charlie and Flypaper’s Mike Petrilli, the reality is that “Race to the Top” is the only part of the federal stimulus funds that has even a legitimate shot at advancing school reform. Colorado may make some modest strides with the innovation dollars, but it very well could be outweighed by the much greater opportunity and resources wasted.

I’m pretty smart for a 5-year-old. But sometimes I wander into a topic that’s just over my head. That doesn’t mean it’s not important, but it’s probably just best if I let the big people talk about it themselves. My friends in the Education Policy Center released a new Issue Paper today, called Deferred Retirement Compensation for Career K-12 Employees: Understanding the Need for Reform (PDF). It was researched and written by Dr. Michael Mannino from the University of Colorado Denver. Rather than try to explain the paper myself, here’s the summary from the Independence Institute website: To improve understanding of public K-12 retirement compensation, this Issue Paper provides historical estimates using a substantial sample of retiree characteristics and salary histories. Deferred retirement compensation from a hybrid defined benefit plan is defined as the difference between an employee’s estimated retirement account balance and the greater pension value she expects to receive. When accounting for K-12 employee compensation, large amounts of deferred compensation should be included. For the 846 Denver Public Schools retirees in the sample, average lump sum deferred compensation is $627,570. Wow, it would take a lot of piggy banks to put that much money in. But I think […]