Retired teachers donate $65 million worth of volunteer time
Last updated 10/28/2021 at 3:45pm
SACRAMENTO – After years, sometimes decades, in the classroom giving back to their students, California’s retired teachers continue to give back through their passion for volunteerism.
And as if that weren’t enough, recent studies confirm that their pensions pump billions into the economy! According to the latest report from the National Institute on Retirement Security, Pensionomics 2021, California saw $76.7 billion in total economic benefit in 2018 from pension benefits paid out by state and local pension plans. Because retirees spend their benefit checks in their local community, their spending ripples through the economy as one person’s spending becomes another person’s income.
The positive economic impact of California pensions is impressive by any standard:
• $76.7 billion in economic output generated by retirees’ spending
• 395,520 jobs paying $25.4 billion in wages and salaries supported by retirees’ spending
• $15.1 billion in federal, state and local tax revenues generated by retiree benefits and spending in California
• $65 million worth of donated time from retired educators.
CalRTA’s members are part of that pool of retirees whose pension checks help stimulate California’s economy. Members of CalRTA also donated more than $750,000 in grants, scholarships and donations to schools and current and future teachers last year.
Each year, CalRTA highlights retired teachers’ contributions by celebrating Retired Teachers Week. This year’s event, Nov, 7-13, marks the 23rd year the celebration has been held during the organization’s 92-year history. In 1929, as the country entered the Great Depression, a small group of teachers banded together to fight for retirement security. In addition to helping California’s educators, early CalRTA leaders went on to form other retiree organizations, such as Ethel Percy Andrus who formed AARP.
“Our early leaders showed us what dedication, compassion and determination can accomplish,” noted Ron Breyer, CalRTA State President. “Today we’re trying to live up to their example as we continue our fight for retirement security while also giving back to our local communities and protecting public education.”
Submitted by California Retired Teachers Association, Division 81, Fallbrook.