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Maybe pensions work differently in the USA. Isn't pension money deducted from every paycheck, for their entire careers? Possibly with some sort of matching from the employer as part of the contract?
Thus the money should be in their pension fund, earning enough interest and dividends to pay the pension. So why does anyone have to pay retired teachers?
What you are describing is a defined contribution pension much like a 401K but what many (most?) teachers have is a defined benefit pension which pays some percentage of one's final (or high three years average) salary plus COLA raises for life.
11 things you need to know about Chicago teacher pensions