A new teacher’s pension is supposed to be a perk. The truth is that for the majority of the nation’s new teachers, what they can anticipate in retirement benefits will be worth less than what they contributed to the system while they were in the classroom, even if they stay for decades. . . It’s not unfair to say that these systems now treat new teachers as sources of revenue for other people’s pensions rather than valued employees in their own right. For a nation that places great emphasis on equity, it is astonishing that so many states now tacitly endorse retirement systems that are inequitable to current and future generations of new teachers.