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    New York (CNN Business)A US division of German insurance firm Allianz will pay more than $6 billion for what US investigators called a "massive fraudulent scheme" that involved the investments of public pensions, religious organizations and other foundations. The settlements with the US Department of Justice and US Securities and Exchange Commission are among the largest in corporate history. The company and three of its portfolio managers agreed to plead guilty to federal fraud charges as part of the settlements.The Justice Department said Tuesday that Allianz Global Investors failed to stop a scheme to defraud investors in funds that collapsed during the 2020 Covid recession. AGI is a subsidiary of Allianz SE, one of the biggest names in the financial world with over $2 trillion in assets under management.The scheme, said investigators, manipulated investors to put $11 billion into complex funds they dubbed "Structured Alpha.'' The portfolio managers mislead investors about the risk levels and altered documents to make the funds look safer than they were, the DOJ and SEC said. The firm ultimately made about $550 million in fees...
    by Nat Malkus and Tracey Schirra   The seemingly-omnipresent call to raise teacher pay is sounding even louder this year, as rising inflation threatens to render moot any raises made in previous years. Yet even before that became apparent, state pay raises for teachers were heading toward a crescendo. There were numerous historic raises in March 2022 alone: Mississippi’s Gov. Tate Reeves signed a pay bump of roughly 10 percent, New Mexico’s Gov. Michelle Lujan Grisham signed a base salary increase average of 20 percent, and Florida’s Gov. Ron DeSantis announced $800 million in additional funds to raise teachers’ starting salaries. In April 2022, Alabama’s Gov. Kay Ivey approved raises that range from 4 to 21 percent depending on teachers’ experience levels. Raising teacher pay may be good politics — and even prudent policy, at times — but it can also cement a preexisting problem in the way we pay teachers: master’s degree pay premiums. A significant number of districts across the country boost pay by thousands of dollars for teachers who have a master’s degree or other advanced degree, collectively spending a whopping 12...
    Longtime teachers in Virginia’s largest school system could see a pay increase as part of next year’s budget. Fairfax County Public Schools is considering adjusting its salary scale in an attempt to recruit new employees and incentivize current workers to remain in the county. The county is discussing using $4.3 million to add an additional step to current salary scales, as part of its proposed budget for the next fiscal year. Many school system employees, including teachers and bus drivers, are paid using a step system, which ties salary to length of service. More Education News More Fairfax County News More Virginia News  The change would offer an additional step to the top of the salary scale used for teachers and would impact about 10% of the school system’s employees, officials said during a school board work session this week. The added step could motivate staff at the top of the scale to return rather than retire or look for jobs in surrounding jurisdictions. Fairfax County has fewer steps on its salary scales than neighboring jurisdictions, according to...
    TALLAHASSEE (CBSMiami/NSF) – Members of the State Board of Education are ratcheting up pressure on school district officials to distribute funds earmarked last year for boosting teacher salaries. Board members during a meeting Wednesday received an update on the disbursement of $550 million approved by lawmakers during the 2021 legislative session. READ MORE: Viral Video Of Balloon Dumping A Reminder Biscayne Bay Needs RescuingThe money was a continuation of state leaders’ goal of raising minimum teacher pay to $47,500. The Department of Education reported that 64 districts met an Oct. 21 deadline to submit plans for distributing the funds. But seven districts missed the deadline. Officials in the Bradford, Brevard, Lee, Palm Beach and St. Johns county school districts are in various stages of negotiating with unions or are awaiting board approval or ratification of agreements. Florida A&M University Developmental Research school, one of several laboratory schools that function as their own districts, also is among that group. The Leon County school district is on the verge of an impasse with its local teachers union in salary negotiations. With district...
    This article was written by WTOP’s news partner InsideNoVa.com and republished with permission. Sign up for InsideNoVa.com’s free email subscription today. A change in how Prince William County Public Schools organizes its tenure scale has caused an uproar among some of the county’s longest-tenured teachers, at the same time division leadership is touting historic wage increases for all school system employees. Just as the Prince William Board of County Supervisors was giving the final sign-off on the $1.4 billion schools budget for fiscal 2023, teachers began reaching out to InsideNoVa and posting on social media about receiving step decreases for the 2022-23 school year. One middle school teacher told InsideNoVa he was dismayed to be going from step 20 in the current school year to step 17 for 2022-23. “Steps” are teacher levels that correspond with salary. For the most part, they are meant to correspond with an educator’s tenure, but they are not meant to represent the number of years a teacher has been in the classroom. At times when budgets are tight, school divisions will often withhold step...
    SAN FRANCISCO (KPIX 5) — The City of San Francisco will pay $60 million annually as part of a new initiative into early education programs. People who run these early education programs, both private and public say it’s extremely difficult recruiting, hiring, and retaining preschool teachers. They believe this boost is much needed for more than just the teachers. READ MORE: 2 Baby Brandon Kidnapping Suspects Arraigned on Multiple Felonies; Third Suspect ReleasedNesanna Lee works full-time as a preschool teacher. She’s been doing this for more than 30 years. “A lot of us really like working with children but we have to choose between what we like and what we can live on,” said Lee. Lee rides a bus every day and saves what she can. A typical starting-level position here currently pays $18 an hour. The pay raise initiative would bump each educator’s salary by approximately $8,000 to $30,000 annually. “They are acknowledging that our work is important,” said Lee. Jerry Yang runs the Kai-Ming Head Start programs, serving low-income families. We asked if Yang has seen many good...
    FORT LAUDERDALE (CBSMiami) — Broward taxpayers will be asked to dig deeper this August and pass a referendum to help fund teachers supplemental pay, school security, and mental health initiatives. The ‘Secure The Next Generation Referendum’ was first approved by Broward voters in 2018 and is about to expire. READ MORE: Expanded Hours For Gator Hunting EyedVoters will decide whether to renew the referendum during the August 23, 2022 primary. The tax rate would double, which means if your home is valued at $400,000 you would pay $275 dollars in school property tax, which is about double what it is now The funds from the 2018 referendum allowed the hiring of 500 school safety personnel, 100 mental health professionals, and $82 million in salary supplements for teachers and staff, according to the school district. On Tuesday, the Broward School Board will vote on how to divide the funds should voters approve the referendum renewal. Currently, the proposal is to split the money as follows:  75% for supplemental teacher and staff pay, 18% for public safety, and 7% for essential services...
    ALAMEDA — Measure A, a school parcel tax voters narrowly approved in 2020, has been struck down in court, but Alameda Unified says it plans to appeal the ruling. Most of the money raised by Measure A goes toward teachers’ salaries and benefits. School district officials have not said how they will pay for promised teacher salary increases without the seven-year tax, which raises an estimated $10.5 million annually. They would only say that they remain committed to honoring the negotiated pay raises. A district spokeswoman said she would not comment further because of the ongoing litigation. Resident Leland Traiman, a nurse practitioner who unsuccessfully ran for a school board seat in 2020, filed the lawsuit contesting the tax. Under the measure, property owners were taxed 26.5 cents per square foot of their building, with an annual cap of $7,999. Trainman contended that the tax was unfair because larger businesses such as the Lucky Supermarket on Marina Village Parkway were taxed less per square foot than smaller businesses and residences. “I have been labeled anti-school, I’ve been labeled a conservative,”...
    Months after D.C. Mayor Muriel Bowser announced a pay increase for the city’s substitute teachers, the substitutes still haven’t seen the spike in their pay checks. Bowser first announced an increase in January and said an even higher rate would be offered effective immediately on Feb. 7. However, D.C. substitute teacher Janine Fitzpatrick told WTOP that nothing has changed. D.C. Public Schools Chancellor Lewis Ferebee said at an education budget hearing last week that technical issues with providing the extra pay have caused the delay, but said all substitutes would be paid retroactively. In a statement, a school system spokesman said the city regrets the delay, “and will inform impacted substitute teachers of next steps as soon as possible.” The delay is the latest in the clash between city leadership and substitute teachers, at a time when substitutes are in high demand. More Local News More DC News More Education News In January, Bowser announced daily substitute teachers would receive a pay increase from $15.20 an hour to $17 per hour. Then, the group Washington Substitute Teachers United...
    Schools reopened Monday in the Sacramento City Unified School District after teachers and other workers reached a tentative agreement that increases pay and doles out one-time stipends, ending a crippling strike that has closed schools for eight days. School district officials announced the tentative agreement Sunday night with the Sacramento City Teachers Assn. and SEIU Local 1021, a union representing bus drivers, instructional aides and custodians, and other classified staff. The teachers strike in California’s capital that began March 23 — affecting 43,000 students and 76 schools — was driven by what teachers and other district classified staff say were severe staffing shortages, heavy workloads and concerns over pay. The strike came as districts nationwide face similar crises exacerbated by the COVID-19 pandemic, including staffing shortages, exhaustion and the pressures of academic recovery. The tentative agreement includes a 4% cost-of-living-increase pay adjustment, thousands of dollars in one-time stipends and improved dental and vision healthcare plans — changes that address the drivers of a classified staff shortage, the unions said. The agreement with the teachers union also includes a...
    MORE money will soon be in the hands of teachers in Georgia. State lawmakers have approved a $2,000 bonus for more than 170,000 elementary and secondary educators. 1State leaders also hope the bonus will address teacher turnover The bonus comes as more than 100,000 state and university employees will see a pay raise of about $5,000, effective this week. The funding stems from an amended state budget which earmarked about $800,000 in additional compensation. It's an election year and Republican Governor Brian Kemp wanted to keep a promise he made to educators during his 2018 campaign. State leaders also hope the bonus will address teacher turnover. Read more on educationCLASS ACT Teachers in line for $1,000 stimulus checks…here's how to claim itCHECK IT OUT Surprise stimulus checks of $2,000 & $1,000 are being sent out Teacher burnout is a serious issue. At least 55% of teachers said they are more likely to leave or retire from education sooner than planned because of the pandemic, according to a National Education Association January 2022 survey. Who gets a bonus? Kindergarten through 12th...
    JACKSON, Miss. (AP) — Mississippi Gov. Tate Reeves signed a bill Wednesday authorizing the largest pay raise in a generation for the state’s public school teachers, long among the lowest-paid in the nation. House Bill 530 becomes law July 1. Teachers will receive average increase of about $5,100 — a jump of more than 10% over their current pay. Lawmakers and the Republican governor have said boosting the salaries could help Mississippi attract and retain classroom professionals. The average teacher salary in Mississippi during the 2019-20 academic year was $46,843, according to the Southern Regional Education Board. That lagged behind the average of $55,205 for teachers in the 16 states of the regional organization. The national average was $64,133. Under the new law, teachers’ base pay will increase by a few hundred dollars most years, with larger increases with every fifth year of experience and a more substantial bump at 25 years. A beginning Mississippi teacher with a bachelor’s degree currently receives a $37,000 salary from the state, and the local school district can provide a supplement. Under...
    SACRAMENTO —  A few weeks ago, Sacramento teacher Kacie Go had 56 kids for second period. That day, there were 109 students at her eighth- through 12th-grade school who were without an instructor because of staff shortages. So she crammed the students into her room and made it work, but “it’s not sustainable,” she said. No kidding. Go told me the story standing with hundreds of other teachers and support staff Tuesday morning in the parking lot of an empty high school, as “We’re Not Gonna Take It” blared from speakers and the mostly female workers gathered for day six of a strike that has closed down schools in the Capitol City. Like Go, these teachers, cafeteria workers, bus drivers and instructional aides are fed up with being asked to do more with less. It’s a problem that goes beyond the Sacramento City Unified School District, with 48,000 students in 81 schools. Frustration among teachers and school workers is rampant across California — pushed to a breaking point by the pandemic and a shortage of more than...
    Thousands of teachers and other school workers in Sacramento walked off the job Wednesday as the California capital became the second big U.S. school district this month to see a work stoppage over pay and staffing shortages as a teachers strike in Minneapolis entered its third week. The disputes in Sacramento and Minneapolis, where teachers walked out March 8, come as school districts across the country deal with fallout from the coronavirus pandemic and limited resources. Across the country, union workers are seizing the opportunity posed by tight labor markets to recover some of the power they feel they lost in recent decades as unions shrank in size and influence. And experts expect to see more labor strife as the country emerges from the pandemic. The Sacramento City Unified School District canceled classes Wednesday at its 76 schools, affecting 43,000 students, after negotiations failed with the Sacramento City Teachers Association and the Service Employees International Union Local 1021. The unions — representing 2,800 teachers and 1,800 school employees — voted overwhelmingly earlier this month to strike. Teachers say Sacramento...
    SAN FRANCISCO (BCN) — After a three-night “sleep-in” inside San Francisco Unified School District offices, teachers demanding pay from the district said they reached an agreement with the district late Thursday. On Monday, more than a dozen SFUSD educators began the sleep-in, calling for the district to pay more than 1,000 teachers and other staff members who have gone unpaid or only received partial paychecks since January. READ MORE: UPDATE: 4-Alarm Fire Burning at Commercial Building in CampbellThe educators have said because of the payment issue, they’ve been unable to pay rent, mortgages, medical bills, and other necessities. District officials have said that while the majority of its more than 10,000 employees have been paid correctly, a portion of educators went unpaid due to a technical error attributed to the district switching to a new payroll system, replacing an older system that had been in place for the last 17 years. Under the agreement, the district will pay all educators owed money, as well as interest for the late payments. Additionally, the district has promised to address any payroll errors moving...
    WALNUT CREEK, Calif. (KGO) -- Teachers in the Mount Diablo School District took to the picket line Friday not to strike, but to show they are serious about striking if need be."It feels exciting. There is a lot of energy out here. We call this a getting ready to strike awareness campaign. To let the community know that we are ready to do what it takes to get fair wages for our teachers," said Northgate High School teacher Karen Jenkins.They chose Friday to picket because the neutral fact finding panel will start looking into the negotiations and is expected to present non-binding recommendations next week."We are hoping the fact finding panel will find what we have seen all along: that there are funds to support, that it is a prioritization of the funds," said chemistry teacher Kevin Taylor.RELATED: Union reps reach agreement with SFUSD on underpayments to educators, but not without hit to moraleEMBED More News Videos After three nights of camping out in San Francisco Unified School District headquarters, teachers' union reps say they have reached an agreement. Superintendent...
    This article was written by WTOP’s news partner InsideNoVa.com and republished with permission. Sign up for InsideNoVa.com’s free email subscription today. Teachers from the Prince William Education Association gave notice Wednesday night that they’d collected the requisite signatures to form a collective bargaining unit. The move gives the school board 120 days to either adopt or decline a collective bargaining resolution. PWEA began their drive for signatures in January, following a state law that took effect last year allowing public sector collective bargaining in Virginia for the first time since the 1970s. Already, teachers in Richmond and Loudoun County have submitted signatures to form collective bargaining units. Prince William County police and fire employees have also submitted petitions for collective bargaining units to the Board of County Supervisors. “We all know that in order to recruit and retain the very best employees for our students, we need to compensate them fairly,” Hansford told the school board Wednesday night. “Our educators, our bus drivers, our custodians, librarians, special education assistants, itinerants, social workers, school psychologists, nurses, secretaries and every Prince William County Schools staff member supports our...
    SAN FRANCISCO (CBS SF) – A group of San Francisco Unified School District teachers announced Wednesday they would remain inside district headquarters for a third night amid an ongoing dispute over a computer glitch that has led to missing or partial paychecks for hundreds of educators. “It’s been three days since San Francisco educators first took over the third floor of District office Headquarters demanding missing paychecks. Today, they announced plans to stay for a third night after the District failed to meet their demands again,” said an email from United Educators of San Francisco, which represents the teachers. READ MORE: UPDATE: A's President Kaval Calls Advisory Committee Vote Against Howard Terminal Ballpark 'Serious Setback'The UESF said there have been ongoing issues over pay and benefits since late last year, but a transition to a new payroll system led to hundreds of teachers not receiving their full paychecks in the January and February payroll cycles. Leslie Hu, a community schools coordinator from Dr. Martin Luther King Jr. Middle School, said Wednesday that the group is “committed to staying as long...
    SAN FRANCISCO (KPIX) — Nearly two dozen San Francisco teachers remained entrenched inside the public school district headquarters Tuesday, pledging not to leave until a computer glitch that has led to missing or partial paychecks is corrected. The teachers, armed with sleeping bags and food, moved into the San Francisco Unified Districts offices last night. Superintendent Dr. Vincent Matthews eventually showed up and began with an apology. READ MORE: Airlines Fight California Law That Expands Breaks For Employees“There is no way that any of you should have had to come down here with sleeping bags to say ‘pay us,’ that just shouldn’t happen,” Matthews said. But when UESF union president Cassondra Curiel demanded the problems be fixed by the Wednesday pay period, Matthews replied in was a work in progress. “To hear that the system is getting fixed, there is just so much trust lost in the system itself and how it operates that it’s just one of those situations that you’re only going to believe it when you see it,” Curiel said. “But, we can’t rely on that...
    SAN FRANCISCO (KPIX) — A payroll error has some teachers in San Francisco upset and angry after going without their paychecks for weeks. A group of teachers rallied Monday in front of San Francisco Unified School District headquarters on Franklin Street to show their frustration over the missing or incorrect paychecks. READ MORE: Police Release Surveillance Photos Of Suspects In String Of Robberies In HillsboroughThe problem was traced to a new payroll and human resources system from vendor Infosys, that has been fouling up employee paychecks since the beginning of the year. “The last check was almost right, except I was low about $200. The one before that I think I got paid for 28 out of 80 hours,” said paraeducator Sean Nunley After a rally out front, the crowd went inside to the third floor of SFUSD armed with letters and sleeping bags, ready to spend the night to talk to Superintendent Dr. Vincent Matthews and others. The superintendent eventually showed up and began with an apology. READ MORE: Congressional Delegation Tours Dublin Federal...