$125,000 annual salary for teachers? What's the catch?

With state after state confronting massive budget problems, several governors have been looking to extract whatever they can from public employees like teachers, going after benefits packages and guaranteed job security that unions have won for them. But would teachers be willing to give up those protections for a chance to earn a lot more money?

There's a school in New York City that's trying to prove just that. The Equity Project (TEP), a charter school that is publicly funded but privately run, is offering its teachers $125,000 a year-- more than double the national average. TEP aims to prove that attracting the best and brightest teachers and holding them accountable for results is the essential ingredient to a school's success. See the story from 60 Minutes.