Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

I am so confused by this whole thing. In 30 years...I will have 33 years in...I guess not counting any maternity leaves or anything like that.
-------------------------------------------------

Anyone figure out OR estimate how much this will be out of our paycheck per check??? Like a dollar amount

Message edited 3/9/2008 4:37:51 PM.

Re: Who is going to pay into 55/25???

i am assuming this is just for teachers in NYCTRS and NOT NYSTRS???? would love to know...

i think more is deducted from your check???

anyoen know the specifics on this?

Re: Who is going to pay into 55/25???

Re: Who is going to pay into 55/25???

from the NYSTRS:

New 55/25 Law Does Not Apply to NYSTRS

(March 4, 2008) — Governor Eliot Spitzer recently signed a law giving eligible UFT-represented educators in New York City the option to retire with unreduced benefits at age 55 with at least 25 years of service. In return, those who opt in must increase their member contributions by 1.85%.

This agreement does NOT apply to members of the New York State Teachers' Retirement System. Currently, there are no parallel bills before the legislature that extends this benefit at the state level. However, a different 55/25 bill has been introduced that, if adopted, would apply to NYSTRS members. The Senate bill number for the latter is S5732-A; the Assembly bill number is A3607-A. Please Note: The substantial cost of the bill renders it very unlikely the bill will receive serious consideration.

If you have any questions about the law affecting New York City teachers, please contact your collective bargaining representative or the New York City Teachers' Retirement System. The Pending Legislation page of this Web site will track S5732-A and A3607-A if the bill moves out of committee.



I think everyone needs to do alot of math for this. 1.85% is money taken out and when you then retire at 55, you will be getting less in your pension, as they take your average last 3 years, than you would whatever you would retire w/o 55/25

Re: Who is going to pay into 55/25???

If you work for just another 5 years and retire at 60, your monthly TAKE HOME pension could be $1440 more per month.

I don't WANT to retire at 55 (think it's too young) but you never know what life will be like at 55 and I am thinking of putting in and deciding when the time comes.

Re: Who is going to pay into 55/25???

Re: Who is going to pay into 55/25???

It confuses me also...I started teaching at 23, so I will have 32 years at 55. I read in the pension news that I may not want to opt in. I plan on haulling *** out of there at 55, not a second later! I proably don't plan on taking any leave besides maybe maternity down the line...I think I should call someone

Re: Who is going to pay into 55/25???

I think they are trying to pass it for all of NYS though....I recieved a poll form to send back to my union about 2 weeks ago asking if I would help fight for this and if it would positively affect me

Re: Who is going to pay into 55/25???

I think I am.

Re: Who is going to pay into 55/25???

I will. It's such a great safety net. You never know what life will throw at you, and I want to have the option of retiring. Who knows what will be expected of teachers 25 years from now!

Re: Who is going to pay into 55/25???

Re: Who is going to pay into 55/25???

I guess this means there could be a lot of city positions opening up.

Re: Who is going to pay into 55/25???

Re: Who is going to pay into 55/25???

absolutely there is no way i want to work till i am 62, also i didn't join the DOE till i was 28, (catholic school before that) and if i want to take off for some maternity leave it will put me a little over 55 with 25 years so it will be perfect,

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

See after 25 years of service I will be 56 so I gues it is worth it.....was wondering how much this will take out of my check too

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

i believe it would be 4.85% of your check. if NYCTRS takes 3% out now, add the 1.85% to that. so if you make say $1,000, it would be $40.85 per check. it would vary of course dependign on your step and credit level.

If you're vested and the DOE pays your 3% (NYSTRS does this, so i am assuming it's the same) then it would be just the 1.85%.

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

I think I figured it to be 40 dollars a check.

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

it's 1.85%, so every year your salary goes up, so will the amount that is taken out.

So if you make $60,000 now it's $1,110 a year. if you are a fairly new teacher figure it will be at least that a year, increasing every year fo 20- 25 years. So in total it will be somewhere around $30,000 that you have paid into it. If you use it that is a great benefit, but if you don't that is a lot of $$$.

Message edited 3/10/2008 4:59:00 PM.

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

I'm not doing it. I'll have 30 years when I am 56, I think that I can wait the extra year.

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

But here's my question and I think I know the answer but if anyone has more info, that would be great:

Let's say you put in the money and 55 comes along and you decide, no, I want to do another 5 years. What happens to the money you put in?

I thought I read that you get half back, which would be roughly $15K. So I guess the other $15K is what you pay as a safety net. I'm still confused.

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

Posted by MissJones

But here's my question and I think I know the answer but if anyone has more info, that would be great:

Let's say you put in the money and 55 comes along and you decide, no, I want to do another 5 years. What happens to the money you put in?

I thought I read that you get half back, which would be roughly $15K. So I guess the other $15K is what you pay as a safety net. I'm still confused.

Re: Who is going to pay into 55/25???...ANOTHER QUESTION AT TOP

I am also conflicted. The way I look at it is, if I retire after 25 years, I will be 48. I can sub, work in a college or whatever until I reach 55 and then collect my full pension. I just want to know if your benefits are still active in between the time you retire and the time you begin collecting your pension.

Any thoughts?