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Honey2223
LIF Adolescent
Member since 6/11 658 total posts
Name:
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NYC DOE 25/55
What do you know about this? Can someone please explain how it works? I understand it's what ever a teacher reaches first, 25 years in the system or 55 years of age to retire. But that's all I know. Is there more to it? For example, if you go on child care leave for 5-7 years and then return, do you still get to retire at 55? I'm assuming this senario is too good to be true. And you had to have already signed up for this in the past, and pay into this, right? I'm curious how this works. Thanks for any info.
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Posted 1/17/13 8:08 AM  |
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SLPlady1984
She's here!
Member since 6/12 1207 total posts
Name:
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Re: NYC DOE 25/55
It's actually a little different. So I started young and can't retire until 55 I am 55 by that time I will have 29 years in the system. If this was a second career or you started at a later age you can retire once you hit 25. Keep in mind depending on when you were hired it is now 27/55
Not sure about the child care leave since I have those extra years any way I never looked into it. But I was hired in 2009 and was automatically enrolled in 27/55. People in 25/55 had to sign up and yes we get deducted for it every paycheck. It's labeled on our stubs
Message edited 1/17/2013 11:00:16 AM.
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| Posted 1/17/13 10:58 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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NYC DOE 25/55
I bought into 25/55 even though I will be younger than 55 when I have 25 yrs, I was not sure how long I would take off for childcare or who knows what else could happen so I considered it an insurance policy.
If you did not buy in at that time it is now 27/55.
The way it works is regardless of how many years you take off for childcare you can retire at 55 years old OR 27 years in. Technically if you have 27 years in you can retire and defer your pension until you turn 55 if you wish to do that.
My opinion is to buy into it, it is insurance you never know if you will need it, it is my understanding that if you do not use 25/55 and work 30 yrs you get some (or all) of the money back you paid into it but I might be wrong about that.
I am not sure if 27/55 is automatic but if it isn't I would buy in.
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| Posted 1/17/13 4:32 PM |
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SLPlady1984
She's here!
Member since 6/12 1207 total posts
Name:
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Re: NYC DOE 25/55
Posted by DiamondGirl
I bought into 25/55 even though I will be younger than 55 when I have 25 yrs, I was not sure how long I would take off for childcare or who knows what else could happen so I considered it an insurance policy.
If you did not buy in at that time it is now 27/55.
The way it works is regardless of how many years you take off for childcare you can retire at 55 years old OR 27 years in. Technically if you have 27 years in you can retire and defer your pension until you turn 55 if you wish to do that.
My opinion is to buy into it, it is insurance you never know if you will need it, it is my understanding that if you do not use 25/55 and work 30 yrs you get some (or all) of the money back you paid into it but I might be wrong about that.
I am not sure if 27/55 is automatic but if it isn't I would buy in.
I didn't have a choice I was enrolled
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| Posted 1/18/13 10:08 AM |
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Honey2223
LIF Adolescent
Member since 6/11 658 total posts
Name:
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Re: NYC DOE 25/55
Posted by SLPlady1984
Posted by DiamondGirl
I bought into 25/55 even though I will be younger than 55 when I have 25 yrs, I was not sure how long I would take off for childcare or who knows what else could happen so I considered it an insurance policy.
If you did not buy in at that time it is now 27/55.
The way it works is regardless of how many years you take off for childcare you can retire at 55 years old OR 27 years in. Technically if you have 27 years in you can retire and defer your pension until you turn 55 if you wish to do that.
My opinion is to buy into it, it is insurance you never know if you will need it, it is my understanding that if you do not use 25/55 and work 30 yrs you get some (or all) of the money back you paid into it but I might be wrong about that.
I am not sure if 27/55 is automatic but if it isn't I would buy in.
I didn't have a choice I was enrolled
I was also automatically enrolled back in 2008 when I started with the BOE, into 25/55. When I questioned it I was told it was a good thing, so I just kept it. They deduct the $ from each check.
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| Posted 1/18/13 11:37 AM |
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Honey2223
LIF Adolescent
Member since 6/11 658 total posts
Name:
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Re: NYC DOE 25/55
Posted by DiamondGirl
I bought into 25/55 even though I will be younger than 55 when I have 25 yrs, I was not sure how long I would take off for childcare or who knows what else could happen so I considered it an insurance policy.
If you did not buy in at that time it is now 27/55.
The way it works is regardless of how many years you take off for childcare you can retire at 55 years old OR 27 years in. Technically if you have 27 years in you can retire and defer your pension until you turn 55 if you wish to do that.
My opinion is to buy into it, it is insurance you never know if you will need it, it is my understanding that if you do not use 25/55 and work 30 yrs you get some (or all) of the money back you paid into it but I might be wrong about that.
I am not sure if 27/55 is automatic but if it isn't I would buy in.
But here's what I'm unsure of, let's say you take anywhere from 1-7 years childcare leave. Since it's unpaid time off, they are no longer deducting the $$ from your paychecks since you're no longer receiving one. So, how do the years during childcare leave count towards 25/55 or 27/55?? Maybe I'm not understanding, but it doesn't make sense to me. That's why I said it sounds to good to be true.
Message edited 1/18/2013 11:45:51 AM.
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| Posted 1/18/13 11:44 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: NYC DOE 25/55
The years do not count. If you go out at 5 yrs you come back at 5 yrs going onto 6. But you are still aging and when you hit 25 yrs you may be 55 or older but can retire. Otherwise it is 62 or 30 yrs. So better to buy in.
Message edited 1/18/2013 1:25:32 PM.
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| Posted 1/18/13 1:24 PM |
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Honey2223
LIF Adolescent
Member since 6/11 658 total posts
Name:
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Re: NYC DOE 25/55
Posted by DiamondGirl
The years do not count. If you go out at 5 yrs you come back at 5 yrs going onto 6. But you are still aging and when you hit 25 yrs you may be 55 or older but can retire. Otherwise it is 62 or 30 yrs. So better to buy in.
I understand now, Thanks for the clarification 
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| Posted 1/19/13 5:55 PM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
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Re: NYC DOE 25/55
Does anyone know what happens to this account if you do not retire from NYC dept of Ed? For example you change to a LI district.
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| Posted 1/19/13 8:01 PM |
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