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mbawnr
LIF Toddler
Member since 6/07 400 total posts
Name:
Vanessa
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55/25
any thoughts?
I'm going to do it , I think.
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Posted 3/20/08 5:24 PM  |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: 55/25
I don't know.
If I started teaching in NYC at 23, I'd already have 30 years by the time I turn 55. So I don't know if there's any point for me, or if there is & I'm just not understanding it?
I have to find out more about it first.
I think it's definitely good for someone who starts teaching later in life.
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| Posted 3/20/08 5:53 PM |
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Re: 55/25
I think I will do it. I was 25 when I was appointed, so I will have 30 years at 55. However, I have already taken some maternity leave and hope to take another. And while I have no plans to take any other leaves, I don't know what life may throw at me- if I ever needed to take another leave to care for a family member, for example, I would not want to find that I had to put off retirement. So it'll be my "insurance policy."
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| Posted 3/20/08 7:32 PM |
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Niblet
LIF Adult
Member since 5/07 922 total posts
Name:
Cher
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Re: 55/25
I was also 25 when I was appointed but I am not opting into the plan.
Although I plan on getting preganant, i am not going to take off enough time for it to make an impact on my retirement.
I just can't see paying into another "just in case" program.
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| Posted 3/20/08 8:10 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: 55/25
I also started at 25. I will be 50 at 25 years. Does that mean I will not qualify since I would 't be 55, or do I have to wait 5 more years?? I still need more infor on this. I think we have until the end of Aug. to decide.
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| Posted 3/20/08 10:35 PM |
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Candy Girl
Candy girl- you are so sweet!
Member since 11/07 6349 total posts
Name:
erin
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Re: 55/25
I am opting into it. I will be 49 with 25 years of service and at that time I can retire, sub to make money or teach in a private school or night classes etc. and then start collecting my pension in 6 years. By the time I've reached 25 years of service six more years in the DOE will, I am sure, feel like FOREVER!!!
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| Posted 3/20/08 10:58 PM |
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Re: 55/25
Posted by Snickers
I am opting into it. I will be 49 with 25 years of service and at that time I can retire, sub to make money or teach in a private school or night classes etc. and then start collecting my pension in 6 years. By the time I've reached 25 years of service six more years in the DOE will, I am sure, feel like FOREVER!!!
This is definitely an advantage- I was surprised that you can leave at 50 and then collect at 55.
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| Posted 3/21/08 8:47 AM |
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sagapo
LIF Infant
Member since 6/07 231 total posts
Name:
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Re: 55/25
i also started at the board of ed when i was 23- this is the beginning of my 5th year. im clueless about the 25/55.... im glad we have until august to decide because this is confusing for me- all the 'what ifs' are enough to drive anyone crazy!
Message edited 3/27/2008 6:37:33 PM.
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| Posted 3/27/08 6:36 PM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: 55/25
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
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| Posted 3/27/08 6:39 PM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: 55/25
Posted by Moehick
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
Exactly and that could mean another $1,400 a month more! 
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| Posted 3/27/08 8:30 PM |
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jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: 55/25
my understanding though is that its only an extra 1.8% and that is still your money.
Also.. yeah you might be 55 and have 30 years.. but whothe heck knows what they might change it to be then.. it could be 65/35 hahah
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| Posted 3/27/08 10:26 PM |
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jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: 55/25
Posted by Moehick
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
ok so if you opt into 25/55 but still stay in until 30 you can still get the 60% thought right?
if that is true it still makes sense to opt in because you dont know what situation you may be in at that time and at least you have the option to retire at 25 yrs
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| Posted 3/27/08 10:29 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: 55/25
So is everyone pretty much doing 55/25 then???
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| Posted 3/28/08 7:47 AM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: 55/25
Posted by jgl
Posted by Moehick
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
ok so if you opt into 25/55 but still stay in until 30 you can still get the 60% thought right?
if that is true it still makes sense to opt in because you dont know what situation you may be in at that time and at least you have the option to retire at 25 yrs
Basically it won't pay to retire at 25 years as you get 10% reduction in your pension so might as well stay on the extra 5 years......I am going over and over this but can't see the great benefit of it.
My understanding is if you do opt in you pay 1.85% from 10 years to 25 years....where as with if you don't opt in you stop contributing to your pension at 10 years.....is that right?
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| Posted 3/28/08 4:30 PM |
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Candy Girl
Candy girl- you are so sweet!
Member since 11/07 6349 total posts
Name:
erin
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Re: 55/25
Posted by Moehick
Posted by jgl
Posted by Moehick
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
ok so if you opt into 25/55 but still stay in until 30 you can still get the 60% thought right?
if that is true it still makes sense to opt in because you dont know what situation you may be in at that time and at least you have the option to retire at 25 yrs
Basically it won't pay to retire at 25 years as you get 10% reduction in your pension so might as well stay on the extra 5 years......I am going over and over this but can't see the great benefit of it.
My understanding is if you do opt in you pay 1.85% from 10 years to 25 years....where as with if you don't opt in you stop contributing to your pension at 10 years.....is that right?
Right now we pay 3% each pay period into our QPP. After ten tears we are vested. If we opt into 25/55, we will, before ten years of service, be contributing 4.85% to the QPP and then after 10 years continue to contribute 1.85%.
This week I have started to get confused. I am hearing so many different opinions.
I might go to one of those workshops next week.
ETA: TYPOS!!
Message edited 3/28/2008 10:05:23 PM.
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| Posted 3/28/08 10:04 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: 55/25
If you you stay 25 yrs. and are younger than 55 you will be hit with penalties if you leave. Those of you who will be 50 at /25 (like me) can leave at 55/30 and pay no penalities w/o opting in. instead of opting in and paying the 1.8% or whatever it is you can leave at 30 years w/o paying penalities.
I'm sure I confused most of you. I just received the opt in papers today and it explains the situation if your younger than 55 at 25. Maybe i misunderstood???
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| Posted 3/29/08 12:29 AM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: 55/25
Posted by jgl
Posted by Moehick
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
ok so if you opt into 25/55 but still stay in until 30 you can still get the 60% thought right?
if that is true it still makes sense to opt in because you dont know what situation you may be in at that time and at least you have the option to retire at 25 yrs
I thought that if you opt in you can't stay for 30, you have to leave at 55??
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| Posted 3/29/08 12:31 AM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: 55/25
Posted by Buttafli1277
Posted by jgl
Posted by Moehick
Just had our pension clinic today....was very surprised to find out that if you opt in and retire at 25 years of service you will only get 50% of your pension....and if you stay till 30 years of service you get 60% of your pension.
ok so if you opt into 25/55 but still stay in until 30 you can still get the 60% thought right?
if that is true it still makes sense to opt in because you dont know what situation you may be in at that time and at least you have the option to retire at 25 yrs
I thought that if you opt in you can't stay for 30, you have to leave at 55??
No I think you can stay till 30 if you want to get 60% of your pension
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| Posted 3/30/08 10:24 AM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: 55/25
Anyone know what would happen if I left the city...would I lose the money or is that money just now in my pension?
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| Posted 3/30/08 11:27 AM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: 55/25
Posted by beautyq115
Anyone know what would happen if I left the city...would I lose the money or is that money just now in my pension?
the extra money would be in your pension when you transfer your NYC pension to the STATE system. However, the state system does not participate in 55/25, and probably won't, so yes, it would be more money in there, but it's not letting you retire at 55. I believe Tier 4 teachers (that would be us) have to teach 30 years before we can receive our FULl pension with no penalities, or teach 25 years and be 62. Of course, you could always retire before that, but there are penalities.
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| Posted 3/30/08 12:50 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: 55/25
Posted by donegal419
Posted by beautyq115
Anyone know what would happen if I left the city...would I lose the money or is that money just now in my pension?
the extra money would be in your pension when you transfer your NYC pension to the STATE system. However, the state system does not participate in 55/25, and probably won't, so yes, it would be more money in there, but it's not letting you retire at 55. I believe Tier 4 teachers (that would be us) have to teach 30 years before we can receive our FULl pension with no penalities, or teach 25 years and be 62. Of course, you could always retire before that, but there are penalities.
I knew about the transferrering....
I was just hoping that the money would not be lost
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| Posted 3/31/08 12:01 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: 55/25
Posted by beautyq115
I knew about the transferrering....
I was just hoping that the money would not be lost
i don't think it will be lost.... it will just be more money you would transfer so you would have a little more in there when they average your salary to determine your final pension amount.
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| Posted 3/31/08 2:16 PM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: 55/25
Posted by beautyq115
Posted by donegal419
Posted by beautyq115
Anyone know what would happen if I left the city...would I lose the money or is that money just now in my pension?
the extra money would be in your pension when you transfer your NYC pension to the STATE system. However, the state system does not participate in 55/25, and probably won't, so yes, it would be more money in there, but it's not letting you retire at 55. I believe Tier 4 teachers (that would be us) have to teach 30 years before we can receive our FULl pension with no penalities, or teach 25 years and be 62. Of course, you could always retire before that, but there are penalities.
I knew about the transferrering....
I was just hoping that the money would not be lost
I wonder this too...I hear you get half
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| Posted 4/1/08 8:38 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: 55/25
Correct me if I'm wrong, but you can leave with a full pension as long as you put in 30 yrs?? No penalties?? If I will be 55 at 30 yrs., does it make sense to opt in if I can retire anyway??
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| Posted 4/2/08 9:53 PM |
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Re: 55/25
Posted by Buttafli1277
Correct me if I'm wrong, but you can leave with a full pension as long as you put in 30 yrs?? No penalties?? If I will be 55 at 30 yrs., does it make sense to opt in if I can retire anyway??
According to this LINK you can retire at 55 with 25 years with no penalties or reduction in benefits.
You're really the only one who can decide if opting in is right for you. I will also have 30 years at 55, but under the premise of "you never know" I will likely opt in.
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| Posted 4/3/08 6:39 PM |
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