| Posted By |
Message |
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Can someone please explain our Pension?
I know this is going to sound like a ridiculous question- I've been teaching 7 years- how do I not know this?
I know for the first 10 we pay into a TRS, after that we are "vested". In addition to that we can also pay into an annuity- got it. But what happens when we retire? (I presume most of us are at tier 4) Do we get a certain percentage of our final salary?
I was trying to explain it to DH and then I realized I had no idea what I was talking about. 
|
Posted 8/2/10 9:29 AM  |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Can someone please explain our Pension?
I believe (and maybe I'm wrong) that we are vested after 5 years of service, and don't have to contribute after 10 years of service.
As for retirement, you are eligible to retire at 55 if you have 30 years of service or at 62 regardless of the years of service and generally you will retire at 2% per year of service of your highest 3 year salary average (which is often your last 3 years of work, but may not be).
HTH and hope it's accurate!
|
| Posted 8/2/10 10:30 AM |
| |
|
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Re: Can someone please explain our Pension?
Thank you so much! But I don't understand this part
Posted by MrsMadness
generally you will retire at 2% per year of service of your highest 3 year salary average (which is often your last 3 years of work, but may not be).
HTH and hope it's accurate!
Is it 2% of what we make each year added up or an average of our last 3 years? 
|
| Posted 8/2/10 10:35 AM |
| |
|
MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
|
Re: Can someone please explain our Pension?
I thought we retire at 60% of the average of the last 3 years of service.
|
| Posted 8/2/10 1:08 PM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Can someone please explain our Pension?
You get 2% for every year you work, so if you work 30 years, it's 60%. And the salary they base it off of is the average of your highest three consecutive years of service. So if your highest gross years were your last three years of working, they will take the average of those three years of salary and then give you 60% of that.
|
| Posted 8/2/10 1:08 PM |
| |
|
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: Can someone please explain our Pension?
If you retire with 20-30 years, you get 2% times the number of years you worked. Retiring after 30 years gives you 60% of your salary (last 3 years averaged). So if you make $100K on average, your pension will be $60K.
every year on top of that 30 gives you 1.5% added on. working 31 years = 61.5% of your salary
working less than 20 years gives you 1 2/3, so 15 years would be 25%
if you are under 62 (for any scenario EXCEPT if you have worked 30+ years) you only get a percentage of that pension.
|
| Posted 8/2/10 1:08 PM |
| |
|
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Re: Can someone please explain our Pension?
Posted by Erica
If you retire with 20-30 years, you get 2% times the number of years you worked. Retiring after 30 years gives you 60% of your salary (last 3 years averaged). So if you make $100K on average, your pension will be $60K.
every year on top of that 30 gives you 1.5% added on. working 31 years = 61.5% of your salary
working less than 20 years gives you 1 2/3, so 15 years would be 25%
if you are under 62 (for any scenario EXCEPT if you have worked 30+ years) you only get a percentage of that pension.
That is what I thought, thank you!
|
| Posted 8/2/10 1:46 PM |
| |
|
drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
|
Re: Can someone please explain our Pension?
I didn't know anything about all this! Thanks for the info. I think I'll need to notebook this!
|
| Posted 8/2/10 11:22 PM |
| |
|
DaisyGirl
LIF Adult
Member since 2/08 1650 total posts
Name:
|
Re: Can someone please explain our Pension?
Thanks for posting this. I didn't really understand it either!
|
| Posted 8/3/10 9:05 AM |
| |
|
