tag:blogger.com,1999:blog-20674128.post3490988423804362772..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: Demystifying The Annuity Savings Accumulation Fund.Chazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-20674128.post-1771774590468557632021-04-14T09:09:45.202-04:002021-04-14T09:09:45.202-04:00250K? Try 1 MILLION. 250K? Try 1 MILLION. Anonymoushttps://www.blogger.com/profile/13299200796870063264noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-11703569790714763892019-04-08T15:17:14.319-04:002019-04-08T15:17:14.319-04:00Sweets: Has the dymystified dollar value increased...Sweets: Has the dymystified dollar value increased with the new contract of 2019? Anonymoushttps://www.blogger.com/profile/16956138909910144621noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-31019573351646353162014-06-03T17:33:53.003-04:002014-06-03T17:33:53.003-04:00Anon 8:37 is right. Why or how would anyone last ...Anon 8:37 is right. Why or how would anyone last 20 to 30 years the way things are right now? The ASAF is nice if you can last. Not likely, however. OneMoreYearToGonoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-24819066211756270112014-05-31T14:05:10.564-04:002014-05-31T14:05:10.564-04:00Anon 10:07
I certainly agree with you. That'...Anon 10:07<br /><br />I certainly agree with you. That's why I am going to post weekly information on our benefits and retirement system so that my readers can be informed.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-20531533860847585502014-05-30T10:07:18.777-04:002014-05-30T10:07:18.777-04:00I don't think that a lot of teachers know a lo...I don't think that a lot of teachers know a lot about the pension system. At retirement there are three sources of income -first there fixed part, based on years service. Secondly is the annuity (ASF or ASAF ) depending on tier and the TDA. It is possible to annuitize the TDA if you are 59 and a half hears old.<br /><br />The fixed percentage for the TDA is currently 7% - which is phenominal.<br /><br />The pension is a very technical subject. No two pensions are the same and there is a lot of misinformation floating around. The UFT used to publish pension manuals. I don't know if they still do - they may be available on line. Ask your chapter leader to find out if there are manuals currently in print.<br /><br />every teacher should avail themselves of the free annual pension consultation offered by the union. Also they run summer workshops and the UFT Chapter Leader might be able to get a UFT pension speaker to come to your building.<br /><br />The union never advises people on how to invent or what options to choose. There are a lot of charlatan pension "analysts" out there who charge for their services. One has to be careful listing to any advice. If you educate yourself you can then decide for yourself what is best.retired teachernoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-27094602555792381292014-05-30T06:11:02.899-04:002014-05-30T06:11:02.899-04:00I have read reports that many teachers are willing...I have read reports that many teachers are willing to retire early with a pension reduction by relying on their TDA. They are aware how severely they will be penalized with their reduction in pension, but EASILY make up for it with their HUGE TDA that they started let's say 20 years ago when we were getting 8.25%. Even when it decreased to 7%, people made serious money. <br /><br />When you contribute 15-20% to TDA, it is quite easy to accumulate 250K over a 20 year period by keeping it all in fixed. So when you have a 250K cushion to rely on, it is understandable why so many teachers are willing to jump ship early even if it means a pension reduction. Thank Gd for the TDA!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-5256549470922816612014-05-29T20:51:31.294-04:002014-05-29T20:51:31.294-04:00Helpful and interesting info! I am just past year...Helpful and interesting info! I am just past year 2 of my career, but at 8B in the salary schedule thanks to the DOE accepting previous work experience. After reading this I checked TRS and the money has started to coming into the ASAF!<br /><br />Now if I can only hold out to collect at the end!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-18430976428232655152014-05-29T15:20:33.931-04:002014-05-29T15:20:33.931-04:00Chaz thanks for this valuable information. I didn&...Chaz thanks for this valuable information. I didn't exactly know how it was used. <br /><br />Thanks again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-22827341593509502192014-05-29T13:30:48.182-04:002014-05-29T13:30:48.182-04:00MORE=Democracy
UNITY=DictatorshipMORE=Democracy<br />UNITY=DictatorshipAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-88812063663237413772014-05-29T12:52:02.271-04:002014-05-29T12:52:02.271-04:00Chaz,
If Tier6 makes you work until 63 years old, ...Chaz,<br />If Tier6 makes you work until 63 years old, what is the message when they don't want teachers to stay in this profession for a long period? How can you avoid staying in for a long time if you have to go to 63? I mean if you start teaching at 23, you would have to do 40 years which is what the state is saying, yet they're complaining if you actually stick around? What's going on? They can't have it both ways. Why are teachers the only civil service group being singled out? Does everyone realize that Sanitation workers are making 120K a year picking up garbage with no education credits, where we have a Bachelors, Masters, and Beyond? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-5299508819636930602014-05-29T08:39:17.921-04:002014-05-29T08:39:17.921-04:00The union is morphing itself into something less. ...The union is morphing itself into something less. Less than a union, more like a racket. It reminds me of the carpenters union 608 a few years ago. The union heads are all in prison now. Perhaps its time the UFT is investigated.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-7666838238118160062014-05-29T06:03:41.656-04:002014-05-29T06:03:41.656-04:00LESS = unityLESS = unityAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-60098012086185635892014-05-28T22:44:33.213-04:002014-05-28T22:44:33.213-04:00The powers that be are turning it into a "pea...The powers that be are turning it into a "peace corp" profession...3 years at most and out...no security... no pension...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-84738157109117501082014-05-28T20:37:26.249-04:002014-05-28T20:37:26.249-04:00One would question can a teacher last ten??twenty...One would question can a teacher last ten??twenty??thirty years??anymore???<br />good info chaz just difficult times in this preofessionAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-4005508275891019792014-05-28T20:20:37.952-04:002014-05-28T20:20:37.952-04:00MORE= lessMORE= lessAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-22360078137568061562014-05-28T17:35:43.940-04:002014-05-28T17:35:43.940-04:00Thank you, i never knew that! I needed something ...Thank you, i never knew that! I needed something to cheer me up since the new contract came out. Maybe we will get lucky and it won't be ratified. One can hope.<br />nyamyjhttps://www.blogger.com/profile/14540444108899898607noreply@blogger.com