tag:blogger.com,1999:blog-20674128.post8811534901776368716..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: Two Simple Charts That Compare Tier IV and Tier VI Pension Plans.Chazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger42125tag:blogger.com,1999:blog-20674128.post-51085816698829041392018-02-08T10:51:41.004-05:002018-02-08T10:51:41.004-05:00Is the age penalty prorated? How does TRS determin...Is the age penalty prorated? How does TRS determine age? If I am 58.5 years old, what penalty do they use? Thank you. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-49443378844419831312018-02-02T09:02:29.233-05:002018-02-02T09:02:29.233-05:00Anon 7:15
No reason, except I would wait until 2/...Anon 7:15<br /><br />No reason, except I would wait until 2/1/2020. The end of the first semester to get my full July checks.<br /><br />If you leave a negative balance the TRS gives you two options. Pay them for the negative balance ot allow them to adjust your pension to account for the negative balance.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-73226110147163582222018-02-01T19:14:14.117-05:002018-02-01T19:14:14.117-05:00They are paid separately from the pension distribu...They are paid separately from the pension distributions ?anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-90417022302924780702018-02-01T19:13:09.874-05:002018-02-01T19:13:09.874-05:00Chaz do you think it’s okay to retire in the middl...Chaz do you think it’s okay to retire in the middle of a school year let’s say 1/2/2019 if you feel you had enough ? You still get some summer pay ? <br />What if you retire with negative 6 days in your CAR how does the city get that back from you ? <br />Thanks for all your invaluable info anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-764060693097913142018-02-01T19:01:58.827-05:002018-02-01T19:01:58.827-05:00Chaz can you please advise ?
Thanks Chaz can you please advise ? <br />Thanks anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-29443361629134116592018-01-24T04:39:52.315-05:002018-01-24T04:39:52.315-05:00Thank you for your explanation of the 7%.Thank you for your explanation of the 7%.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-2030763741135495132018-01-23T20:08:13.424-05:002018-01-23T20:08:13.424-05:00OK you had told me that I was a tier 5 in the past...OK you had told me that I was a tier 5 in the past when I told you when I was hired in one of your old posts. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-58549227145895577142018-01-23T18:16:43.322-05:002018-01-23T18:16:43.322-05:00The 2% retro is included in the pension calculatio...The 2% retro is included in the pension calculations but the lump sum payments are not.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-57525397082558911972018-01-23T17:42:40.833-05:002018-01-23T17:42:40.833-05:00I also asked the UFT of retro payments were includ...I also asked the UFT of retro payments were included in FAS, but the person I spoke to did not know, and said I had to ask a pension expert.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-70110775335276894952018-01-23T10:36:29.577-05:002018-01-23T10:36:29.577-05:00Anon 4:31
We get 7% simple interest, based on our...Anon 4:31<br /><br />We get 7% simple interest, based on our TDA balance at the start of the calander year and continues until Novemeber At that point TRS adjusts the increment to account for the Novemeber TDA balannce. Or so it was explained to me.<br /><br />Anon 6:37<br /><br />If for some reason , like a sabbatical or Leave without pay, that year would not count, that is why you look back five years.<br /><br />Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-55715927680862641262018-01-23T08:27:36.537-05:002018-01-23T08:27:36.537-05:00Hi Chaz, would you know why they sometimes use the...Hi Chaz, would you know why they sometimes use the last consecutive 5 years salary instead of 3? Thanks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-13838803996136178812018-01-23T06:37:26.611-05:002018-01-23T06:37:26.611-05:00Are the retro payments included in FAS?
How do s...Are the retro payments included in FAS?<br /><br /><br />How do sabbatical effect FAA?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-5500640676765889962018-01-23T04:31:03.081-05:002018-01-23T04:31:03.081-05:00Chaz, Are you stating that we get 7% interest mont...Chaz, Are you stating that we get 7% interest monthly but that it is compounded annually in November and paid in January. WHAT IS MEANT BY TRS PARTIALLY COMPOUNDS THE INTEREST IN NOVEMBER?? THANKS Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-7108206390609714762018-01-22T16:37:48.187-05:002018-01-22T16:37:48.187-05:00Anon 4:35
The monthly increment is for the 7% sim...Anon 4:35<br /><br />The monthly increment is for the 7% simple interest. However, once a year (November) TRS partially compounds the 7% simple interest throughout the year as our TDA balance increases and is credited to us at the end of January.<br /><br />Anon 4:08<br /><br />All NYC teachers are Tier IV unless you were a public employee under Tier V before joing the nyc teaching profession.<br /><br />Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-21026350475217832022018-01-22T16:08:46.789-05:002018-01-22T16:08:46.789-05:00Chaz I have a question.
If I was hired in August...Chaz I have a question. <br /><br />If I was hired in August of 2011 would that make me a tier 5? <br /><br />Thanks Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-51386734863154905012018-01-22T08:58:28.259-05:002018-01-22T08:58:28.259-05:00Ahhhhhhhhhhhhhhhh another free week in the high sc...Ahhhhhhhhhhhhhhhh another free week in the high schools. I love regents week. Next Monday, free day. Feb break coming baby All Inclusive. Yummmmmie! Spring break end of March into April. Seeeeee yaaaaaaa! Couple of Effectives here, couple of Highly Effectives there, throw in a Developing and we have a nice recipe for a 5th straight year in Danielson. Get me to 55 baby! Sweeeeeeet! Queen of England signing off. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-6744669254030607422018-01-22T04:35:07.302-05:002018-01-22T04:35:07.302-05:00Chaz has a total of 60 posts on retirement and pen...Chaz has a total of 60 posts on retirement and pension. Read all of them and read the Retiree Companion available on TRS website. I've read it all and feel I am informed and prepared for my tier IV 30/55 retirement in a few years (Can't wait to turn 55 and finish my 30th year at the same time and say buh-bye to the hostile work environment created by the DOE). I do have some lingering questions. One of which concerns Chaz's comment on January interest deposit. My monthly account balance reflects interest earned in my fixed fund each month so I still don't understand what Chaz means by January interest being more important than the other months. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-76344226426893791822018-01-21T22:50:42.265-05:002018-01-21T22:50:42.265-05:00Anonymous 7:44, you are either a phony or you are ...Anonymous 7:44, you are either a phony or you are away with the fairies. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-49844255371061503032018-01-21T22:21:56.509-05:002018-01-21T22:21:56.509-05:00Chaz, what happens to the extra money contributed ...Chaz, what happens to the extra money contributed into the 25/55 if have 30 years service at 55?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-61400694719273573062018-01-21T21:11:38.680-05:002018-01-21T21:11:38.680-05:00Thank you Chaz on the highest three year clarifica...Thank you Chaz on the highest three year clarification. Technically, 7:44 it is the highest three consecutive years. I am reading from a TRS booklet. I thought about editing my comment but Chaz clarification was spot on.James Eternohttps://www.blogger.com/profile/13578647381229034792noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-58149600375249638192018-01-21T20:51:12.417-05:002018-01-21T20:51:12.417-05:00Anon 7:44
The FAS is usually the last three years ...Anon 7:44<br />The FAS is usually the last three years which are the highest earning years. Therefore, for 95% of the teachers the final average salary is the highest three years. Stop nitpicking.<br /><br />Anon 7:56<br /><br />If you achieve 25 years at 50 then you would be 30 at 55 and you would get 60% of your FAS as a pension.<br /><br />Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-11629831984260143402018-01-21T19:58:04.804-05:002018-01-21T19:58:04.804-05:00Question: If have been contributing towards the 2...Question: If have been contributing towards the 25/55, but once reach years the person is only 50 years of age, but wants to work til 55 would the person receive a pension as if worked 35 years?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-50636186939766683012018-01-21T19:44:34.966-05:002018-01-21T19:44:34.966-05:00Please stop posting wrong information.
Somebody s...Please stop posting wrong information.<br /> Somebody should post the correct information .<br /> Something like your pension is based on the highest three years of salary not the final three years.<br />I’m getting confused please somebody post as much as possible when you retire, for example if you’re in the 25/55 and you retire at 62 you get back all your money you put in.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-628991367185819732018-01-21T17:18:49.438-05:002018-01-21T17:18:49.438-05:0030 years of service at 55 years old, which is wher...30 years of service at 55 years old, which is where many first career teachers are, gets you 60% of final average three years of salary in Tier IV. We retire with dignity.<br /><br />That same teacher starting now who puts in 30 years and is 55 years old will get 25.2% of final five years salary under Tier VI. That is unbelievable. Andrew Cuomo is no progressive. He pushed this Tier VI back in 2012. And, one has to pay into the system for the entire career unlike Tier IV where we only pay for ten years (I know the 25-57 Tier IV pays for longer). Make no mistake about it, Democratic primary voters are generally to the left and want decent pensions for teachers and other public employees. This comparison should be thrown in Cuomo's face for his 2018 reelection and if he dares to run for president in 2020.James Eternohttps://www.blogger.com/profile/13578647381229034792noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-46214416211829736902018-01-21T09:49:12.663-05:002018-01-21T09:49:12.663-05:00Schools won't be privatized in 5-7 years, no w...Schools won't be privatized in 5-7 years, no way. There will be a dilution, no doubt, but not an entire dissolution. Additionally, they will always need the union schools to take the most troubled students. These are the kids the charters won't desire to accept. If I was just starting out, a Special Ed. License would be the first thing I would do if I wanted to get hired.<br /><br />The greatest threat to jobs will be automation in this field, As I understand it, they don't have the broadband capacity in each school, nor the facilities to more fully automate instruction. If they ever get it, bye bye a great number of jobs, especially being on the cusp of Artificial Intelligence, and Robots. But teachers won't be the only workers displaced because of this technology...it will be massive work change on the way.Anonymousnoreply@blogger.com