tag:blogger.com,1999:blog-20674128.post703734542864300568..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: A Simple Chart To Determine Your Tier 4 Pension.Chazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-20674128.post-70737805797958873282022-08-11T12:02:54.025-04:002022-08-11T12:02:54.025-04:00It’s 1.5% for each year over 30 years. It’s 1.5% for each year over 30 years. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-52425257739751426052020-02-25T19:01:56.508-05:002020-02-25T19:01:56.508-05:00I'm a NYCDOE teacher, with 19 years in, and in...I'm a NYCDOE teacher, with 19 years in, and in the 55/25..do you do any consultations with people for a fee?Elizabeth L.https://www.blogger.com/profile/11496077098279279987noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-12901732595140835002020-02-21T20:37:42.453-05:002020-02-21T20:37:42.453-05:00You can wait until 55 years of age and then take a...You can wait until 55 years of age and then take a 25/55 pension.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-80897998890153396232020-02-21T20:35:37.535-05:002020-02-21T20:35:37.535-05:00This comment has been removed by the author.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-22622053640815938742020-02-21T19:38:02.866-05:002020-02-21T19:38:02.866-05:00So as a tier 4 teacher who started teaching right ...So as a tier 4 teacher who started teaching right out of college at age 21, I will complete 30 years of service when I'm 52 years old. Can I retire at that point and begin collecting my pension at age 55?? Or do I have to wait until I'm 62 to collect my pension. I can figure out a temporary full time job between ages 52 and 55 but waiting until I'm 62 to collect sounds like I'd need to reconsider a less temporary job for 10 years!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-6884437533849762732019-09-16T12:42:42.841-04:002019-09-16T12:42:42.841-04:00Im with BERS 55-25 PLAN and was terminted at age 5...Im with BERS 55-25 PLAN and was terminted at age 54 with 30 years of service. What are my options. Thnk youAnonymoushttps://www.blogger.com/profile/00095217849194700537noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-57546097782175528422019-03-14T12:00:59.565-04:002019-03-14T12:00:59.565-04:00Chaz - Thank you so much for this info. One questi...Chaz - Thank you so much for this info. One question. Is there a chart anywhere for 25/55 participants? My wife is enrolled in 25/55, is 52yo and has 20 years in. I would assume she has to wait 5 more years to collect 50% of her FAS but I'd just like to be sure. Thanks again for all you do on this blog.Anonymoushttps://www.blogger.com/profile/12180520271238631842noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-15905790243375796152018-11-03T19:16:02.343-04:002018-11-03T19:16:02.343-04:00If I have 15 yrs of service under 25/55 but leave ...If I have 15 yrs of service under 25/55 but leave DOE before age 50, 1. how old can I claim pension (55 or 62)? 2. What happens to the 1.85% I paid to my 25/55? Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-4720631319709572562018-09-28T11:55:56.358-04:002018-09-28T11:55:56.358-04:00I got 15 years of service...and Im ONLY 43 years o...I got 15 years of service...and Im ONLY 43 years old. Kindly tell me what my pension would look like if I were to retire NOW September 30th, 2018. My FAS for the last 3 years is 109K. Let me know how much I would get and at what age I can start to collect. Thanks for your time.Anonymoushttps://www.blogger.com/profile/07354192861310480973noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-1333610354858385172018-09-02T14:03:11.701-04:002018-09-02T14:03:11.701-04:00What would a pension look like for someone in tier...What would a pension look like for someone in tier 4 if they do 30 years but retire at age 53? Or 27 years and retire at 50? I’m a little confused on the penalty for the age.Anonymoushttps://www.blogger.com/profile/13466232041809766831noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-65794501883432475312018-04-03T00:14:13.779-04:002018-04-03T00:14:13.779-04:00Hi Chaz- at final consultations, the rep subtracts...Hi Chaz- at final consultations, the rep subtracts retro pay from yearly total in order to compute the FAS.<br />Does TRS subtract it or as You stated earlier, that any retro is pensionable? I have 2015 and 2017 retros and want to know if it will be used by TRS.ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-90311575238362703562017-02-05T18:17:38.663-05:002017-02-05T18:17:38.663-05:00My understanding is that its pensionable since the...My understanding is that its pensionable since they will calculate your pension as if we received our two 4% raises back in 2010 and 2011.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-4260974938030016722017-02-05T16:27:19.317-05:002017-02-05T16:27:19.317-05:00Chaz I'm curious if in any of the years of 201...Chaz I'm curious if in any of the years of 2018, 2019, and 2020 would the retro money be pensionable on top of my salary....and 683 if I retired?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-53467235609329795282016-08-22T17:41:51.065-04:002016-08-22T17:41:51.065-04:00Chaz-
Thanks so much for all the info its very he...Chaz- <br />Thanks so much for all the info its very helpful. Like the previous posters I'm looking for what seems to be hard to come by clear info. I will hopefully have 30 years at 55, I enrolled in 55/25 as an insurance policy of sorts. Was that a mistake. I was under the impression you cant start collecting retirement until age 62, is that right? <br />looking forward to you responseAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-50951099117429797152016-06-21T12:50:49.815-04:002016-06-21T12:50:49.815-04:00Is there a way to get an estimate of new pension n...Is there a way to get an estimate of new pension numbers for those who retired in 2014?? I guess every case is different, but a general idea would behelpful. Thanks. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-66101719573976584372016-05-23T21:21:22.946-04:002016-05-23T21:21:22.946-04:00Chaz if I'm in 25/55, but work until I'm 6...Chaz if I'm in 25/55, but work until I'm 62 and will have 30 years, do I get back the 55/25 money I paid in?KPhttps://www.blogger.com/profile/00354609605905412845noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-32829289919582937372015-09-04T17:24:01.172-04:002015-09-04T17:24:01.172-04:00Unfortunately I didn't buy into 25/55. When l ...Unfortunately I didn't buy into 25/55. When l turn 55 I will have 29 years. What would be the difference (% wise) if I want out at 55. I realize if I work the 30 years I would be getting 60% of my FAS as a pension. But according to your chart it seems like retiring even 1 year early I would loose 18%. Please clarify. <br />Thanks. Anonymoushttps://www.blogger.com/profile/01435055081487008187noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-81997289734030217082015-09-03T22:26:57.535-04:002015-09-03T22:26:57.535-04:00Unfortunately I didn't buy into 25/55. When l ...Unfortunately I didn't buy into 25/55. When l turn 55 I will have 29 years. What would be the difference (% wise) if I want out at 55. I realize if I work the 30 years I would be getting 60% of my FAS as a pension. But according to your chart it seems like retiring even 1 year early I would loose 18%. Please clarify. <br />Thanks. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-90069831058477435462015-09-03T22:26:06.483-04:002015-09-03T22:26:06.483-04:00Unfortunately I didn't buy into 25/55. When l ...Unfortunately I didn't buy into 25/55. When l turn 55 I will have 29 years. What would be the difference (% wise) if I want out at 55. I realize if I work the 30 years I would be getting 60% of my FAS as a pension. But according to your chart it seems like retiring even 1 year early I would loose 18%. Please clarify. <br />Thanks. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-15811846121888818142015-07-18T08:58:10.351-04:002015-07-18T08:58:10.351-04:00So based on the current contract which expires in ...So based on the current contract which expires in 2018 and not taking into account any future raises beyond the current contract terms...If a tier 4 teacher retires in 2020 with an FAS that includes 2 years at 119+K(top salary) he will be penalized bc the average of the prior 2 years goes beyond the 110% rule for the 2 yrs the teacher earned top salary. Is this correct? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-47294473879696043772015-01-09T10:26:39.345-05:002015-01-09T10:26:39.345-05:00Given the continual erosion of pension benefits it...Given the continual erosion of pension benefits it makes total sense for anyone in TIER VI (new teachers) to try to do anything they can to do get out to Westchester or Long Island. If your final multiplier is only 1.75, you might as well get paid for it. Better yet, consider working in Connecticut or Pennsylvania, where the multipliers are higher (2% after twenty in Conn, 2.5% after 10 in PA), the retirement age is about the same (60 in Conn, 65 in PA), and you can actually afford a house, not live in your Mom's basement until 40. NJ's bully gov required residency, and lowered the pension amount, now it is yrs/60, so a 20 year is only 1/3, and a 30 is 50%. Conn does not contribute to Social Security, but take that extra 7.5% that you will get and plow it into their 403b7, and you should do fine. Besides, you will be able to afford it because Conn pays better.<br />Why stick around, especially in NYC, where once you are a senior teacher, you are just an expense?<br /><br />We need to become as mercenary as the bean counters down at City Hall are, and as ruthless with our career choice location. "Serving our city, giving back, etc", is now all BS! <br /><br />Look out for yourselves first.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-5255296336562161822014-12-18T10:25:55.218-05:002014-12-18T10:25:55.218-05:00Most people can get an estimate of their pension b...Most people can get an estimate of their pension by signing up to TRS online. (Google TRS & NYC) It takes about 1-2 weeks, as they send you a pin number et cetera. But once you are in, look around in there and you will see "Retirement Allowance Calculator". NB- it only works for TIER IV members at present, which is the vast majority of those still working and the ones most likely to retire in the next few years. At 27 years of service at age 55 you can retire under TIER V (see: https://www.nystrs.org/main/benefits/service.htm) with 54% but if you are married NYS requires that your spouse be entitled to it unless he/she signs a waiver and you will take probably a 12% hit so 47.52% is my estimate. But if you are in TIER V, which from your writings is what I assume, then you have still enough years to switch out to the suburbs, which I highly recommend. NYC is not the place for a long term career anymore. I have 22.75 years in, thank GOD I did 25/55.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-22030288022523550012014-12-15T11:32:22.708-05:002014-12-15T11:32:22.708-05:00Sure you can go to 78% but that would require 30 y...Sure you can go to 78% but that would require 30 years at 2% then 12 more years at 1.5% to get to the 78%. Mathematically, you would have worked for 42 years with the DoE. If you started straight out of college at around 22, you would be at least 64 years old. Since you would have qualified for a pension at 55, this means that you would have sacrificed 9 years of pension to simply retire with 1.5% more per year, in my quick estimate that would be close to $500,000. You would have to be Methuselah in order to recoup those losses.<br /><br />Besides, who wants to stay in the DoE longer than is absolutely necessary nowadays?<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-47008903968144169382014-12-08T19:13:17.558-05:002014-12-08T19:13:17.558-05:00Agreed. Certainly, if you have a good gig with fr...Agreed. Certainly, if you have a good gig with friends on the "inside", you'll stand a better of surviving.ReadyToRetireNownoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-26150083747955891302014-12-08T19:10:52.319-05:002014-12-08T19:10:52.319-05:00That is if you last that long in this current &quo...That is if you last that long in this current "gotcha" environment. Even if you are an effective teacher, it makes little sense for some principals to hang on to 100k a year personnel. It's very sad, actually.ReadyToRetireNownoreply@blogger.com