tag:blogger.com,1999:blog-15921757.post312417502413505830..comments2024-03-07T15:25:26.971-05:00Comments on ICEUFT Blog: CHIEF LEADER PUBLISHES STORY ON EARLY RETIREMENT INCENTIVEJeff Kaufmanhttp://www.blogger.com/profile/11728874415155394751noreply@blogger.comBlogger56125tag:blogger.com,1999:blog-15921757.post-54673019848774137922021-04-13T10:15:21.237-04:002021-04-13T10:15:21.237-04:00So it's a bad time to save taxpayers millions ...So it's a bad time to save taxpayers millions of dollars? �� <br /><br />And I guess it's also a bad time to give younger people a chance to start a career in public employment without having to move somewhere else. And a bad time to give older people who have worked for the public for over 25 years (for lower wages than they could have made in the private sector) -- those at greatest risk during the pandemic -- a chance to actually retire. If they're "tired" it's because they've earned it working for decades.<br /><br />Obviously when it comes to saving huge sums of money, the sooner the better...always. But you'd rather wait for a "big gap." Which is essentially waiting until you're in more massive debt before deciding to become fiscally intelligent. It's like waiting for a cancer diagnosis before considering giving up smoking. Brilliant, just brilliant.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-58875080855628580312021-04-12T12:33:59.157-04:002021-04-12T12:33:59.157-04:00He/she who gives pension advice in blog comments i...He/she who gives pension advice in blog comments is a fool. He/she who asks for and accepts pension advice from anonymous bloggers is a bigger fool. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-29849928027407590172021-04-12T12:15:14.879-04:002021-04-12T12:15:14.879-04:00We never in a million years thought in 2007/8 we w...We never in a million years thought in 2007/8 we would retire from the doe. Lol. Seriously. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-22053126030842913622021-04-12T12:14:02.541-04:002021-04-12T12:14:02.541-04:00You guys are comparing apples and oranges. When I ...You guys are comparing apples and oranges. When I say 82% pension I’m not talking about 82% of my salary!!! Jeez. Have u even been to a retirement consultation? Instead of getting your full 100% PENSION meaning 100% of that formula (2% of FAS x years) you only get 82% of that. Do u get it now???Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-62907416838469356152021-04-11T22:13:31.042-04:002021-04-11T22:13:31.042-04:00Stop rubbing it in our noses! I’ll be at 101 when ...Stop rubbing it in our noses! I’ll be at 101 when I start collecting SS in 15 years!David Sukerhttps://www.blogger.com/profile/03449669119812923367noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-72476000158959578152021-04-11T15:31:19.592-04:002021-04-11T15:31:19.592-04:00Prehistoric pedagogue- Thanks for the info. That i...Prehistoric pedagogue- Thanks for the info. That is awesome. Good for you!<br />Wish we could negotiate that for tier 4-6.Disgusted in Queensnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-31289947491622839092021-04-11T13:39:03.810-04:002021-04-11T13:39:03.810-04:00I agree , state workers should be included like 20...I agree , state workers should be included like 2010. Would save in the ling run.maureen esposito centerhttps://www.blogger.com/profile/02646563436133198518noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-91752096023927003522021-04-11T11:00:27.854-04:002021-04-11T11:00:27.854-04:00Disgusted in Queens. These huge pensions you s...Disgusted in Queens. These huge pensions you seeing are not a function of percentage of FAS but occur because of the cumulative effect of a rising stock market. We were able to have a component of our pensions invested in what was then termed <br />Variable A. My FAS was 109k (with per session)<br />When I retired in 2012. My pension last year was <br />101000. More than 90%. God bless Tier 2Prehistoric pedagoguehttps://www.blogger.com/profile/05309260131781133687noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-8300537745258704962021-04-11T07:39:00.181-04:002021-04-11T07:39:00.181-04:00Actually Veteran teacher I believe it was higher t...Actually Veteran teacher I believe it was higher that 2% for tier 1.<br /><br />I believe it was 2% from 20-30 years and then either 2 3/4 or 2 2/3 percent for the years after 30. I remember reading a union binder that our union rep had in the 90"s and it said that. In addition, I remember that teachers working in certain low performing neighborhoods received 2 for 1 in years of pension credit. So for every year they worked there they would get 2 years credited to TRS.(Not sure if that was tier specific or not but I remember it)<br /><br />I also think that has to be the case because if you go on Seethroughnewyork and look up teachers who retired 15plus years ago they are collecting 80,000 plus pensions. The salaries weren't that high years ago to create that type of pension. Has to be a higher rater that 2% for tier 1.disgusted in Queensnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-63154595168943089222021-04-10T15:58:24.390-04:002021-04-10T15:58:24.390-04:0012:45
No.
It is 1.5% for each year over 30. (Ti...12:45<br /><br />No. <br /><br />It is 1.5% for each year over 30. (Tier I had 2%). <br /><br />So if you have precisely 30 years and are 55 (+) now, this ERI lets you go at the end of the year with 63.75% (without it you would go at 60%). <br /><br />Beyond that, the 82% is simply in error. For a Tier IV to hit 82% would normally take 44 years. The Veteran NY Teacherhttps://www.blogger.com/profile/05805569561084847792noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-85239138447543384742021-04-10T15:49:26.661-04:002021-04-10T15:49:26.661-04:00Anon2323,
I agree. Tier 6 is awful.
You could...Anon2323,<br /><br />I agree. Tier 6 is awful. <br /><br />You could rob a bank, get 35 years inside the can and be out before a tier 6 employee. <br /><br />You can’t do this job knowing you will have to do it 40 plus years. <br /><br />I have a decade to go and will work another job at age 55 outside of NY<br /><br />My kid knows that if she goes to college for teaching that I won’t contribute a dime to her education. <br /><br />It’s been a nice life for a tier 4 person, but tier 6 is brutal. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-39177916401422678062021-04-10T15:05:23.204-04:002021-04-10T15:05:23.204-04:00Pretty sure previous poster was not referring to 8...Pretty sure previous poster was not referring to 82% of FAS but rather what would be left after penalty for early retirement. In other words an 18% penalty. Only people getting 82 are tiers1&2 who have part of their pension invested in variable stock fund Prehistoric pedagoguehttps://www.blogger.com/profile/05309260131781133687noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-88758449948913271972021-04-10T13:41:19.114-04:002021-04-10T13:41:19.114-04:00Because you pay dues, UNITY UFT leader announced c...Because you pay dues, UNITY UFT leader announced change in 6 ft rule with Mayor while knowing they did not have approval from the state.<br /><br />Six foot rule still remains in effect. Please notify your school communities of this important email.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-30667985564409758032021-04-10T13:28:13.334-04:002021-04-10T13:28:13.334-04:00I paid into 25/55 and I am 40 with 19 years, had n...I paid into 25/55 and I am 40 with 19 years, had no idea, hope I get the money I invested back. The people who really should be irate are tier VI, no chance of making it, and the pension would be so bad you might as well for at rite aid.<br /><br />Good articles on retirement (for your own research):<br />http://chaz11.blogspot.com/search/label/Retirement<br />http://chaz11.blogspot.com/2014/12/a-simple-chart-to-determine-your-tier-4.html<br />http://chaz11.blogspot.com/2016/04/our-tda-and-required-minimum.htmlAnon2323https://www.blogger.com/profile/12920550598769579282noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-58163203638338455732021-04-10T13:17:13.905-04:002021-04-10T13:17:13.905-04:00I think the questions being asked are due to the l...I think the questions being asked are due to the legalize in the specific language / writting of the ERI. the fact that we can all read the same text, and NOONE knows what it means is problematic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-27788380917401584562021-04-10T13:16:14.080-04:002021-04-10T13:16:14.080-04:00James, very well said. I am happy that this blog ...James, very well said. I am happy that this blog does not try to answer pension questions. Pensions are very person specific. You can't paint everyone with the same brush. All pension related questions should go to a UFT consultant or TRS.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-31347349698371217542021-04-10T13:02:52.350-04:002021-04-10T13:02:52.350-04:0054 and 9 months and 24 and 6 months . Oct 1 retire...54 and 9 months and 24 and 6 months . Oct 1 retirement most likely. James I have paid in to 55/25 since its inception.Is it so that those who did not contribute the 1.85% are going to get the same 50% pension at 55/25 maybe someone at like 55/24 will even be given the benefit of 55/25 and the time in terms of 1 month per year?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-12113076738839300772021-04-10T12:45:13.114-04:002021-04-10T12:45:13.114-04:00I think to get to 82% you would have to work 11 mo...I think to get to 82% you would have to work 11 more years since it's 2% additional for every year over your retirement. So you would have to work 36 years. Good luck with that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-4390046241015651652021-04-10T12:38:01.318-04:002021-04-10T12:38:01.318-04:0012:12 and everyone, I have some knowledge of pensi...12:12 and everyone, I have some knowledge of pension but you are right I am not a pension consultant and don't pretend to be one. Sorry, I really do not feel qualified to answer all of the individual questions people have. Please call UFT or TRS.<br /><br />These posts on the ERI have been informational using publicly available sources. We are trying to simply keep UFTers up do date.James Eternohttps://www.blogger.com/profile/13578647381229034792noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-11341844181829490532021-04-10T12:30:05.958-04:002021-04-10T12:30:05.958-04:0050/20 here. I have always been prepping for 55/25 ...50/20 here. I have always been prepping for 55/25 and will be comfortable in my TDA on my 55th birthday. I can accept that this ERI may not work for me. But its tough to swallow paying in for many years and being both looked past and offered nothing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-38524645298413380452021-04-10T12:12:08.078-04:002021-04-10T12:12:08.078-04:00Too many teachers don’t know anything about their ...Too many teachers don’t know anything about their pension plan. Start reading. Get a consultation. Attend pension clinic. If you’re relying on this blog for that info, you’re not going to be fully informed. James is not a pension consultant and has never pretended to be one. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-63607789595602737502021-04-10T10:41:54.075-04:002021-04-10T10:41:54.075-04:00James...
So, does this mean if I opted into 55/25...James...<br /><br />So, does this mean if I opted into 55/25, I cant retire early? Or can the extra years be added to my service?<br /><br />How will those extra years be counted towards my FAS, if I never really worked at top salary, but got the credit?<br /><br />If so, can I get out of 55/25?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-31100907176277508842021-04-10T10:40:35.609-04:002021-04-10T10:40:35.609-04:00I don’t understand why so many of you didn’t opt i...I don’t understand why so many of you didn’t opt in to 55/25 when you were clearly eligible and would have benefited. I’m not blaming you, but I don’t get it. Did you CL not explain the benefits of the program clearly or did you just think you were going to work to 62? Just wondering.David Sukerhttps://www.blogger.com/profile/03449669119812923367noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-78800375645707894702021-04-10T10:34:02.899-04:002021-04-10T10:34:02.899-04:00How do you get an 82% pension with 25 years?How do you get an 82% pension with 25 years?David Sukerhttps://www.blogger.com/profile/03449669119812923367noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-42118183619482868102021-04-10T10:29:24.135-04:002021-04-10T10:29:24.135-04:001104...
I dont think 25 yrs gets you an 82% pensi...1104...<br /><br />I dont think 25 yrs gets you an 82% pension....more like 50% of you FAS (ave of the last three years). Check it oy first.<br /><br />Anyone have a comment?Anonymousnoreply@blogger.com