tag:blogger.com,1999:blog-15921757.post473174149400252789..comments2024-03-07T15:25:26.971-05:00Comments on ICEUFT Blog: EARLY RETIREMENT INCENTIVE ALIVE IN ALBANY; Update: ERI is in Revenue BillJeff Kaufmanhttp://www.blogger.com/profile/11728874415155394751noreply@blogger.comBlogger107125tag:blogger.com,1999:blog-15921757.post-31220948833897450582021-04-11T11:44:37.099-04:002021-04-11T11:44:37.099-04:00When will this ERI be deciphered by the talking he...When will this ERI be deciphered by the talking heads and suits and the info be presented to members so we can decide if an opt in is an option. <br /><br />No plain English explanation of things coming from any agency that is involved in carrying this out or over seeing it. <br /><br />Not will to die yethttps://www.blogger.com/profile/11654991056889418739noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-5664869689281058312021-04-10T13:57:25.037-04:002021-04-10T13:57:25.037-04:00@Bornx ATR and 7:56 AM. Thank you both for the det...@Bornx ATR and 7:56 AM. Thank you both for the details. Appreciate the guidance. I hope they have further details when it is finally adopted by NYC . We are going to need all the fine prints explained to ensure we don't miss out on the benefits. Be safe and Best regards.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-43160778983428362402021-04-10T11:34:56.402-04:002021-04-10T11:34:56.402-04:00@4:13,
UFT pays for nothing. The city pays for it ...@4:13,<br />UFT pays for nothing. The city pays for it all. The only thing they control is SHIPP. If you don’t buy into it after a year of being retired, you’re barred - even if you are a member in good standing. (It’s the only plus to remaining a UFT member after retiring. Mulgrew, et al use retirees like old whores for their votes.) They’re still lying to those retiring. I just got a long pamphlet from Murphy explaining how wonderful the retiree chapter is and how democratic and how we are so lucky to be the only union that allows retirees to vote. Make your own choices, but don’t do it based fear and lies.Bronx ATRhttps://www.blogger.com/profile/08787717237141454628noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-11166364051192096562021-04-10T07:56:13.186-04:002021-04-10T07:56:13.186-04:00Retirement. If you have Ghi, you pay about $76 per...Retirement. If you have Ghi, you pay about $76 per month if you are single. The money is for the optional rider that gives you drug coverage. This amount can be increased by ghi/emblem health. But for 2021 it went down a few bucks. If you don’t select it, no drug coverage in retirement. Be alert. This has happened to teachers I know. They forgot to check the box for optional rider. Your UFT welfare fund drug coverage ends 2 months or so after you retire. Not sure how eyes and dental covered. I do not use UFT welfare fund participating providers. Get a consultation for accurate info. My opinion.... pension cost of living increases suck. Basically nothing. You better have other savings to supplement as inflation eats away at pension. Best wishes to everyone to make it out in good health. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-28075679301355573482021-04-09T17:21:19.078-04:002021-04-09T17:21:19.078-04:00Seems good to me.I would buy in.
Seems good to me.I would buy in.<br />Anonymoushttps://www.blogger.com/profile/00597988822157973540noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-63754246743534207932021-04-09T16:13:55.556-04:002021-04-09T16:13:55.556-04:00But as far insurance goes, don't the Union pay...But as far insurance goes, don't the Union pays for it? Even if we are between 50 and 55. I was told are health, Dental, Vision and Rx. Continues as usual until 65 when Medicare takes over?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-32793865075870324992021-04-09T13:13:04.141-04:002021-04-09T13:13:04.141-04:00If you have a well funded TDA and have been contri...If you have a well funded TDA and have been contributing to the 457, you probably could go out early (if you have 25 years, are in 55/25 and are between 50-55) and be okay. <br /><br />You can start drawing from your 457 within 45 days of separation without the 10% penalty. Chase a side hustle, tutor, coach, etc. to bring in some bridge income. Some of you have paid off homes, low or rent stabilized apartments, or HDFC / Mitchell-Lama co-ops. Could be a good time to downsize your home too and use some of the equity to carry you a few years. Maybe you reconsider paying for your child's private college tuition. It can be done, the larger question is how many of you are in a financial position to leave early and for a few years pursue something that is your passion to bridge the gap? <br /><br />If you still have a mortgage, debt, etc. this probably isn't going to help you. <br /><br />You can COBRA the health insurance for two years. If you have a spouse who is still working and eligible to pick you up on their insurance, you can go that way too. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-3922887300556330952021-04-09T13:10:48.977-04:002021-04-09T13:10:48.977-04:0012:43: I read it as you(non-opt-In to 25/55) can ...12:43: I read it as you(non-opt-In to 25/55) can get only one benefit out of 2, either 25 months of credit or no reduction. If you select no reduction then you retire with unpunished pension. If you select 25 months credit then you would be punished with reduction.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-3549708504734810172021-04-09T10:58:56.370-04:002021-04-09T10:58:56.370-04:00It goes without saying - or should - that you can’...It goes without saying - or should - that you can’t collect till 55 (and retirements incentives don’t change this). Period. Full stop. <br /><br />Obviously this might get the 55+ to the magic 30 ... or increase (slightly) the pensions of those who already hit 55/30 ...or get 55/25 to the magic 25...or increase (slightly) the pensions of those who already hit 55/25. <br /><br />Don’t expect too many takers. Certainly almost NONE under age 55. The Veteran NY Teacherhttps://www.blogger.com/profile/05805569561084847792noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-48494442987492773792021-04-09T08:45:54.989-04:002021-04-09T08:45:54.989-04:00So, for many of us, we wait for the UFT and NYC de...So, for many of us, we wait for the UFT and NYC details.<br /><br />Penalties for being under 55 will be a big issue for some.<br /><br />Not collecting pension checks until 55 another issue, especially for those of us in early 50s.<br /><br />Would someone lose health coverage or need to go on COBRA etc? Another issue.<br /><br />Loss of Terminal leave, another issue.<br /><br />For those who can retire with no major issues - KUDOS and good luck! And well-deserved!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-91350685100108621682021-04-09T06:22:04.060-04:002021-04-09T06:22:04.060-04:00Good luck James answering all the what about me an...Good luck James answering all the what about me and my personal situation questions. You’re teachers. Read and comprehend it yourself. Embarrassing. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-45955101727072708332021-04-09T00:43:09.925-04:002021-04-09T00:43:09.925-04:00If you didn’t opt in 55/25 but reach 25 years with...If you didn’t opt in 55/25 but reach 25 years with 2 years credit how is fas calculated anyone.?Anonymoushttps://www.blogger.com/profile/02173514794822295743noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-35867703282016749522021-04-08T21:18:39.375-04:002021-04-08T21:18:39.375-04:00But would I be eligible for additional service cre...But would I be eligible for additional service credit under Part A at 58 with 35 years? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-67989151015323648512021-04-08T20:44:21.571-04:002021-04-08T20:44:21.571-04:00@8:33- this is 4:43- thank you
i thought the incen...@8:33- this is 4:43- thank you<br />i thought the incentive was to get people out of the system<br />NOONE is going income free for an extended period of time.<br />Basically it should be called the 55 year old incentiveAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-3588658053628591282021-04-08T20:43:47.199-04:002021-04-08T20:43:47.199-04:00Ok thank you both for your replyOk thank you both for your replyFlorence Calandrellahttps://www.blogger.com/profile/14892215285571102279noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-24055185667533482482021-04-08T20:33:49.994-04:002021-04-08T20:33:49.994-04:004:43PM. Afraid not. Even with 30 years you will...4:43PM. Afraid not. Even with 30 years you will be penalized if you collect your pension before age 55Prehistoric pedagoguehttps://www.blogger.com/profile/05309260131781133687noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-16186501754764628772021-04-08T20:27:21.057-04:002021-04-08T20:27:21.057-04:00And there is the main issue, argument and conundru...And there is the main issue, argument and conundrum. If you cannot collect until the age of 55, then the ERI is of no benefit even if you have 25+. I am 52 with 26 years. If they really wanted to clear the books of the high priced staff they would allow everyone 50+/25+ to go and hire newbies. This bill still has alot of interpretation to go, but the State did not make this an easy, friendly out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-20496553416201079352021-04-08T20:26:26.190-04:002021-04-08T20:26:26.190-04:00Will I receive a penalty?Will I receive a penalty?Florence Calandrellahttps://www.blogger.com/profile/14892215285571102279noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-80231881877488553112021-04-08T20:25:50.984-04:002021-04-08T20:25:50.984-04:00Hi I have 27 years and am 52 does anyone know if I...Hi I have 27 years and am 52 does anyone know if I'm eligible to retire if this eri passes?Florence Calandrellahttps://www.blogger.com/profile/14892215285571102279noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-55054992506427295702021-04-08T19:34:22.290-04:002021-04-08T19:34:22.290-04:00I always thought no matter how many years you had,...I always thought no matter how many years you had, you couldn't collect until 55. 62 if you have under 30 years. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-88202527003512112522021-04-08T19:28:12.479-04:002021-04-08T19:28:12.479-04:00From TRS website:
The recently passed New York St...From TRS website:<br /><br /><i>The recently passed New York State budget includes early retirement provisions for certain public employees, which may include some TRS members. However, the City must first decide on the scope and other details before TRS can provide any information. We will post updates when available on our website and social media.</i><br /><br />Hopefully their calculators will allow us to figure out our individual situations.Michael Gattonhttps://www.blogger.com/profile/03439084701518904958noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-86221624464195868882021-04-08T17:21:14.878-04:002021-04-08T17:21:14.878-04:00I have a (non 55/25) person I work with who does n...I have a (non 55/25) person I work with who does not understand the word “PENALTY”.. she thinks if she retires at 55 with 28 years she gets 56% and interprets that as the penalty. <br />No, no no.<br />The penalty means she gets nothing like 56% (since she’s under 62:<br /><br />A prorated reduction of up to 27% when retirement occurs before age 62 with less than 30 years of NYS service.<br /><br />One more thing, You can retire at 54 (or 53 or 52...) you cannot collect till 55. Period, full stop. (Actually , Tier I could but that’s another story)The Veteran NY Teacherhttps://www.blogger.com/profile/05805569561084847792noreply@blogger.comtag:blogger.com,1999:blog-15921757.post-10747571054847414492021-04-08T16:43:38.441-04:002021-04-08T16:43:38.441-04:00Just want to make this clear for me-
i turn 50 in...Just want to make this clear for me- <br />i turn 50 in sept<br />i have 27.6 years right now<br />i bought into and completed 55/25.<br /><br />IF the city approves- i can retire with 60% fas(includes pension credit)<br />and collect immediatelyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-66375901221791605052021-04-08T16:26:09.120-04:002021-04-08T16:26:09.120-04:00I called the union and was told the uft and the ci...I called the union and was told the uft and the city are now negotiating final details and once that is done the union will update and inform members. They could not,however, say when that will be. Hopefully it will only be a few days but who knows.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15921757.post-76779247655422208252021-04-08T14:22:00.219-04:002021-04-08T14:22:00.219-04:00I know how you feel. Hopefully another one comes o...I know how you feel. Hopefully another one comes out next year, you and quite a few others who missed this can sign up.Hope things work out. Goodluck!Anonymousnoreply@blogger.com