Jump to content

The numbers just aren’t going to work


Gump

Recommended Posts

I have a standing offer for a very good position in another state but it is all contingent on a lot of things happening that don’t appear to be likely. It sucks to have to turn it down but on the other hand it would have meant staying working another 10 years. The folks there new the situation and were very accommodating but i will likely inform them by weeks end that i cannot accept their offer. 

  • Heart 3
  • Sad 3
Link to comment
Share on other sites

44 minutes ago, Razors Edge said:

WTH kind of contract is for 10 years?!?!?  Or is that to pull some kind of benefit/tenure/commie socialist thing??? :D

I would need 10 years to be vested in the retirement system. 

  • Awesome 1
Link to comment
Share on other sites

1 minute ago, Razors Edge said:

Could they instead hire you as a 1099 and let you contribute to a SEP?  SEPs are pretty nice.

Nope. Standard public employee retirement. It’s the 12% penalty i would take on this end that is the killer. There was talk about an early retirement incentive being offered. If it had and it got me to where i would be in 2.5 years, i would have jumped on it and then taken this position. At that point there would not have been a need to worry about a secondary retirement.

  • Heart 1
Link to comment
Share on other sites

1 minute ago, Zackny said:

Nope. Standard public employee retirement. It’s the 12% penalty i would take on this end that is the killer. There was talk about an early retirement incentive being offered. If it had and it got me to where i would be in 2.5 years, i would have jumped on it and then taken this position. At that point there would not have been a need to worry about a secondary retirement.

Got it!  Makes sense - to you :D

Link to comment
Share on other sites

37 minutes ago, Zackny said:

I would need 10 years to be vested in the retirement system. 

Was this a public sector job?

In Canada for the 3 different jursidictions of govn't I worked for  (B.C. for provincial, Ontario for provincial and Alberta for a municipality)....which my experience is not reflective of everyone else...  I becomes vested in retirement system after 2 years fte.   I didn't make it for B.C. because I found another job (in private sector).

Yes, I will get 2 tiny pensions..really it's poverty line total.  'Cause I also worked for several private sector employers so I've never been a govn't lifer...and I don't regret my career choices. 

Link to comment
Share on other sites

1 hour ago, Razors Edge said:

Got it!  Makes sense - to you :D

There is a trick to the Maryland Teachers Pension: It only takes 5 years to be vested in the state pension, but if you move from one school system to another, you go back to Step 1 on the salary scale and your pension is based on your last 3 years avg. salary.

So, once you've been teaching in your county for a decade or more, you're locked into your county in order to max. your pension.

A neighboring county tried to recruit me after about 15 years in my county, but they'd only move me up to step 7 (year 7) in their county.

 

  • Heart 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...