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As I was approaching my 20th year of teaching, I had a few people ask me if I was going to do the "20 and done" route. I never quite understood where they were coming from. At 20 years of service I would have only been 42 years old and not eligible for retirement. Next year will be my 30th year, after which I will eligible for unreduced state retirement (VRS here in Virginia). I believe the VRS provides ~50% of your highest three years' salary.
I am one who falls under an older plan that has a "rule of 80", (years of service and age have to equal at least 80). I believe new teachers now have a "rule of 90". So a 22 year old who started this year will be eligible for unreduced retirement after 34 years of service.
You know we see this all the time, "teachers can retire after 20 years". I don't where people get that idea but it's rampant. Both here and in real life.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by North Beach Person
You know we see this all the time, "teachers can retire after 20 years". I don't where people get that idea but it's rampant. Both here and in real life.
Maybe getting mixed up with law enforcement? By law federal law enforcement officers and many others state and local can retire after 20 years of service at the age of 50, or after 25 years of service at any age.
Maybe getting mixed up with law enforcement? By law federal law enforcement officers and many others state and local can retire after 20 years of service at the age of 50, or after 25 years of service at any age.
I have 2 relatives that were policemen and they both "retired" at the age of 50. They had to be a minimum of 50 years of age and have at least 25 years in. (rule of 75). They collect a pretty nice pension at a high % of what their last paycheck was. Of course every year, it's adjusted for inflation as well.
I think this is pure crap for taxpayers to pay for this when they're only 50 years of age. This is the heart of why the city of Chicago is over it's head in debt paying out these pensions to people retiring in mid-life.
I think this "rule of" is perfectly fine whether it's for teachers, firefighters, cops, or other civil service workers BUT it had better be at a minimum of rule of 85. Few other people can retire now until they're 67.
In California, teachers must work until age 62 for a full retirement. Even then, the average amount is $45k.
Teachers retiring as early as age 55 receive about half as much.
Cops, Fire, and Corrections can retire after 20 years, and may receive $100k Many of them do embark on a second career.
You know we see this all the time, "teachers can retire after 20 years". I don't where people get that idea but it's rampant. Both here and in real life.
I have 2 relatives that were policemen and they both "retired" at the age of 50. They had to be a minimum of 50 years of age and have at least 25 years in. (rule of 75). They collect a pretty nice pension at a high % of what their last paycheck was. Of course every year, it's adjusted for inflation as well.
I think this is pure crap for taxpayers to pay for this when they're only 50 years of age. This is the heart of why the city of Chicago is over it's head in debt paying out these pensions to people retiring in mid-life.
I think this "rule of" is perfectly fine whether it's for teachers, firefighters, cops, or other civil service workers BUT it had better be at a minimum of rule of 85. Few other people can retire now until they're 67.
Why not? There's no law whatsoever mandating 67. All that is is the newest FRA age for Social Security.
I'm seeing a lot of obituaries for people I worked with in a factory 40+ years ago (yes there was a pension plan) and doing the math shows the majority of them retired at 62 (which is still the early Social Security age).
Why the math can be done is that almost all the obits say when they retired from the factory. That may be because where it was is now an EPA brownfield with no trace of the plant remaining and is slated to become a weed grow facility.
Why not? There's no law whatsoever mandating 67. All that is is the newest FRA age for Social Security.
I'm seeing a lot of obituaries for people I worked with in a factory 40+ years ago (yes there was a pension plan) and doing the math shows the majority of them retired at 62 (which is still the early Social Security age).
Why the math can be done is that almost all the obits say when they retired from the factory. That may be because where it was is now an EPA brownfield with no trace of the plant remaining and is slated to become a weed grow facility.
People can retire whenever. My point is simple. Government workers are no more special than anyone else. Most all of them have pension plans that are nearly unattainable in the private sector. I don't begrudge them having this EXCEPT when they are allowed to retire before the first hint of any gray hairs.
People have 401K's and are pretty stuck retiring before they're 59 1/2 due to the penalties incurred and get really dinged on their SS if taken early at 62. Any gov. worker should not be allowed to start draining taxpayer's dollars at 50 years of age, which was the example mentioned for police and fireman in particular.
Now, I doubt you would find ANY teacher retirement plan that allows this (I could be wrong) which makes more sense. The earliest I've heard of is needing to be at least 55 years of age, which sounds like it's the most common and makes more sense. The rule of 88, which in the state my son teaches in (Iowa) is to me just right.
People can retire whenever. My point is simple. Government workers are no more special than anyone else. Most all of them have pension plans that are nearly unattainable in the private sector. I don't begrudge them having this EXCEPT when they are allowed to retire before the first hint of any gray hairs.
People have 401K's and are pretty stuck retiring before they're 59 1/2 due to the penalties incurred and get really dinged on their SS if taken early at 62. Any gov. worker should not be allowed to start draining taxpayer's dollars at 50 years of age, which was the example mentioned for police and fireman in particular.
Now, I doubt you would find ANY teacher retirement plan that allows this (I could be wrong) which makes more sense. The earliest I've heard of is needing to be at least 55 years of age, which sounds like it's the most common and makes more sense. The rule of 88, which in the state my son teaches in (Iowa) is to me just right.
For the most part, government workers who retire early don’t typically make enough to survive on just their pensions. Many pension plans are actually designed to have a combination of funding through the pension, social security, and an investment option. Obviously with social security and the investments, you can’t access those until you are 59.5, and social security is 62 at the earliest. I knew a lot of people over the years who were eligible to retire before 59.5, but the pension alone is simply not enough to cover the health insurance costs and still be enough to live on.
The plans that are the most problematic are the plans that rely only on the one pension. Because these systems do not contribute to social security, they defer liabilities down the road. You can say Joe contributes 10% to his pension each paycheck, but you don’t actually have to have that money available at the time. With the three part systems, the employer has to contribute to social security and have some sort of statement to send showing where your investments are going and how they are doing.
In California, teacher's medical coverage typically ends at age 65. Cops, Fire, and Corrections have it for life.
Teachers have always paid 8% of their gross pay into their retirement. Cops, Fire, and Corrections paid nothing until recently.
Teacher also encounter the WEP (Windfall Elimination Provision) which reduces earned Social Security to a fraction of what they would otherwise receive.
People can retire whenever. My point is simple. Government workers are no more special than anyone else. Most all of them have pension plans that are nearly unattainable in the private sector. I don't begrudge them having this EXCEPT when they are allowed to retire before the first hint of any gray hairs.
People have 401K's and are pretty stuck retiring before they're 59 1/2 due to the penalties incurred and get really dinged on their SS if taken early at 62. Any gov. worker should not be allowed to start draining taxpayer's dollars at 50 years of age, which was the example mentioned for police and fireman in particular.
Now, I doubt you would find ANY teacher retirement plan that allows this (I could be wrong) which makes more sense. The earliest I've heard of is needing to be at least 55 years of age, which sounds like it's the most common and makes more sense. The rule of 88, which in the state my son teaches in (Iowa) is to me just right.
Look at rates for divorce, suicide, and heart attacks, the likelihood of being told to go deal with mental/armed/violent people, a job that ranks in the top of the most-likely-to be-murdered-at work jobs, as well as a significantly reduced life expectancy compared to the rest of the population. So, yes, there is a reason that police and fire get the pensions that they do. And yes, police retirement is changing because the current system is not tenable any longer, so there are increased costs to retirees, reduced benefits, and changes in retirement age.
Last edited by joe from dayton; 04-28-2022 at 01:50 PM..
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