Value of teacher pension

[Anonymous]

Anonymous wrote:If you’re looking into teaching just for a pension, it’s worth noting that many people don’t last 7 or 10 years. My dept right now is averaging 4 years before transferring districts or burnout.

That's the only thing propping up our pension right now - so many teachers who pay into it but don't pull out of it!

[Anonymous]

The pension is just an annuity. 7-8% of your income is contributed and you get a pension that pays 1.5%-2% per year of the highest average 3-5 years salary.

[Anonymous]

Anonymous wrote:The pension is just an annuity. 7-8% of your income is contributed and you get a pension that pays 1.5%-2% per year of the highest average 3-5 years salary.

1.5-2%?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The pension is just an annuity. 7-8% of your income is contributed and you get a pension that pays 1.5%-2% per year of the highest average 3-5 years salary.

1.5-2%?

It totally depends on what state teacher pension system, and on what year you started working in the system.

As I said before, in my pension system, we get 1.8% as our multiplier; but for new teachers it went down to 1.5%.

In the VA pension system, for new employees, they have some kind of hybrid plan now. They only get a 1% multiplier for the defined benefit part of the plan. But the state also matches some amount of their defined contribution plan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The pension is just an annuity. 7-8% of your income is contributed and you get a pension that pays 1.5%-2% per year of the highest average 3-5 years salary.

1.5-2%?

It totally depends on what state teacher pension system, and on what year you started working in the system.

As I said before, in my pension system, we get 1.8% as our multiplier; but for new teachers it went down to 1.5%.

In the VA pension system, for new employees, they have some kind of hybrid plan now. They only get a 1% multiplier for the defined benefit part of the plan. But the state also matches some amount of their defined contribution plan.

Ok. As a multiplier that makes sense.