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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the [b]2 pensions[/b] so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.[/quote]

+1.  DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.
[/quote]

Wow.

With those kind of retirement benefits plus summer vacations, Christmas vacation,  spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

[/quote]

It does get reduced once you hit SS age unless you choose “level lifetime”. Also, it’s not like teachers aren’t paying into the retirement plans while working. You also have to budget for things like a healthcare cost increase. It’s still a good plan, particularly if you are in the Legacy group, but I haven’t heard of anyone actually making more at retirement than when they were working. [/quote]

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