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Montgomery County Public Schools (MCPS)
Reply to "Pension"
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[quote=Anonymous][quote=Anonymous]I wouldn't count on a pension[/quote] The pension is pretty stable. Staff pay in about 7.5% of each paycheck. MCPS/state also contribute to the pension fund. About 3/4 of what staff pays goes to retirees. The pension doesn't work like a 401k or retirement account. Every 10 or 15 years usually after a very bad economic cycle, the state adjusts the pension and service requirements. The cut about 10% of the payouts back in 2010 for new hires. Previous hires had a phase-in of sort based on the old pension and new pension. I still try to fully contribute my MCPS 403b, MCPS 457b, and personal Roth IRA, since my wife has no retirement benefits at her job. I recommend MCPS employees contribute to the 457b at a rate of $25 per step per pay period.[/quote]
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