Reply to Dec 18th: FY 2026 Recommended Operating Budget

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Reply to "Dec 18th: FY 2026 Recommended Operating Budget "

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[quote=Anonymous][quote=Anonymous]Many teachers and paras are locked in by pension and health care.  There is a huge penalty if you retire early.  Heck you aren’t even eligible for anything in the pension system unless you have been in Maryland for 10 years working full time.

Every staff member I know plans to leave at full retirement age.  For many it is around 60 or so.  Younger teachers have to work 5 years longer than that and get a smaller pension.

I know one teacher staying longer. They say they need the money to take care of adult children. But they are basically working at half the pay rate now since they are pushing off collecting the pension.

FYI, teachers put in 7.5% of our salaries into the pension.  It’s not some sort of free benefit or something.  [b]Teacher submissions account for about 75% of teacher pensions paid out.[/b]  The counties and state cover the rest.   It’s only about 50% of the final salary.  It will be less for younger teachers eventually.[/quote]

This is not true. You can't fund 50% of final salaries for life with 7.5% contributions. My guess is you moved the decimal point over.[/quote]

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