Reply to Job with pension versus job without - how heavily should it weigh in your decision?

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[quote=Anonymous]MCPS teachers have the same deal. I am on the old pension system (new one started in 2011) and I work less years to be vested and less years to retire with a high payout (still paying 7% though).

[quote=Anonymous][quote=Anonymous][quote=Anonymous]How long does it take for the pension to vest? DH works for the state of MD, and it takes 10 years. And it requires a mandatory 7% contribution. If you leave before year 10, instead of a pension you are paid out your contributions plus a set amount of interest that in no way attempts to keep up with market rate interest had the money been invested in a traditional retirement account. At your age in the MD system, I would deem the pension to be worth very little. Pensions for a full career in the system aren’t worth that much, so the 15 or 20 years you’d get will be an even less significant pension payout.[/quote]

wow 7%!  hard to believe it is worse than the feds.  What is the payout?  [/quote]

If he stays his entire career and retires at 65, at his current salary (approx 110K), I believe he should get around 60k. Of course his job (public defender) is a difficult one to have for 35 years, so we’ll see. [/quote][/quote]

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