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[quote=Anonymous][quote=Anonymous][quote=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. [/quote] 1.5-2%?[/quote] 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. [/quote]
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