Anonymous wrote:I wouldn't count on a pension

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.

Anonymous wrote:If you select that option then yes....you will be presented with.a.variery of survivorship options to choose from. You could also select a higher payout with no survivorship option.

you will need spouse's consent to do that

Yes, I think there are several options for how much continues to your spouse. Most select the option of 100%continuing going to the spouse. But this lowers your pension by a few hundred dollars each month.

I wouldn't count on a pension

If you select that option then yes....you will be presented with.a.variery of survivorship options to choose from. You could also select a higher payout with no survivorship option.

Wondering, when I retire and start collecting my pension with MCPS, will it continue to go to my spouse if/when I die before them?