Anonymous wrote:

Anonymous wrote:I am in Maryland and in the process of planning my 'exit ticket' also known as retirement, which is approaching soon. I have a significant number of years of prior service in another state, and I recently made a formal request for verification of this service.

As I eagerly await the verification, I find myself quite anxious about the outcome. To add a personal perspective, my grade-level Administrator, who coincidentally shares my age and years of service, mentioned that the process is being deemed 'cost-prohibitive.' In fact, she was quoted a staggering $45,000 for the verification of just two and a half years of her own previous service. It's important to note that my grade-level Administrator holds an administrative position and receives a corresponding salary.

While this revelation might initially lead to discouragement, it's essential to consider the bigger picture. My love for my job runs deep, and I had never contemplated retiring 'early'. However, I've come to realize that my life holds far more value than any job or career. To make this transition feasible, I've taken steps such as upping my 403b contributions to the maximum allowed. These contributions will provide the funds necessary to purchase my time I am essentially rolling it from one retirement account to another, allowing me to retire one and a half years earlier than originally planned.

In sharing this journey, I hope to shed light on the financial challenges that individuals like me face when it comes to verifying prior service years. It's a topic that deserves our attention and consideration, as it impacts the choices we make in planning our retirements. Despite these challenges, I remain optimistic about the future and the opportunities that lie ahead.

Did you get a cost for this 1.5 years yet? How many years of service do you currently have? I am thinking about doing the same thing, so I am curious what the cost per year is.

Anonymous wrote:I am in Maryland and in the process of planning my 'exit ticket' also known as retirement, which is approaching soon. I have a significant number of years of prior service in another state, and I recently made a formal request for verification of this service.

As I eagerly await the verification, I find myself quite anxious about the outcome. To add a personal perspective, my grade-level Administrator, who coincidentally shares my age and years of service, mentioned that the process is being deemed 'cost-prohibitive.' In fact, she was quoted a staggering $45,000 for the verification of just two and a half years of her own previous service. It's important to note that my grade-level Administrator holds an administrative position and receives a corresponding salary.

While this revelation might initially lead to discouragement, it's essential to consider the bigger picture. My love for my job runs deep, and I had never contemplated retiring 'early'. However, I've come to realize that my life holds far more value than any job or career. To make this transition feasible, I've taken steps such as upping my 403b contributions to the maximum allowed. These contributions will provide the funds necessary to purchase my time I am essentially rolling it from one retirement account to another, allowing me to retire one and a half years earlier than originally planned.

In sharing this journey, I hope to shed light on the financial challenges that individuals like me face when it comes to verifying prior service years. It's a topic that deserves our attention and consideration, as it impacts the choices we make in planning our retirements. Despite these challenges, I remain optimistic about the future and the opportunities that lie ahead.

Anonymous wrote:If I may piggyback off this thread…
I’m a 10-year teacher in CT who took 20-21 off to care for our new baby. Retirement board told me it’s going to cost $5k to purchase that year.
I’m a bit confused as to what I’d be getting should I buy the year: essentially, when I retire, my pension will be as if I never took that year off? Will it also count as a year of service toward my retirement date?

Anonymous wrote:If I may piggyback off this thread…
I’m a 10-year teacher in CT who took 20-21 off to care for our new baby. Retirement board told me it’s going to cost $5k to purchase that year.
I’m a bit confused as to what I’d be getting should I buy the year: essentially, when I retire, my pension will be as if I never took that year off? Will it also count as a year of service toward my retirement date?

Anonymous wrote:

Anonymous wrote:I am in MD and have not retired yet, so I don't know all of the ins and outs of purchasing service. I work in MCPS where we have a pension with MCPS and the state of MD. I was able to purchase credit from the county after I came back from 3 years of childcare leave. I have been told that I can't purchase years from the state pension until I am actually planning on retiring. From what I have heard is that the cost is significant for purchasing years from the state. Most teachers I have talked to have said that it is crazy expensive.

Thanks -- do you have a sense of how crazy expensive?

I think this year I paid about $7000 into my pension for a year of credit.

Would it be something like $10,000 for a year at retirement? Or more?

Anonymous wrote:I am in MD and have not retired yet, so I don't know all of the ins and outs of purchasing service. I work in MCPS where we have a pension with MCPS and the state of MD. I was able to purchase credit from the county after I came back from 3 years of childcare leave. I have been told that I can't purchase years from the state pension until I am actually planning on retiring. From what I have heard is that the cost is significant for purchasing years from the state. Most teachers I have talked to have said that it is crazy expensive.