Vermont is currently in the process of changing the retirement system for state employees, including teachers. There are three major changes:
1. Teachers will work longer than 30 years (Rule of 90).
2. Teachers will pay more into their pensions.
3. In exchange, teachers will receive 60% of their highest 3 consecutive years of pay (currently 50% of highest 5 consecutive years) and will have the option of buying low-cost insurance for their spouse in retirement.
Unfortunately for me, I've already taught 8 years in both Florida and Georgia and those years didn't travel with me to Vermont. Basically I am starting over like a new teacher at 32 years old.
Today, I got an email with a "Retirement Calculator" so that I could plug in my information to see when I would now be retiring: 2042. I would be 64 years old and would have taught for 41 years (33 years in Vermont)! I calculated Tyler's retirement too, he will have to teach for 34 years but will only be 55 when he retires.
As soon as this bill passes I will be looking into buying back my years from FL and GA so that I can retire at a normal time, but depending on the cost, I might have to pick up a part-time job to pay for them!
Here is the calculator for those of you in Vermont!
http://vtnea.org/preserving_improving_your_retirement/new_retirement_calculator.aspx .
1. Teachers will work longer than 30 years (Rule of 90).
2. Teachers will pay more into their pensions.
3. In exchange, teachers will receive 60% of their highest 3 consecutive years of pay (currently 50% of highest 5 consecutive years) and will have the option of buying low-cost insurance for their spouse in retirement.
Unfortunately for me, I've already taught 8 years in both Florida and Georgia and those years didn't travel with me to Vermont. Basically I am starting over like a new teacher at 32 years old.
Today, I got an email with a "Retirement Calculator" so that I could plug in my information to see when I would now be retiring: 2042. I would be 64 years old and would have taught for 41 years (33 years in Vermont)! I calculated Tyler's retirement too, he will have to teach for 34 years but will only be 55 when he retires.
As soon as this bill passes I will be looking into buying back my years from FL and GA so that I can retire at a normal time, but depending on the cost, I might have to pick up a part-time job to pay for them!
Here is the calculator for those of you in Vermont!
http://vtnea.org/preserving_
That stinks that the years you did in other states don't carry over to your new state. I guess that means I'm in for it if I ever move to Vermont since I've moved around a lot!
ReplyDeleteThe picture is priceless. I hate these gut-punches on retirement, etc. As an adjunct, I'll have no retirement, just as I have no health insurance, so I guess I'm used to being blown about in the wind. Luckily, the "golden handcuffs" are firmly in place for my husband, and his retirement doesn't really peak until 65 years of age. (I won't let him retire a moment before that!) Sounds like Vermont is trying to get more in line with the rest of the country. Sorry about the 8 years not carrying forward-I hope it works out for you.
ReplyDeleteElizabeth
http://peninkpaper.blogspot.com/
So how do you get rid of those teachers who should have retired with the flood but are still (1)boring students to death (2)using their trusty DUSTY lesson plans (3)complaining about everything,just to complain about everything.
ReplyDeleteP.S. The photo is a hoot!
Reply to "Thinking Aloud"...sometimes those are actually the best teachers in our schools (my husband- Aimee's future father-in-law- is one of them). And in fact, he preferred just those types of teachers for his own sons...and I really think they contributed to the organized, dependable, EXCELLENT teacher that Tyler has become.
ReplyDeleteBut regardless, the new retirement plan doesn't "get rid" of anyone- it actually forces everyone to work even longer...contributing to your "Dusty Teacher" woes.
I actually am okay with most of the changes to the retirement system- we've been paying the same amount for a long time and an increase seems fair. I feel pretty lucky to still have a defined benefits plan-- that's the way lots of companies used to operate many years ago!
Aimee, it is SO unfortunate that your years from GA don't transfer...that's the hard thing about state sponsored plans...Buying back your years sounds like a pretty good idea- you've got plenty of time to save up for it!!!
Thankfully, we enjoy teaching and LOVE our kids!
Good plan, but buying back years is high dollar!! Good luck with that.
ReplyDelete