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04bride
I'm a big sister!!!
Member since 5/05 6707 total posts
Name:
Noel
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nyc teachers.. enrolled in 55/25..realized they dont need to be...
I enrolled while on maternity leave at the adviceof my dh friend who is a payrol lsec and "KNOWS HER STUFF". i emailed her and she wrote back yes enroll so i did. Come to find out she thought i had taken two leaves putting me back in my years of service and i really dont need to be enrolled.
I spoke to somoene at TRS and they said a lot of people enrolled and didnt need to and its up to the state to pass a legislation saying we can opt out not up to TRS. so i said well isnt it my money anyway?She said NO.How can that be? i am putting 80 extra amonth and its not mine???
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Posted 7/4/08 10:18 AM  |
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vitha
LIF Infant
Member since 8/06 191 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
I was under the impression that you can opt out at any time, but this is the only time that you can opt in.
I haven't opted in yet. I will have exactly 25 years at 55. I don't know what to do.
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| Posted 7/4/08 10:20 AM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
I thought once you opted in you could not opt out...I am not opting into this
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| Posted 7/4/08 11:36 AM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
I am not opting in. When I have 25 years in I will be 46...so it surely won't work out for me.
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| Posted 7/4/08 12:30 PM |
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jewels
Stop and smell the flowers
Member since 7/06 1538 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by 04bride
so i said well isnt it my money anyway?She said NO.How can that be? i am putting 80 extra amonth and its not mine???
we had someone come to our school to talk about this and the question came up about where the money goes. it is NOT your money. you are paying into a program allowing you to retire earlier. it's like paying an insurance premium. that money is not kept in an account for you or anything. it goes straight to the city. the idea is that if the math works in your favor you will get back more than you paid when you retire. hth
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| Posted 7/4/08 5:16 PM |
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mom2tom
LIF Infant
Member since 5/05 135 total posts
Name:
Elisa
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Can we still retire at 55 even if we don't opt in?
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| Posted 7/4/08 8:26 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by jewels
Posted by 04bride
so i said well isnt it my money anyway?She said NO.How can that be? i am putting 80 extra amonth and its not mine???
we had someone come to our school to talk about this and the question came up about where the money goes. it is NOT your money. you are paying into a program allowing you to retire earlier. it's like paying an insurance premium. that money is not kept in an account for you or anything. it goes straight to the city. the idea is that if the math works in your favor you will get back more than you paid when you retire. hth
This is why I decided against it
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| Posted 7/4/08 9:27 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by mom2tom
Can we still retire at 55 even if we don't opt in?
If you have the years I think...Like DH will have 30 years at 54
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| Posted 7/4/08 9:28 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by mom2tom
Can we still retire at 55 even if we don't opt in?
only if you have 30 yrs. in.
I decided not to opt in.
I will be 50 at 25yrs. I can't leave anyway if I opted in (unless I wanted to wait 5yrs to get my pension). I will be 55 at 30yrs. you can leave at 30 yrs. w/o penalty. If I decide to take 1yr. off then I will have to stay an extra year.
I think alot of people are under the impression that the money that you are contributing will be yours when you retire. That's what I thought at first.
Message edited 7/4/2008 11:17:22 PM.
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| Posted 7/4/08 11:13 PM |
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MelissaMac
Life is Good
Member since 6/06 2135 total posts
Name:
Melissa
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
But if we don't opt in then we have to wait until we
are 62, right?
Only if you are Tier I or Tier II can you retire at 55.
If you are Tier IV then you have to wait until your 62.
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| Posted 7/6/08 11:36 AM |
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MissJones
I need a nap!
Member since 5/05 22132 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
I opted in and I still don't feel like I did the right thing. 
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| Posted 7/6/08 12:51 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by MelissaMac
But if we don't opt in then we have to wait until we
are 62, right?
Only if you are Tier I or Tier II can you retire at 55.
If you are Tier IV then you have to wait until your 62.
Or when you have 30 years...I believe
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| Posted 7/6/08 1:00 PM |
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MelissaMac
Life is Good
Member since 6/06 2135 total posts
Name:
Melissa
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by beautyq115
Posted by MelissaMac
But if we don't opt in then we have to wait until we
are 62, right?
Only if you are Tier I or Tier II can you retire at 55.
If you are Tier IV then you have to wait until your 62.
Or when you have 30 years...I believe
right but then if you don't opt in you have to wait until
your 62.
but if you do then you can start collecting at 55.
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| Posted 7/6/08 8:10 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by MelissaMac
Posted by beautyq115
Posted by MelissaMac
But if we don't opt in then we have to wait until we
are 62, right?
Only if you are Tier I or Tier II can you retire at 55.
If you are Tier IV then you have to wait until your 62.
Or when you have 30 years...I believe
right but then if you don't opt in you have to wait until
your 62.
but if you do then you can start collecting at 55.
This iwhat I'm not sure of as well. I need to call someone at th eunion to get a straight answer about this before I make up my mind.
I wasn't going to opt in cuz I was under the assumption that I could retire at 30 yrs. with no penalty. I will be 55 at 30 yrs. I thought once I hit 30 yrs. and retired I would get my pension. Now I heard that I can retire at 30yr., but I have to waith till 62 to collect!!
If I have to wait till I'm 62 to collect I think I'm gonna opt in so I can leave at 55 and collect my pension then. I need to find the answer to this question. All the material I have read about the 55/25 is unclear about that.
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| Posted 7/6/08 9:57 PM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by MelissaMac
Posted by beautyq115
Posted by MelissaMac
But if we don't opt in then we have to wait until we
are 62, right?
Only if you are Tier I or Tier II can you retire at 55.
If you are Tier IV then you have to wait until your 62.
Or when you have 30 years...I believe
right but then if you don't opt in you have to wait until
your 62.
but if you do then you can start collecting at 55.
But I have heard you will collect your pension at a reduced rate at age 55, not until 60 years old regardless of how many years worked do you get an unreduced pension
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| Posted 7/6/08 10:52 PM |
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msrsfeb
LIF Adult
Member since 2/06 1277 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
I went to a workshop on this. they said you can collect at 55 yrs old as long as you have 30 yrs. for me it doesn't pay. you still only get 52% at 55 w/25 years. Only at 30yrs do you get the full 60% of your pension. Does that make sense? I did not opt in b/c I started at age 24 I will also buy back 1 year making me 23 when i started. therefore even with a few months maternity i am still 55 when i leave. If all goes according to plan!
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| Posted 7/7/08 8:32 PM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by msrsfeb
I went to a workshop on this. they said you can collect at 55 yrs old as long as you have 30 yrs. for me it doesn't pay. you still only get 52% at 55 w/25 years. Only at 30yrs do you get the full 60% of your pension. Does that make sense? I did not opt in b/c I started at age 24 I will also buy back 1 year making me 23 when i started. therefore even with a few months maternity i am still 55 when i leave. If all goes according to plan!
That was my understanding....no matter what if you retire before 30 years in...then you get a reduced pension, who whats that?
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| Posted 7/7/08 10:08 PM |
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Googlie
LIF Adolescent
Member since 3/06 532 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
I'm reading the info packet for my husband and it says "If you opt into the Age 55 Retirement Program, no age reduction would be applied to your retirement allowance, provided you are are least age 55 and have at least 25 years of Total Service Credit as of your retirement date." It seems that if you opt in you will not get a reduction at 55 if you have the 25 years. If you don't opt in you need to work the 30 years and will get a reduction up until the age of 62.
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| Posted 7/7/08 11:14 PM |
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msrsfeb
LIF Adult
Member since 2/06 1277 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by Googlie
I'm reading the info packet for my husband and it says "If you opt into the Age 55 Retirement Program, no age reduction would be applied to your retirement allowance, provided you are are least age 55 and have at least 25 years of Total Service Credit as of your retirement date." It seems that if you opt in you will not get a reduction at 55 if you have the 25 years. If you don't opt in you need to work the 30 years and will get a reduction up until the age of 62.
are you sure? I understood it to be that as long as you had 30yrs at 55 you could retire w/out any penalty. I also understood it to be that you would not get penalized for retiring at 55/25 but that your pension would only be 52% as opposed to you working the full 30yrs. and receiving the 60%.
I hate all this stuff!!
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| Posted 7/8/08 1:12 AM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by msrsfeb
Posted by Googlie
I'm reading the info packet for my husband and it says "If you opt into the Age 55 Retirement Program, no age reduction would be applied to your retirement allowance, provided you are are least age 55 and have at least 25 years of Total Service Credit as of your retirement date." It seems that if you opt in you will not get a reduction at 55 if you have the 25 years. If you don't opt in you need to work the 30 years and will get a reduction up until the age of 62.
are you sure? I understood it to be that as long as you had 30yrs at 55 you could retire w/out any penalty. I also understood it to be that you would not get penalized for retiring at 55/25 but that your pension would only be 52% as opposed to you working the full 30yrs. and receiving the 60%.
I hate all this stuff!!
This is what I thought and this is what my husband said...he is also a NYC teacher and will have 30 years at 54. I thought as long as you had the years you could retire.
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| Posted 7/8/08 12:04 PM |
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msrsfeb
LIF Adult
Member since 2/06 1277 total posts
Name:
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by beautyq115
Posted by msrsfeb
Posted by Googlie
I'm reading the info packet for my husband and it says "If you opt into the Age 55 Retirement Program, no age reduction would be applied to your retirement allowance, provided you are are least age 55 and have at least 25 years of Total Service Credit as of your retirement date." It seems that if you opt in you will not get a reduction at 55 if you have the 25 years. If you don't opt in you need to work the 30 years and will get a reduction up until the age of 62.
are you sure? I understood it to be that as long as you had 30yrs at 55 you could retire w/out any penalty. I also understood it to be that you would not get penalized for retiring at 55/25 but that your pension would only be 52% as opposed to you working the full 30yrs. and receiving the 60%.
I hate all this stuff!!
This is what I thought and this is what my husband said...he is also a NYC teacher and will have 30 years at 54. I thought as long as you had the years you could retire.
He will still have to work until 55 no matter what though. Unless he takes a penalty.
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| Posted 7/8/08 12:07 PM |
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Candy Girl
Candy girl- you are so sweet!
Member since 11/07 6349 total posts
Name:
erin
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by beautyq115
Posted by msrsfeb
Posted by Googlie
I'm reading the info packet for my husband and it says "If you opt into the Age 55 Retirement Program, no age reduction would be applied to your retirement allowance, provided you are are least age 55 and have at least 25 years of Total Service Credit as of your retirement date." It seems that if you opt in you will not get a reduction at 55 if you have the 25 years. If you don't opt in you need to work the 30 years and will get a reduction up until the age of 62.
are you sure? I understood it to be that as long as you had 30yrs at 55 you could retire w/out any penalty. I also understood it to be that you would not get penalized for retiring at 55/25 but that your pension would only be 52% as opposed to you working the full 30yrs. and receiving the 60%.
I hate all this stuff!!
This is what I thought and this is what my husband said...he is also a NYC teacher and will have 30 years at 54. I thought as long as you had the years you could retire.
It is currently 30/62. No way am I staying until 62--I would be teaching for 38 years!!
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| Posted 7/8/08 5:13 PM |
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Buttafli1277
LIF Adult
Member since 8/05 2638 total posts
Name:
Jennifer
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Re: nyc teachers.. enrolled in 55/25..realized they dont need to be...
Posted by Snickers
Posted by beautyq115
Posted by msrsfeb
Posted by Googlie
I'm reading the info packet for my husband and it says "If you opt into the Age 55 Retirement Program, no age reduction would be applied to your retirement allowance, provided you are are least age 55 and have at least 25 years of Total Service Credit as of your retirement date." It seems that if you opt in you will not get a reduction at 55 if you have the 25 years. If you don't opt in you need to work the 30 years and will get a reduction up until the age of 62.
are you sure? I understood it to be that as long as you had 30yrs at 55 you could retire w/out any penalty. I also understood it to be that you would not get penalized for retiring at 55/25 but that your pension would only be 52% as opposed to you working the full 30yrs. and receiving the 60%.
I hate all this stuff!!
This is what I thought and this is what my husband said...he is also a NYC teacher and will have 30 years at 54. I thought as long as you had the years you could retire.
It is currently 30/62. No way am I staying until 62--I would be teaching for 38 years!!
Your saying it's 30/62, then I will have to wait 37/62 to retire if I don't opt in?? If I don't opt in I willl be 30/55. Can't you leave and collect a pension at 30/55?
I need to call the union and find definate answers. I'm sooo confused!!
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| Posted 7/8/08 5:25 PM |
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