Pensions? Who has one?

[snickerd3]

i was curious so i used the calculator on our retirement website.  if i stay here until i retire, I can retire at age 53 with 32 years of service and I would have a pension at 53.4%.  

 

[matt267 PE]

^ hopefully they don't change it on you.

 

[snickerd3]

^ hopefully they don't change it on you.

they have tried once and it was found unconstitutional by the state courts but they are trying to find another way

 

[matt267 PE]

The courts allowed the unilateral changes here.

 

[Dexman PE PMP]

We have some on a similar pension plan, but in order to be on it you would have had to start prior to 2005.  Anyone after that just gets a straight 9% equivalent put into a retirement account on our behalf, but you have to stay here for 5 years to get vested.

 

[GoldfishJack]

My plan is 1.65% per year of service. Rule of 90 here (age + years of service). The earliest you can retire is 55 I believe. Do you guys have to contribute to your pension for the entire time of your service? I do here, but when I was working in NYS, the retirement tier I was in only required 10 years of contributions. 

 

[matt267 PE]

Do you guys have to contribute to your pension for the entire time of your service?

Yes, yes I do.

 

[ptatohed]

My plan is 1.65% per year of service. Rule of 90 here (age + years of service). The earliest you can retire is 55 I believe. Do you guys have to contribute to your pension for the entire time of your service? I do here, but when I was working in NYS, the retirement tier I was in only required 10 years of contributions. 

The City used to pay for our contribution into PERS which is about 8%.  So, those of us grandfathered in to the pre-recession benefits didn't pay their own contribution but those who were hired after the pension revision did pay for their PERS contribution.  Then, about a year or two ago, the City decided to give everyone an 8% raise and just have us all pay our own PERS contribution. 

 

[Cinnamon]

I'm in CALPERS as well, but my formula is 2.0% @55.  Currently I have 20 yrs with the State and a two years with a municipality, (same formula).  

When I first started I was on Tier 2 which is 1.25% @55.   But as soon as Davis gave the option I jumped.  

 

[snickerd3]

we kick in 4% to the pension system.  

 

[Cinnamon]

We kick in 8%, used to be 5%

 

[snickerd3]

we kick in 4% to the pension system.  

the state is suppose to kick in another 4% but they haven't paid their half in years

 

[Cinnamon]

the state is suppose to kick in another 4% but they haven't paid their half in years

that bites.  Anything being done to force the issue? We have a strong union so the state wouldn't dare.

 

[snickerd3]

the state legislature is blaming the state workers for the huge deficit...it's our fault they didn't  put their share away, now there is huge issue and pension reform is a hot topic issue and that too is our fault.  

 

[Guest]

.

 

[matt267 PE]

That's not too bad. Good that you still have automatic COLAs.

 

[EhmayWuntee P.E.]

I pay in 7% and the city matches it at 2:1 so basically 21% of each paycheck goes into the plan.
Vesting is 5 years, retirement is 20 years or a certain age in the low 60s i believe.
They pay based on expected life, so I guess money saved divided by months assumed left to live.
Oh and it has a guaranteed 5% interest rate.

There is also an option to take a reduced payment, but have 50% to 100% of the payment also go to a dependent for their life.
I think that about sums it up...