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Here are the results from my query about how various state compute their retirement benfits for teachers. Thank you to all who responded. Ohio and California appear to be the best states to retire from followed closely by Missouri, and Texas. Makes me think we need to talk to our state legislatures about how our pensions are figured - especially those of us in the 13 states where we are subject to the Windfall Provisions act of Social Security. BRITISH COLUMBIA In British Columbia, Canada, we use the same 35 year and 70% maximum pension, but ours is calculated on the average of our best five years of salary. CALIFORNIA California has changed for the better since I retired (fudge!) but now:10 years to vesting, and 55 yrs old = minimum retirement 1% x yrs of service *top year salary 60 yrs old = 2% 62.5 yrs old = 2.4% There are also "bonus" calculations for years past 62.5, but I retired too early to take advantage of it. Retired teachers who left under the old plan (2% at age 60 or more) may "unretire", teach full time for 2 years, and re-retire under the new plan. During the years of teaching, no payment from retirement system. For a friend who did this, it makes about $1000/mo difference in retirement pay. Well worth the two years teaching. In my case however, there was no full-time library position, nor a full-time chem position so I decided to stay retired and enjoy my free (????) time CALIFORNIA Here in California, it is based on two factors....your age and the number of years you have been in the system. The formula is somewhat complicated (the progression is not linear, as yours seems to be), and there are some provisions that have been added to encourage people to stay in teaching by giving additional dollars added to your final amount, based on the number of years you've taught, i.e. over 20 years, over 30 years. You can also qualify to use only your highest year instead of the average of your three highest years. I have just retired. If I had stayed an additional 5 years (I am currently 55 and was in the system for 35 years) I would have gotten 99.5% of my highest year. Going at 55, with 35 years, plus the additional dollars for longevity, I am getting just over 90%. As I understand it, you CAN teach beyond 60, and it IS possibly with the longevity bonus to actually receive a bit more than 100% of your salary, if you started very early, as I did, and work beyond 62, as I did not! CONNECTICUT In Connecticut we have to put in 35 years to get the maximum pension allowed by law - 70% of the average of our highest three years pay (2% for each year we work) INDIANA For full retirement in Indiana, it is the rule of 85. Age plus years experience must equal 85 with 55 yr. age minimum. Based on top 5 years. Don't know percent. ILLINOIS In Illinois, we have to work 35 years, but if we have accumulated a year of sick days, we can "cash" in those sick days up to the equivalence of one full school year. The multiplier for our retirement is 2.2 -- therefore, if we have credit for 35 years, we receive 75% of the average of our three highest years' salaries. IOWA 2 points for every year taught (exp. + year of age) and the combination must total 88 to get the maximum benefit which is based on the high three of last five years. Even if you reach 88 you must be at least 55 years of age to retire and collect pension. -- 65% of the high 3. If one retires at 55 with less than the magic 88 the percentage goes down by a factor. IOWA Iowa is also a social security state. You qualify for IPERS (Iowa Public Employees Retirement System) when you reach the rule of 88) or 55 years old with 33 years service. Lately there have been many retiring at the minimum age. LOUISIANA Louisiana can collect 2.5% of last three highest years if you stay 30 Years MASSACHUSETTS I will get max in 32 years but it is an age plus years of service thing that I cannot detail correctly for you. I will get 80% of the three highest years which will be the last three. MICHIGAN In Michigan, school employee pensions are based on the average of your salary for the last 3 years of highest compensation. Normal retirement is 30 years of work and at least 55 years of age. There is a minimum number of years for those who enter the profession later for a minimum compensation at retirement, but I don't know what it is Go to www.michigan.gov/osr and choose school employees to see the requirements. MISSOURI In Missouri we have several retirement options: In order to receive full retirement you have to work 30 years, that's 30 and Out. Or you can work a min. of 25 years and be at least 55 years old, that's 25/55. And then we have the rule of 80 and that means that your age and years of service must add up to 80. They are all considered to be "full retirement", however only 30 and out means the highest amount of retirement benefits because of the way they figure it. 30 and Out equals about 75 percent of your working salary and that is figured using your best three years. I retired three years ago with 33 years credit. For every year over 30 (up to a total of 40) you get about $100 extra per month in retirement benefits, so I am getting about $300 extra per month. We have annual cost of living increases. I have a friend who retired this year under a new plan, called the Rule of 86. Her years of work and age added up to at least 86 and she was given a large lump sum (equal to about what she had put in the system from the deductions from her pay). Her monthly checks are reduced somewhat to make up for the lump sum. Here's the downside, Missouri is one of the states that does not let teachers participate in Social Security, even if you have enough credits from other jobs they reduce the Social Security benefits so much that they are almost nothing. Only teachers who began teaching after the late 1980's contribute to Medicare and will receive Medicare. Also Missouri is one of the states that does not pay for retired teacher's health insurance. I sub so that I can pay for the $550 per month health insurance from my district's plan NEW YORK It's the same in New York State. We have to put in 35 years to get the maximum pension allowed by law - 70% of the average of our highest three years pay (2% for each year we work) OHIO I retired four years ago with 100% of my average salary for the final three years. I had been in education 43 years as a teacher and a high school media specialist. I probably could have retired several years sooner. We get a three per cent cost of living raise every year. However, the health care insurance has gone up a lot. TEXAS You've probably heard from Texas - here it is "the rule of 80", i.e. your age + the number of years service must equal 80. TEXAS In Texas, our age and years of service have to equal 80 or we have to have 30 years service to get maximun retirement which is 2.2% x years of service x average of top 3 years average pay.(if that makes sense). Ex. I have 32 years of service. Take 32 x 2.2% = 70.4%. Multiply that by the average of my top 3 years salary, and that is what I would get as my retirement. TEXAS In Texas the percentage is 2 1/4 (I believe) based on the highest three years salary (usually the last three years) and no limit on top percentage. The earliest retirement for full benefits is for age and experience to equal 80 years, so in theory someone could retire at 50 but 51 is probably more likely except for non-degreed positions. I worked with a teacher who taught over 50 years and retired with over 100 percent of her best three years average salary which was more than she was taking home working. TEXAS It's my understanding that in Texas to receive maximum benefits your age and your years of service have to equal 80. For example, I started teaching when I was twenty-one and if I continue straight through then at 50, I should be able to retire with 29 years of service. RHODE ISLAND In Rhode Island after 35 years we can collect 80% of our highest three years. We can retire after 28 at 60% then it goes up roughly 3% a year. VIRGINIA In Virginia, the multiplier for retirement is .017, not .2, so after 35 years, I would receive only 60%. There is a bill before our General Assembly to change it to .2, but not much hope with the present economy. WASHINGTON 25 years of service and 55 years old; 30 years of service - any age Jean Lowery, M.L.S., Ph.D. Library Media Specialist Bishop Woods School (A New Haven Public School) bishop.wds.school@snet.net -------------------------------------------------------------------- All LM_NET postings are protected by copyright law. To change your LM_NET status, e-mail to: listserv@listserv.syr.edu In the message write EITHER: 1) SIGNOFF LM_NET 2) SET LM_NET NOMAIL 3) SET LM_NET MAIL 4) SET LM_NET DIGEST * Allow for confirmation. LM_NET Help & Information: http://www.eduref.org/lm_net/ Archive: http://www.eduref.org/lm_net/archive/ EL-Announce with LM_NET Select: http://elann.biglist.com/el-announce/ LM_NET Supporters: http://www.eduref.org/lm_net/ven.html --------------------------------------------------------------------