Not free
We pay into it - as we should
But it’s very good- supplement that with Medicare and possibly a supplemental plan and its a nice set up
OT: Working virtual, where to live on the East Coast
- Thread starter DJ Spanky
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We pay into it - as we should
But it’s very good- supplement that with Medicare and possibly a supplemental plan and its a nice set up
Yes I know it used to be “free”. How much do you have to pay once you retire ? I have heard stories of state employees actually taking home more in retirement because they weren’t paying pension or benefits anymore
No one is disputing your freedom to lie.
We live here. You think we couldn't see what was open?
Yes, restaurants were open. What businesses closed permanently? None where I live.
My ilk? LOL. The gov of NJ doesn't try to oust professors for testifying against him. Doesn't restrict college classroom discussion. Doesn't close down bars bc a drag queen was there. Can't be said for Florida.
I’m not privy as to why things aren’t legal for activities I don’t partake in
I’ve said countless times I love this place. And will certainly miss it
But it’s changed, and IMO, not for the better.
Overall I enjoy living here. Winter is tough, so we head south for extended periods
Wife doesn’t mind cold. Me… not so much
I believe it depends on a few things
How long you worked, what plan you opt for, are kids on it, etc
My mom was a teacher and I recall her saying it was very affordable as they go over numbers with you before you retire
Hopefully the Staten Islanders start skipping NJ and go direct to Florida.
I absolutely agree. NJ half the year, Costa Rica or Panama or Mexico the other sounds pretty nice to me.
From the time I was a kid my mom (who is a totally non political person) told me people move to Florida and realize the quality of schools and jobs is garbage and run back. I remember kids in my class would leave for one year and then next school year they'd be back.
Agree
If it’s so bad, then leave
I see things with NJ that I love, much more then I see things that I dislike
NJ will always be home for us. We’re definitely a special breed that live here - love us or hate us, we’re a well known bunch
Yeah some states aren't big on letting you choose how to control your body. Like Florida. NJ allows that freedom.
It's only getting better. No wonder Netflix chose NJ. But certainly people heading to Florida should go now. Don't waste time!
Really depends where you move in FL
Lots of great places
Others look like a scene out of Deliverance
Not yet my man
Gota get that pension + Ben’s
Thankfully, guys like you are helping us fund our retirement
And for that, I offer a heartfelt thank you!
If you move from New Jersey to Florida the IQ will go up in both places.
Any State employee making a decent salary pays 7.5% for the pension 7% for healthcare and around 8% for social security/medicare and the other minor taxes
So if you retire at around 65 with over 35 years of service your pension and social security would be higher than your net salary
If you did not start with the State prior to 1985 you do not get free healthcare in retirement
The amount they pay in retirement is a percentage based on the amount of their pension so it varies
The formula is 1/55 x years of service of the 3 high salary years. Usually, the last 3. Overtime and supplemental pay does not count
If you were hired after 2011 the formula is 1/60
The police and fire pensions are different. The above is teachers and government employees
NJ's pension is not as good as either tier of the federal retirement system or New York's pension. In fact, if you are a Port Authority employee working in NJ you are enrolled in NY's pension because it is so much better
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I know for teachers the old rule until about 10 years ago or so was 25/55
Minimum 25 years in at age 55 to access benefits
Accessing before 55 was 3 % per year deducted
Not sure exactly what’s what anymore
If you can still pension spike by cashing unused vacation and blood donation days in your last year of work I'd say easily higher.
Not sure about other unions but teachers Union had put the kabosh on that (rightfully so IMO)
Was told they now pay Pennie’s the dollar for them, whereas back in the day you could bank them, then cash out upon retirement with a windfall of extra money
Definitely agree
Leaving politics out if it, I like it in no particular order for:
- weather
- laid back attitude
- friendlyness
- football / other sports at FSU (and Boosters)
- palm trees
- newer construction
- relaxed rules
It’s not for everyone. There are some truly weird places. And when people move from NJ to FL and bash NJ, I honestly don’t understand it
But we love it. It’s certainly getting crowded, but up in the panhandle, it’s still relatively sparse - almost like a Huntetdon county type feel in some places
Do you keep healthcare in retirement if your wife predeceases you?
Most plans you do not but certain school systems allow it
I believe it varies by district
My dad said if my mom died before him, they paid extra for it so he’d still get her benefits (and vice Versa with his)
You can not use sick time or vacation time in your pension calculation.
You are allowed to be paid cash for any vacation you did not use in your last year. It is capped at 50 days
You can receive up to $15,000 in sick time which is calculated on each sick day being worth 50% of your current salary up to the maximum of $15,000.
The amount is different for each government entity. My brother was a teacher his max was $10,000. He had over 400 days
I cannot speak for that but with PERS you cannot buy in to cover the spouse beyond COBRA
I took a $1400 a month cut to cover my spouse so she would get my pension if I died before her. There are several options
At the State level it never existed so there was no kabosh to be put
It was also not common for most school districts beyond superintendents per their contract
A lot of teachers my wife works with are only counting on pension and SS
Kind of crazy IMO as COL Keri’s going up. Not many she speaks with do 403B, Roth etc
Was surprised when I heard that
It is not a union pension. Never negotiated with by unions and never part of any contract. There are as many non-union employees as union employees in the pension systems
In fact I am not sure the State unions even existed when the pensions were created. I know CWA, IBEW, ASFSME etc did not
But you never let a fact stop you from talking nonsense
Sick leave and vacation pay outs are not negotiated by the unions either they existed since at least 1966 and there were no unions then at the State employee level
6
Your mom probably received a COLA in her pension. That will not happen again in my lifetime
What your mom received is completely different than what teachers receive and pay now for the retirement and healthcare
Your mom probably received a COLA in her pension. That will not happen again in my lifetime
Yep, which is why I’m surprised there’s not many teachers (at least the ones my wife speaks to) who take advantage of 403B, Roth IRA’s, etc
No, state workers no longer get free health care for life after retirement, except for someone (like me!) who had 25 years employment before 2011.
The pension numbers are accurate for most state employees because they are in the PERS system, which is a defined benefits plan. Higher education faculty are instead in the Alternate Benefit Program, which is a defined contribution plan, with the employee getting to direct how the contributions are invested (parallel to a 401(k) plan).
In the state system, the surviving non-employee spouse has to pay for health care. This is an item in current negotiations between Rutgers and the AAUP.
I understand very well how Trenton works
I also know that you never let a fact get in the way of anything you claim.
In ae least some school districts, the retiring employee can pick between a pension that stops at his or her death or a pension that continues until both spouses are deceased. . The latter, of course, is less per month.
The ABP is better than the pension. With a contribution of 5% and a match of 8%
I felt new employees should have demanded that become the plan for anyone hired after the pension changes in 2011.
If did not because they need new employees to make up all the missed payments by the State. If they converted new hires to the ABP the State would have to cover all the arrears from their failure to make contributions
So, you understand that unions are the largest donors of Trenton pols by far who in return pass what unions tell them to do. Right?
Yes, I have never heard of anyone who did worse with the ABP than they would have with the pension. The biggest returns have (so far!) gone to those who had the contributions allocated 100% to stocks. In addition, with the ABP an employee can choose to make additional contributions beyond the 5% up to the 401(k) limits.
Sone private sector retirement annuities offer a 3rd option, a 15 year term certain on the employee's life with the spouse stepping for the remainder of the 15 years if he/she dies. A slight discount on the straight annuity for life but the benefit is well ahead of the joint life payout.
Yeah I think it varies by district
I seem to recall it wasn’t that much more per paycheck to continue pension for surviving spouse
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