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Old 03-08-2015, 08:12 PM
 
Location: Virginia
8,114 posts, read 12,685,704 times
Reputation: 3770

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Quote:
Originally Posted by Mightyqueen801 View Post
I might have ten years to go also. Or I might have five or six. I'd like to try to make it five or six.
Right now I have 22 years with the public school district. In 8 years I will be 51 with 30 years. That makes me eligible for unreduced state retirement which provides 51% of my highest three years' salary. The county has a supplemental retirement system, but I have to work a few more years to receive it. That will provide an additional 25% of my highest three years. I don't see myself going past age 55 with 34 years. Right now I have about 1,000 hours of leave saved. Unused leave can be used for service credit. My wife also works for the same district and will have a similar situation at that point, but because the plan changed prior to her hire date she forfeits all unused leave.

I can always do something else part-time.

Other than the state and county retirement systems, we have been putting some money asided into 403b and money market account over the past 21 years. The school district and it's vendor switch from the 403b to a money market a few years ago.
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Old 03-08-2015, 10:44 PM
 
2,429 posts, read 3,223,870 times
Reputation: 3330
Quote:
because the plan changed prior to her hire date she forfeits all unused leave.
Can she take it on her way out?.....for example set a retirement date of June 30th....but be on leave or vacation for her last 3 months? I know that's no where near 1000 hours. That was just an example. With all those hours, the last year she works she could be gone half the time.

I hate it when companies won't pay you for accrued time. They STILL are going to pay you, and either way you won't be in the office working those days. IF you retire and they pay you, you're not there....and if you take the time off.....you're not there either.

All it does is force people to take time off while they are still on the schedule. Oh well, I guess she should take all her leave and just schedule to be off half of the last year she's supposed to be working......
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Old 03-09-2015, 04:48 AM
 
Location: Virginia
8,114 posts, read 12,685,704 times
Reputation: 3770
Quote:
Originally Posted by rdflk View Post
Can she take it on her way out?.....for example set a retirement date of June 30th....but be on leave or vacation for her last 3 months? I know that's no where near 1000 hours. That was just an example. With all those hours, the last year she works she could be gone half the time.

I hate it when companies won't pay you for accrued time. They STILL are going to pay you, and either way you won't be in the office working those days. IF you retire and they pay you, you're not there....and if you take the time off.....you're not there either.

All it does is force people to take time off while they are still on the schedule. Oh well, I guess she should take all her leave and just schedule to be off half of the last year she's supposed to be working......
No. As a teacher she can't take a large chunk of leave like that. She can only use the equivalent of three days a year as personal leave.

BTW, here is the policy:

Unused Sick Leave
All non-vested FCPS employees and employees covered for retirement under the ERFC 2001 plan (members hired on or after 7/1/2001)—regardless of vesting status—are ineligible to convert accumulated unused sick leave into retirement service credit; if accumulated unused sick leave is not transferred to another Virginia school division or the Fairfax County government, it will be forfeited


She was hired after 7/1/2001

Last edited by tgbwc; 03-09-2015 at 05:08 AM..
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Old 03-09-2015, 09:55 AM
 
3,868 posts, read 5,931,176 times
Reputation: 2222
56 is not retirement age 66 is. So you have a long way to work. You should stay in the public sector. Do not quit your job. Its much harder to hold a job in the private sector. If you are in good health you should be able to work for another ten years and hopefully you can pay down debt and save some.
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Old 03-09-2015, 10:52 AM
 
2,429 posts, read 3,223,870 times
Reputation: 3330
Quote:
No. As a teacher she can't take a large chunk of leave like that. She can only use the equivalent of three days a year as personal leave.
How about a sabbatical? It may not use up her "accumulated leave" that they won't pay her for, but at least she wouldn't be working those months. Then again that might mean lowered amounts going into her 403B so perhaps never mind on that I guess. ((A teacher friend's school district had half-pay sabbaticals. She took half-year sabbaticals two years in a row. The last two years she worked half a school year -- that PLUS the summer off anyway meant two years in a row she worked only about 5 months each year. She hoped that time off would help be better able to deal with the job BS. BUT....she came back that last year in Sept. Couldn't take it anymore and was retired by March.))

Is your wife thinking about USING her leave with the three day constraints...or just leaving it on the table when she retires unpaid for. At only three days a year...she'd have to start now!
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Old 03-09-2015, 11:29 AM
 
Location: Coastal New Jersey
56,064 posts, read 54,565,498 times
Reputation: 66422
Quote:
Originally Posted by ToriaT View Post
56 is not retirement age 66 is. So you have a long way to work. You should stay in the public sector. Do not quit your job. Its much harder to hold a job in the private sector. If you are in good health you should be able to work for another ten years and hopefully you can pay down debt and save some.

ROFL, says who? Our retirement system says I can retire without a penalty at 55 if I have 30 years.

I would not be "quitting".

But thanks for your opinion.
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Old 03-09-2015, 11:35 AM
 
Location: Coastal New Jersey
56,064 posts, read 54,565,498 times
Reputation: 66422
Quote:
Originally Posted by tgbwc View Post
Right now I have 22 years with the public school district. In 8 years I will be 51 with 30 years. That makes me eligible for unreduced state retirement which provides 51% of my highest three years' salary. The county has a supplemental retirement system, but I have to work a few more years to receive it. That will provide an additional 25% of my highest three years. I don't see myself going past age 55 with 34 years. Right now I have about 1,000 hours of leave saved. Unused leave can be used for service credit. My wife also works for the same district and will have a similar situation at that point, but because the plan changed prior to her hire date she forfeits all unused leave.

I can always do something else part-time.

Other than the state and county retirement systems, we have been putting some money asided into 403b and money market account over the past 21 years. The school district and it's vendor switch from the 403b to a money market a few years ago.
Sounds like a good plan. Some of the newer employees in my system are in a different tier and won't have that option to retire at 55 even if they have 30 years. There will be a penalty if they go out before 62.

We also were offered a deferred comp plan in addition to the defined pension plan, but I never had any extra money to stash away, so I didn't participate.
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Old 03-09-2015, 01:14 PM
 
Location: Mount Airy, Maryland
10,460 posts, read 5,926,819 times
Reputation: 16156
Quote:
Originally Posted by Mightyqueen801 View Post
ROFL, says who? Our retirement system says I can retire without a penalty at 55 if I have 30 years.

I would not be "quitting".

But thanks for your opinion.

Whoa there big fella (or woman in this case). You came here asking for advice, a 56 year old with no savings and a lot of debt. The poster is simply presenting you with a very viable option. I don't think it's fair of you to be so dismissive of Toria's post, especially since she is offering very practical advice that I would strongly consider if I were in your position.

Sure your plan says you can retire but trust us you are in no position to retire.
And as you said yourself in your opening post finding work at your age (same as mine by the way) with no degree is far from the certainty that maintaining your current job is.
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Old 03-09-2015, 01:36 PM
 
Location: Coastal New Jersey
56,064 posts, read 54,565,498 times
Reputation: 66422
Quote:
Originally Posted by DaveinMtAiry View Post
Whoa there big fella (or woman in this case). You came here asking for advice, a 56 year old with no savings and a lot of debt. The poster is simply presenting you with a very viable option. I don't think it's fair of you to be so dismissive of Toria's post, especially since she is offering very practical advice that I would strongly consider if I were in your position.

Sure your plan says you can retire but trust us you are in no position to retire.
And as you said yourself in your opening post finding work at your age (same as mine by the way) with no degree is far from the certainty that maintaining your current job is.
Yes, I did, and I've received some great advice and discussions, but you don't think "56 is not retirement age 66 is" is dismissive? Not to mention flat-out snotty and rude.

OF COURSE that's one of the options, the default option actually, and has been since the beginning of the conversation. And if you actually bothered to read what I've written, I am more aware than anyone else that I cannot retire RIGHT NOW. The thread is about making a PLAN to PREPARE to retire.

There was no reason for that remark except to be offensive. Some people just get their jollies being offensive on the Internet. That poster is apparently one of them.
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Old 03-09-2015, 02:00 PM
 
Location: Coastal New Jersey
56,064 posts, read 54,565,498 times
Reputation: 66422
Quote:
Originally Posted by DaveinMtAiry View Post
Me thinks you have awfully thin skin for a teacher.
Me knows now you haven't actually read my posts, lol. I am not a teacher!
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