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Old 07-29-2022, 04:17 PM
 
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Quote:
Originally Posted by AlecZTexan View Post
What is the current policy? I was instructed about TRP at UTSW a few years ago. Never heard the policy changes.
The tiering rules have changed a few times over the years. They actually have a flowchart on one of the webpages explains as much.
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Old 07-29-2022, 07:18 PM
 
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Tennessee has a 403b they put in 7%. I don’t have to put in anything
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Old 07-30-2022, 09:11 AM
 
81 posts, read 93,237 times
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Please don't make a life altering decision based on an anonymous online forum.
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Old 07-30-2022, 11:17 AM
 
Location: 89052 & 75206
8,153 posts, read 8,361,909 times
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Circle back & let us know what you did.
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Old 07-30-2022, 03:02 PM
 
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With 7% contribution, and assuming 2% raises, you would have $278K in a retirement account if you contributed an additional $7K per year on your own (i.e., $4K pay difference and $3K for COLA difference) and earned 7% on the investments. Assuming 4.5% withdrawal rate, you would have $12,500 per year to take out. Hopefully you earn at least 4.5% in your retirement years and then you won't have to touch your principal balance.

UTK also contributes to Social Security so you'll have some of that coming as well.

https://hr.utk.edu/wp-content/upload...Retirement.pdf
Page 18 says that "Only the 401k plan has a matching contribution."
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Old 07-30-2022, 07:29 PM
 
Location: Irving, Tx
524 posts, read 1,370,679 times
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Quote:
Originally Posted by Pippin1970 View Post
I am in need of some advice.

Presently I live in Florida and I hate it because it’s too hot I am originally from England and I love The Four Seasons. I have a job offer at UT in Dallas. And I also have a job offer in Knoxville Tennessee and I can’t for the life of me make a decision. Time is running out and I have to decide.

Both jobs pay about the same. But the one in Dallas has a TRS pension which basically, once you retire you still get paid a salary for life. The job in Knoxville just has a 403B but they do give good bonuses.

The job in Dallas is definitely a better job. But I don’t know if I’m going to like living in Dallas. I have only been downtown. I didn’t have time to check out the suburbs.
I love Knoxville and I know I’ll be happy there.

I was a stay at home mom for 20 years and just got back into the workforce 5 years ago. Recently divorced and got totally screwed on alimony etc.

Needless to say I have absolutely nothing saved up for retirement and I’m 52.


I just need a little bit of guidance right now.

Are there any places in Dallas like Knoxville?

I have a TRS pension as I retired from teaching after 35 yrs..the pension is not great buy livable..keep in mind that to get a reasonable TRS pension,,you have to put a good number of years into your profession..when I started teaching in 1981..the forumula to get a good pension was your age and your years in the profession had to equal 80 or more years...I hear from the younger teachers is not the formula is equal to 90..so you would have to teach till at least 62..or more
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Old 07-30-2022, 08:09 PM
 
Location: McKinney
45 posts, read 47,977 times
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Quote:
Originally Posted by Pippin1970 View Post
Yes. I would be tier 5. I’m 52 would like to retire at 65. Starting out at $72k in Texas.
Tennessee just offered me a slightly higher offer of $76k/ year

I need to make a decision by Monday.

It’s sooooo difficult. And it’s the first time I don’t have a significant other to help with big decisions.

I just not sure if the TRS pension plan is worth it.
As someone who has lived and worked in Tennessee and Texas I would pick Tennessee. Currently we live in Texas and it's okay my husband loves it though. Tennessee has all 4 seasons, the housing market will be cheaper once things calm down some more and the retirement will work better for you in the end. Wishing you all the best with your decision.
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Old 07-31-2022, 07:56 AM
 
19,804 posts, read 18,110,313 times
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Quote:
Originally Posted by Pippin1970 View Post
Tennessee has a 403b they put in 7%. I don’t have to put in anything
IMO the last couple of add ins change things. Wanting to retire at 65 limits your TRS years and yield pretty severely......The UTK "raise" plus especially the 7% 403b contribution are big. The possibility of investing into their 401K with some level of macth would be great too. I'd verify that.


IMO.....given what we know plus what you like and your deadline I'd take The UTK job. If you could somehow finagle an extra couple of days I'd quiz UTSW's HR/benefits people about all this.
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Old 08-17-2022, 12:54 PM
 
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I picked Tennessee. Praying I did the right thing. After a really bad divorce. That left me broke after being a stay at home mom for 17 years. I can’t make a a wrong decision
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Old 08-17-2022, 01:23 PM
 
19,804 posts, read 18,110,313 times
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Quote:
Originally Posted by Pippin1970 View Post
I picked Tennessee. Praying I did the right thing. After a really bad divorce. That left me broke after being a stay at home mom for 17 years. I can’t make a a wrong decision
You decided between two solid opportunities. FWIIW it looks to me like you made the right call between the two as well.

Good luck!
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