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mamamiaof3 mamamiaof3 is offline
 
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Pension/Retirement relocating to another state
Old 03-10-2017, 11:13 AM
 
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I'm in AZ and I have been teaching for 7 years. My family is thinking of relocating to NC or FL in a few years. My question is can I transfer my pension over or will I be forced to cash it out? Will I lose state retirement money already invested and have to start over from scratch in the new state? How does relocating work? Thanks


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SubMan SubMan is offline
 
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Old 03-27-2017, 06:16 PM
 
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Depends on the state. You should ask in AZ (where you are now) and in FL or NC (where you might move). My guess is that since each states pension program is different the answer would be you had to cash it out. But I could be wrong as I am not an expert in this.

In PA, where I am, the pension system is a mess after the legislature granted the state and local school districts a 10 year "vacation" from making payments. In 2008 when the bottom dropped out of the market the retirement system went from having a surplus to being nearly bankrupt.

Of course everyone wants the "greedy teachers" to pay more or do with less to fix the problem. Teachers and other state employees have always paid their share.
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markm markm is offline
 
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rarely can you transfer pensions
Old 09-21-2017, 09:04 AM
 
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Probably can't transfer those pension years to another state but a couple options come to mind
1. check your state - maybe with the credit you have there you can start receiving a smaller pension at age 60 or 65 and not add anymore years of credit.
2. possibly the state you are moving to will allow you to buy years of credit - roll over the money from the pension fund you are leaving to another fund and use it to buy credit in the new state
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