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What Andrew McCabe's Firing Can Teach Us About Teacher Retirement
Old 03-26-2018, 04:28 PM
 
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"Unlike federal employees like McCabe, who qualify for retirement benefits after five years, some states require teachers to stay much longer. 20 states require teachers to stay 7 or more years, and 15 states impose a 10-year waiting period. By our estimates, about half of new teachers never qualify for a pension at all.

Teachers face other barriers to a healthy retirement. Unlike the federal government, which employs workers all over the country (and even the world), state pensions are limited to state boundaries and are not portable. As a result, a teacher who moves to a new state has to participate in two pension systems. This can dramatically decrease her pension wealth in retirement..."
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Video: Teacher Pensions, Explained In Less Than 3 Minutes


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Pensions
Old 03-27-2018, 01:21 AM
 
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Until I found this website I didn't realize how different pensions plans were across the country. Teachers in some states are not allowed SS benefits even if a spouse is entitled. Researching your state's pension plan is probably not a first thought when searching for a job but it should be.

OTOH, states having separate plans can work in favor of teachers. At least 2 teachers i know of earned pensions in one state when they retired then earned a second pension in a second state. One teacher didn't even have to move. She just drove across the state line. Research is the key.
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