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Golden Handshake
Old 12-04-2018, 11:07 AM
 
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We have received information on a Golden Handshake,designed to get older teachers to retire early.What do I need to watch out for when I go to the meeting. Any cautionary advice?


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Old 12-04-2018, 12:52 PM
 
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Read it carefully and with your particular situation in hand. Think about future medical coverage cost and how inflation erodes pension income. Is there COLA? Will COLA keep pace with future expenses?

Do you plan to actually retire? Or will you continue to work part time? Do you want to sub? Or do you plan to do something different?

Is the pension system to will be drawing from fully funded? If not, is there any chance the pension and benefits the Golden Handshake promises will be rescinded in the future? (My pension system promised COLAs, but eliminated them for a time, and severely reduced future COLAs)

At the meeting ask questions if you need information clarified. Find out who to call if, after the meeting, you still have questions.

It is hard to figure out, but you will make the right decision for you.
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Old 12-04-2018, 03:44 PM
 
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Also get everything in writing and then take all the information to a financial advisor BEFORE signing anything.
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Financial advisor
Old 12-05-2018, 01:21 PM
 
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It might be a good idea to seek the advice both before AND after the meeting before signing anything.

Something else to consider is whether or not the stress of teaching is still worth hanging in there.
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Old 12-05-2018, 04:52 PM
 
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Thanks for the tips everyone. I see nothing in the paperwork that guarantees the annuity income.


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great advice
Old 12-10-2018, 04:35 AM
 
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Also in my county (possible state) you are not allowed to serve on the school board if you are a recipient of the golden handshake.

Check with your union rep as well about what is included in the by-laws with the golden handshake.

Also not sure how that will be taxed .
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