big disappointment in ohio public pension!
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Ohio is one of the (few, I think) states that lets state pension eligible folks not pay into social security. Even if you have SS time as well, you're affected by WEP/GPO. Those two items were, IMHO, designed for folks in one system or the other. Those who have split careers can get the full punishment despite having paid in significantly. In my situation I would prefer to continue to pay into SS since I've already got numerous years in.
Kongmen,
The early retirement reduction used to be 29 years = 95%, 28 years = 90%, 27 years = 85%, 26 years = 80%, 25 years = 75%. It was written into the statute and you could find the chart online. It was also reflected in the online calculator. It was a known quantity.
I didn't realize what a large change that is when they changed it to an actuarial computation. Is there a place at the site to see the effect of retiring with less than 30 years? Or is it only evident when you use the personal calculator?
When DH looked at ER at 55 with 26 years we knew what calculations to use. The only unknown was what the amount would be when choosing 100% to survivor. We are the same age so I think the reduction was smaller than if DH was much older than me.
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I know the feeling. The public utility I work for got rid of the defined benefit 16 yrs into my career. Have been there 30 yrs now and it still burns me up. Rather than $800k in the pension or a huge annuity its $240k or 1000 per mo. I guess I had time to plan for it and should be happy about that. But folks that had a couple yrs on me get 3x as much.
Such a deal.
Take what you can. It will never be better than the deal they offer you today. Sad but true.
Such a deal.
Take what you can. It will never be better than the deal they offer you today. Sad but true.
Sue j, the only way I know to get at the numbers is to use the personal calculator on their website and of course by calling.
They don't even want to tell you percentages anymore they just want to give you dollar figures on the phone.
The only way I came up with 27.5% is by getting my monthly dollar figure and working backwards.
I'm still holding out little hope that someone at OPERS is making a mistake when calculating my benefit that includes the website because it jives with what they are telling me on the phone.
If I try to figure out what my yealy multiplier is it looks like it would be 1.1 instead of 2.2.
Example 1.1×25=27.5
They don't even want to tell you percentages anymore they just want to give you dollar figures on the phone.
The only way I came up with 27.5% is by getting my monthly dollar figure and working backwards.
I'm still holding out little hope that someone at OPERS is making a mistake when calculating my benefit that includes the website because it jives with what they are telling me on the phone.
If I try to figure out what my yealy multiplier is it looks like it would be 1.1 instead of 2.2.
Example 1.1×25=27.5
Simple applied with our July check at the end of the month
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Fact is, those numbers are simply not sustainable. Fed, State and local Gov. employees are the last to find out. Started out with regular Co's. Then utilities in the 80's. Gov type jobs much later. Sad situation. But its just math. With Private Co's share holders and CEO's get the $$$. With Gov. there just isn't the revenue anymore as most non Gov. jobs got moved outside the US. Folks now entering the job market contributes next to nothing as that's what they are paid. Its a deeper issue for sure.
Just my 2.
For the record, non Gov pensions for an employee are about 10% after 30 yrs. Down from 85% 30 yrs ago when we signed on. For new employees, it does not exist.
Just my 2.
For the record, non Gov pensions for an employee are about 10% after 30 yrs. Down from 85% 30 yrs ago when we signed on. For new employees, it does not exist.
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Who are we. Are you talking about your personal situation?
While I agree it still sucks ass and throws one hell of curve ball at me.
State pension funding levels vary from state to state. States have various funding levels with a few fully funded. With state fiscal years being over folks can check and see the rate of return their states trust fund had for the previous year. Also good to compare the funds balance for the last five years.
The devil is in the specifics of your states details and not a public forum.
And the public employees are the bad guys. In the press you are only going to hear about the 1%. It works both ways...public and private. The vast majority of public employee retirees get a small pension and most do not get social security. I could go on here but I don't want to get in trouble with the moderators.
+1.....With a raging bull market something gotta give.
FANOFJESUS
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So let's say a person made 100k then the pension would be $27,500. That is doable in the Midwest but a person is not going to live large. At 50k it would be $13,749 tight even by Midwest standards.
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Me too. I am getting let go in 2 weeks with 29 yrs at 51.
Missed retirement by 3.9 yrs. (Not that it meant anything these days)
Missed all the grand father clauses except medical.
(Yea.... I made 0ne!)
With Oblamo care around the corner who knows if I will even keep that.
85% coverage till 65 for now. Will wait and see if it changes next year.
Its just a bad time to be in our shoes. Game changing at the very end sucks the farts out of dead chickens. Not to mention the interest rates.
Always planned on a million dollars and 5% in CD's would do it.
Now? WTF?
I blame lots of things on this. But have to stay positive and make the right moves. (If I can)
Well, I for one am rooting for you fella.
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Dont worry too much, as I saw this coming a long time ago.
I worry more about those with a defined benefit that thinks things cant change when the money runs out.
Or those banking heavily on the stock market..
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I am just saying there will will always be someone with a lot more, and someone with a lot less.
Find your spot.
Find your spot.
Fortunately being 65 and retired since my 59 1/2 I hear we are in the more camp. We have planned for a 25 percent reduction in pension and SS. Fortunately we are blessed and can comfortably do that. Thats why I say our situation is different.
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I think its fortunate being 51 over 65 LOL LOL.
(Kidding) sort of.......
(Kidding) sort of.......
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If your happy, Im happy!
I would love to have a deal like that! Where I work, we don't have any pension, just a 401k. I would LOVE to have 27.5% of my final salary as a pension! There is no employer health care provided after you retire. We are expected to work until 65. Most people would think you still have a very sweet deal!
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