HsiaoChu
Recycles dryer sheets
- Joined
- Feb 26, 2010
- Messages
- 389
$250K seems incorrect (too high) if we are referring to a teacher's salary. I came up with $91,272 based on the following assumptions:
current salary: $57,179.4
merit increase: 5% yearly
contribution: 9.5% of salary
duration: 33 years..................................
I made up the numbers to make the point. I have a right to keep my actual salary numbers to myself. Your assumptions are incorrect. There is no such thing as merit increase, and increases are not steady, some years higher some years lower. My salary started at a different number and ended at a different number. The contribution rate is not correct. None of your assumption are correct. You don't include employer required contributions to the total, nor state government required contributions to the total pension situation. I'm not planning on enlightening you to the correct assumptions since doing so would violate my privacy and we have no idea who has access to the board and to the financial data that we might post on it.
I had no intent of giving you any figures which are accurate in any way, only to give an example to make my point. No Offense, and I'm not taking offense.
Z
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