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Old 03-05-2011, 08:30 PM   #21
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If your wife turned in the shady practitioner of these schemes and got the whistleblower reward would that count as earned income to her?
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Old 03-06-2011, 09:10 AM   #22
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If your wife turned in the shady practitioner of these schemes and got the whistleblower reward would that count as earned income to her?
Yes, but if I was her I wouldn't report it.
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Old 03-06-2011, 10:15 AM   #23
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That's a good one! We'll have to encourage him (or an associate if he's hauled off) to keep the shady schemes coming for a couple more yrs. and she'll be set.
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Old 03-06-2011, 04:08 PM   #24
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I thought it interesting as he trotted this one out as a standard tactic he uses for teachers.
These complicated rules seem to encourage lying and scheming for material gain and in the long term seem to weaken the idea of what is moral and not. The idea that an "adviser" counsels clients how best to cheat is even more upsetting.
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Old 03-06-2011, 04:55 PM   #25
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GPO: govt. pension offset. Wipes out any spousal benefit.
I thought it interesting as he trotted this one out as a standard tactic he uses for teachers. He said that there is actually a software program that figures it all out.
Just checked my teacher daughters first year W2 from her school district in Va. Her district pays the 5% of salary into the Va Retirement System.. She also pays into the social security system as it is a deduct on her pay stubs and W2.
I don't know if this means she is entitled to get both in 30 years or not.

This must be a state by state thing.
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Old 03-07-2011, 12:48 PM   #26
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Just checked my teacher daughters first year W2 from her school district in Va. Her district pays the 5% of salary into the Va Retirement System.. She also pays into the social security system as it is a deduct on her pay stubs and W2.
I don't know if this means she is entitled to get both in 30 years or not.

This must be a state by state thing.
sheehs1:

Yes, it is a state by state thing.

1. Double check the W2 and make sure she's contributing to SS and Medicare and not Medicare only.

2. If she is contributing to both SS and Medicare, then she will not be subject to WEP or GPO. Teachers and other public sector employees participating in SS and their state pension plans is the case in several states and it sounds like Va is one of them.
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Old 03-07-2011, 02:39 PM   #27
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You bet...I double checked calling both the Virginia Retirement System and the Social Security System. As long as she has contributions going into both, she receives both with no offset. Also checked her pay stub and they are deducting for social security.
Good thing to know and thanks to the OP for posting this thread.
As long as she continues to teach....a couple of decent income sources for her at retirement. That said they have changed the retirement criteria as have most states. I think she is in the bucket of teachers in Va that now have to work 30 years AND be age 60 satisfying.... both criteria before she can get her pension. Still not to bad...but not the age some are grandfathered for.
A lot can happen in 30 years...so ...she is also saving on the side. At least I am encouraging her to do so. Just really worried about the retirements for our next generation (aren't we all?)
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Old 03-07-2011, 03:30 PM   #28
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A lot can happen in 30 years...so ...she is also saving on the side. At least I am encouraging her to do so. Just really worried about the retirements for our next generation (aren't we all?)
Yes, kids who watched their parents retire with a pension but are working in a no-pension environment themselves need to understand their own situation and knuckle down and fund those 401k's and IRA's, that's for sure.

While our son and DIL both have good jobs as engineers, neither is earning a DBP. We try not to be too intrusive in their lives but admittedly we do check on their 401k status from time to time.
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