Should you retire this year?
To Be Screwed or Not Be Screwed
In talking with members who are in the 55-59 range with less than 30 years I have confirmed on the STRS calculator online that retiring this year will give them a higher percentage than if they retire in the next few years. This is because folks who are not eligible for a “full retirement” do not get the benefit of the better of the old and new formulas.
As another example, for someone who already has 35 or more years in STRS this year, retiring in two years won’t change the formula of 2.5% per year even though no one working 35 or more years after this year will earn this bonus.
So, everyone who is eligible for any type of retirement this year (55 years old and at least 25 of service or any age and 30 or more years) should be checking out the calculator or meeting with STRS to figure out his/her own situation. Link directly to the Service Benefit Calculator Estimator here
In Year 28, 29, or 30
Last week an email was sent by HR describing the requirements if you are eligible for the Retirement Enhancement – (28, 29, and 30 years of STRS service credit for an extra $1,150 per year if you notify HR every year). Attached to the email was a letter that you will need to print, fill out, and return with a copy your latest STRS statement (either the one from the mail or you can get it online from your STRS account). Link here if you need the letter (click here). This is only for teachers who have worked at least 10 years in the District.
Got Retirement?
If you plan on retiring at the end of this year, please schedule an appointment with me to spend a few minutes going over your retirement plans. Hopefully you will have met with STRS before we meet so you will have the information you need. Check out our Retirement FAQ (here) at some point so you are familiar with the CHUH procedures. One of the big things to know is that if you have 30 years or fewer in STRS that we continue to have the $12,000/$12,000 incentive if you notify the Board before March 1. Again, you must have worked in CHUH for at least 10 years to get this benefit. We first negotiated this in the 2000 contract – unfortunately the Board has not agreed to any increases since then.