Teacher retirement $$$ VS Social Security$$$

Discussion in 'Teacher Time Out Archives' started by ramtuf6, Jul 19, 2007.

  1. ramtuf6

    ramtuf6 Rookie

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    Jul 19, 2007

    Questions for those who are experienced teachers and those who've recently signed contracts.

    I may be mistaken, but the way I understand it is that a teacher (Texas) cannot draw both teacher retirement pay and social security (SS) pay.

    As a a teacher, is SS taken out of your check monthly or not?

    After working outside teaching for more than 25 years, I'm fully vested in SS. Are they saying that I will lose that if I draw teacher retirement.

    If that is the case, can I chose not to be involved in a teacher retirement system and continue contributing to SS....LOL, hoping it will be there when I retire for good? Thanks

    ramtuf6
     
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  3. Caesar753

    Caesar753 Multitudinous

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    Jul 19, 2007

    In some states you can have both. In NV, we do. They take SS out of our paychecks, and the district pays into our private retirement on our behalf.

    And I'm not entirely sure how SS works, but I think that it works based on how much you put in. If you contributed XXX amount of dollars over XXX amount of years, you're eligible to draw from it once you reach the required age--even if you began working for a place with a pension program instead of SS.

    I could be totally wrong and I expect to be corrected if I am. I'm not super concerned about SS, though, because I'm young and doubt it will still be around when I need it. :(
     
  4. Master Pre-K

    Master Pre-K Maven

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    Jul 21, 2007

    I lost my teacher retirement because I owed back taxes, and the state snatched it away!!! :(

    I would think that state retirement funds should be separate from federal social security.

    And, I am also fully funded with SS, but worried because these rinky-dink jobs don't have much of a pension or retirement program.

    The new age limit is 65, but full retirement is 67 for me!

    Why don't you call, write or check website to be sure??
     
  5. Hamster

    Hamster Comrade

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    Jul 21, 2007

    In Illinois, you either get SS or TRS but not both. I lost 9 years of SS.
     
  6. Master Pre-K

    Master Pre-K Maven

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    Jul 21, 2007

    Hi Hamster..

    Really??If you are a teacher aide, or paraprofessional, you have their state retirement system too. It is also for librarian workers and some other state workers. CPS (chicago public schools) has its own system. If you sub or work for any state school district, your are in TRS.

    I'm sure I have way more credits in SS! And since they took previous TRS, I guess I will get all SS.

    I hear you can still work part time, and get your SS too. I know a lot of 70+ people who still work!

    BTW are you close to Chicago or somewhere else in IL??
     
  7. Subbing1

    Subbing1 Rookie

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    Sep 27, 2007

    Yes, really.

    No you don't! Teacher's Aides, Teacher's Assistants, Classroom Aides, Classroom Assistants, Instructional Aides, Instructional Assistants, and other paraprofessionals such as Library Assistants are INELLIGIBLE for TRS in the state of Illinois.

    I should know, I worked as a Special ED TA for a bit and a Library Assistant and in both cases I was unelligible to draw TRS.

    For ramtuf6:

    Texas is like Illinois in that TRS takes the place of social security. Texas, like Illinois, chooses to pay into something private for its public educators so that they're actually guaranteed something when they retire unlike social security where you may or may not get it depending on how soon it runs out.

    No. What you earned in social security before now is yours and always will be yours.

    Even if that weren't the case, you MUST participate in TRS, as this is what Texas chooses to do for retirement of public school eductors.
     
  8. Master Pre-K

    Master Pre-K Maven

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    Sep 27, 2007

    well, actually subbing1, aides are not in TRS but, the have their own retirement system, IMRF Illinois Municpal Retirement Fund

    Other IMRF benefits related to your refund
    If you have fewer than eight years of service credit, your IMRF contributions will be returned to you upon request. Keep in mind that if you take a refund of your IMRF contributions you forfeit your right to any other benefit from IMRF.

    If you have eight or more years of service credit and are:
    Less than age 55 - -your IMRF contributions will be returned to you upon request. However, if you leave your contributions on deposit, you will be entitled to a pension at age 55.


    Age 55 or older -- and if your IMRF service qualifies you for a monthly pension of $30 or more, you cannot withdraw your contributions, but instead will receive a monthly pension.
    Reciprocal service credit and refunds

    If you have 12 months of service credit with any of the 13 reciprocal retirement systems in Illinois, all of your service credit can be combined to calculate a retirement benefit. You may wish to contact IMRF for more information about reciprocal service credit before submitting your refund application.


    http://www.imrf.org/info/faq.htm
     
  9. smalltowngal

    smalltowngal Multitudinous

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    Sep 28, 2007

    In Texas you pay into only TRS. It takes the place of SS which from reports seems to be the best thing if what they say about losing SS is true.
     
  10. Subbing1

    Subbing1 Rookie

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    Sep 28, 2007

    I know that!... It sounded to me as if you initially said TAs and such were in TRS.

    However, I now see I was wrong. You said "their state retirement system too."

    It was my fault for not reading well enough.
     
  11. Master Pre-K

    Master Pre-K Maven

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    Sep 28, 2007

    it's okay...we all have a little brain fog... :rolleyes:

    I had a friend who didn't know she could cash out her plan! I told her, and as soon as she got her check, she bought a new fridge!

    If you go back to a system, you get back into plan and you can get your credits for prior years, buy paying back what you took out.

    Hey, it may make a difference when you are 55 and ready to retire...but don't have the years.
     

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