It was weeks for me to learn how much to pay. There was a time limit that it had to be paid, I disremember what that was, but I paid it very shortly after getting the numbers.
I was not aware that one could, "leave" and not take retirement until a later date.
.
They must be behind the curve then. Its been close to 3 months, so I'll shoot another e-mail off tuesday. All the other vets tell me "do it sooner than later". I think I have 180 days after getting that buyback # to either start paying it off or not, and go through the process all over again.
You can buy it at anytime long before filing for "retirement". I consider it more "drawing off of" as I still plan to work until I'm at least 60. Providing my body allows it. Doing leaf springs at 45 hurts a lot more the next day than it did at 30. I'm too stubborn and thick headed to send it out to have them done.
Although I should probably start, its not like I get anything out of it for saving money.
Same thing with tires.
Maybe if they started having to pay for mounting 11R/22.5's they change their mind about that tire machine I keep putting in for.
Vesting.
It went from 10 yrs to 5 yrs? People move all the time, so its not unheard of, its just not that common. Thats why theres that graph, life happens and have to move out of state or leave that job for whatever reason.
Better job offer in the private sector, family leave, they get fired for whatever reason, hit the lottery for a million or so.
Even the ones that get shitcanned keep their time in if they're vested. If not vested, they get that money back minus a hefty tax penalty.
The "carrot on a stick" is the 80% #, which a lot of people get screwed by and led to believe they have to hit that number. And they feel they're stuck at that job until they hit that magic #.
Which is 100% understandable if they feel bound to this area. Not knockin it, wife and I are just tired of this state.
Perfect example of that is the guy I used to work with before he retired.
He was at 70 or 72 % at 61 or 62? He started when he was 18 or 19.
He had 39 years in and still wasn't at the 80% mark, and with the cutoff being 30 or 35 yrs "time in" max, he was paying into the system for X amount of years for nothing.
He was hired in the 70's, so his pay-in % was 7% I think. He was on the fence for a few years until one of the girls in payroll who handled all the retirement stuff sat him down and said "Look, unless you're making over 100 grand a year, which I know you're not (he was at 75-77 grand), that % you're trying to get is less than 3 grand a year. So you can spend another 3 years being miserable, or shit and get off the pot and not be miserable"
Once she ran all the numbers for him, he did his 6 month announcement the next day. He framed that letter.
He tap danced all the way off the property on his last day.
I'm at 9+2% for a pay-in..
I'm in the peon category, which I think is group 1.
1 of the stipulations are-
If I were to leave now (17 yrs in, already vested) and take another municipal job in this state (or govt job maybe too like the v.a.?) it would automatically roll into that pension plan.
If I were to leave now and take another municipal job out of state (not uncommon, new hampster is a good example) it wouldn't roll and I'd essentially be "starting over" at that job, but would still retain my time in for this armpit of a state.
What I'd lose is the 10+ yrs of paying into s.s., and if I got anything out of that, it would probably be only double digits a month at the age of 68 or 70 or whatever it is now, assuming I live that long.