Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

JT45242

(3,192 posts)
9. Awesome good luck -- I remember doing this when I was a union rep and could not get people to understand this
Tue Feb 18, 2025, 02:04 PM
Feb 18

I negotiated that if you retired when first eligible, that the district would buy back 70% of your sick days up to the maximum of like 290.
So more than a year salary released across two tax years.
Then you could opt to retire/rehire at step 2.

If you did not retire when first eligiible, they only bought back 25% of the first 250 days.

I showed the calculation for every column (BA, BA+30, MA, MA+15, etc) and the break even point of double dipping.

Even though the teacher would need to live to 88 to break even, no teachers took the retire/rehire because "but my pension will be 88% instead of 66%" if I do that. Tried to explain that they put some the excess retire/rehire in a 403B as tax shelter and have moer money while you are yound enough to enjoy it.

It was painful, to have people who teach not understand basic math and economics.

Good luck on your returement

Recommendations

1 members have recommended this reply (displayed in chronological order):

Latest Discussions»Issue Forums»Social Security & Medicare»I turn 68 in March, what ...»Reply #9