New York City Department of Education Retirement Plan

Not enough money for retirement

It is all good

One of the best retirement plan in the state

My pension plan is above average compared to plans offered by private companies.

TIER VI sucks compared to earlier Tiers, but is better than the majority of pension plans out there. Plus you can also put into the 403b7 with a good fixed rate, a 401k with many options, and at 457 which when combined with the 403b7 call allow you to put away 36k/yr.

While new teachers pay more into their pensions and need to work more years to receive full benefits, it is a good pension that is not subject to local or state income taxes. There is also an excellent 403(b) plan- a tax-deferred annuity that can be worth hundreds of thousands by retirement.

best is pension at 63 with 25 years, worst is annuity/401k there is no match

Defined pension plan for employees. New employees pay in for the duration of their careers. Optional Tax Deferred Annuity. Vested after 10 years.

Really very happy with the retirement plan

New contract has option to participate in 25/55 program. Usually about 3% of salary is put towards pension for 10 years, and eligible for retirement after 30 years and aged 65. If you leave before 3 years, you are not fully vested and can just remove the money. But after being vested, you can take a loan against your balance. For the 25/55, 3% is taken out for your whole career.