Great info, thank you! I'll definitely be looking into the NYSUT member benefits.Sahara wrote: ↑Wed Apr 14, 2021 4:32 amI did use the NYSUT legal plan this year. For retirees, the fee is only $55. I signed up and paid online. Then I completed the PDF and mailed it to the legal firm in NYC. About 3 weeks later my documents arrived and I reviewed them. There were 2 local law firms listed for execution (signing) of the documents. I scheduled an appointment and the execution took about 15 minutes overall. The process is very simple which was exactly what I wanted. It’s a great value.Emmitt wrote: ↑Tue Apr 13, 2021 9:04 pm
I've tried to do some research and it seems like Invesco might be the best of the bad options. I've found that there is a $30 annual fee, but I can't find many ERs on the funds, and I'm not sure, but I don't believe it's an annuity product.
Thanks for the info on the NYSUT legal plan. I had no idea. I need to have a will written. Did you use this service and were you happy with it?
https://memberbenefits.nysut.org/progra ... rvice-plan
Additional overly helpful retired NY teacher advice for future consideration that you may already know:
1. Salary - Max out your graduate credits to max out your salary and therefore your pension. Learner’s Edge was popular in my district.
2. Health Insurance - As retire2022 mentioned, you’ll want to investigate your district’s contribution to health insurance after age 55. In my district coverage continues after 55 at a reduced rate governed by the contract. While working, single teachers pay 10% of the premium. Single retirees pay 5% of the premiums. Other districts require sick days or much higher contributions to the cost of health insurance prior to age 65. This is something you’ll want to be aware of in advance.
3. Sick days - We had no payout upon retirement for accrued sick days and they were not used in any way to cover the cost of post-retirement health insurance but I know local districts who operate in this manner. Others pay upwards of $100 per day upon retirement.
1. I will look into learner's edge. I also coach and take numerous supplemental assignments which I will heavily focus on during my final three years in order to maximize my pension.
2. Our current contract has a major highlight in it that states that after 20 years of service the district will pay 100% of single coverage health care costs from our retirement year (55 for me) up until we qualify for Medicare.
3. We can accumulate up to 180 sick days and upon retirement the districts will buy them back at a per diem rate (currently $150). That payment goes directly into my established 403b account, which is another major factor in the push for a cost effective provider.
It's great to get the opportunity to discuss these factors and obtain advice from a retired NYS teacher, so thank you.