I tell you, a person really has to be vigilant and knowledgeable as they keep track of their own personal information (financial and otherwise). If you don't look after you, sure as heck no one else is going to.
Story 1 - DH was trying to take care of the insurance portion of his dental work. He'd already filed (and received some) through his work and wanted to see if any of the balance was covered through mine. We learned that my dental and my health forms go to different places entirely. He got mixed up and mailed denta to the health one. We learned that while they will send you a rejection letter, they will not include any of the documents you mailed to them, even if you offer to send a self addressed stamped envelope....which means that second half of the official receipt is gone. If you want to resubmit correctly, you need to go back to your dentist and ask (and pay) for a second one. I thought I had trained DH to make a photocopy of everything as they sometimes take that, but apparently I need to reteach that lesson. I already have put the correct information with policy plans and mailing addresses for mine on the inside of the cupboard so we have it at our fingertips at home.
Story 2 - Our work contract has finally been settled. I won't argue good, bad or ugly. We found out that for the 3 days we are missed, we are eligible for SOME strike pay from the fund. Not a whole lot. less than the net of one day's work. More than some folk get in these circumstances, but still hard to see such a small percentage come back to mama. Loops and redtape to get that bit back though. The bigger question becomes, do I buy back the pension for the three days I didn't not work? The pension buy back will be significantly more than the strike pay, so if I opt for this it would be some out of pocket for the greater good, several years down the road.
What I need to do is phone and figure out the exact date I am elible for retirement. Month and Day. I have worked as a substitute (supply) teacher, and had temporary and part time contracts before I got full time permanent. That exact date is questionable. For many who start out getting a full time job right away they start at the end of August one year, and thirty years later, they are eligible for retirement on June 30th. If all my wonky math works out that June 30 is my retirement date, I need to buy back those 3 days, or else I would have to work part /all of a whole additional year. If my retirement date falls anywhere else, then it won't matter so much as I'd probably just finish out that year anyways.
So on my to do list for the coming week, I have to call my representatives to get that exact date.
Tuesday, Nice weekend!
2 days ago
7 comments:
Good luck with your pension buyback. It is definitely worth it if you would have to work another year.
Here in Ontario the retirement dates are all strange - they are based on your birthday I think. Mine is May 31, 2031. I am sure I will be finishing out the school year.
When I was off for 4 months this summer, I was offered the option of buying back my pension contribution room. I decided to do it. I owed back $600, which they are taking off in small chunks of about $90/pay from my paycheques. I've contributed almost $200 towards my buy back so far. I have till the end of the year to finish paying it.
Overall, I think it's worth it. Do you get your contributions matched? If so, DEFINITELY buy back! Do you know how much your buy back will cost?
~ Makky's Mom
I have a lot of teachers in my family, and I see that they are often undervalued in many ways (ie: societies viewpoints on their work for one). One area however where you are compensated well is the defined benefit pension plan. Definately worth while to take advantage of it as much as possible!
As an aside, I would have thought that the buy back wouldn't impact when you are able to stop work, just impacts how much $$ value you get when you retire. That's how it works with our contract. That said, I'm fairly ignorant on that aspect!
Thanks anon and you're right. If I didn't have a defined plan I was forced to contribute to (and get some matching)I don't know if I would have been disciplined enough to put $ in a different retirement vehicle. The day is important: If my retirement date were indeed June 30 and I didn't buy back those days, then I would have to work 3 days at least at the start of the next school year before I were eligible for full retirement and pension.
Interesting Christy. I don't think ours are by birth date but I guess I will find out soon :-)
MM - there is a place I can punch in my info to see the cost of buy back. Need to get that link from our rep at school.
Well I guess I can't be sure they are based on our birth date, but everyone seems to have a different date - and most people do not have June 30th as their date. I figured the birthday was the most logical difference.
Wow. That is confusing. I was with you until you said that if you miss paying for three days you have to work another HALF YEAR?! Good thing you are organized!!
Cash - lol no I would have to work at 3 days at the start of the following school year to make them up, which is silly. How confusing for the students to have a teacher for three days then a different one after that :-)
If I ended up having to do that, I'd work until christmas or else the rest of the year.
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