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4 days ago · Retirement benefits for teachers can vary dramatically across different states, influencing the strategies they might adopt. Contribute to a 403(b) or 457(b) Contributing to a 403(b) or 457(b) should be all but a necessity for teachers who aren’t covered by pensions.
4 days ago · Striking a similar tone, Makonnen says, “Providing clear and practical information about the unique benefits only educators enjoy, such as being able to save in both 403(b) and 457(b) plans, along with a personalized consultation with a financial professional can go a long way toward ensuring teachers make informed decisions about their ...
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Apr 26, 2024 · A teacher’s retirement usually includes a combination of a pension, 403(b), and social security benefits. One may also have additional accounts, such as a Roth IRA. 403(b)s, which are usually available to teachers, are deferred compensation accounts that allow educators to contribute funds from their salary.
May 6, 2024 · This feature makes the 457 plan an excellent option for those who plan to retire early or switch careers. Additionally, these plans often allow participants close to retirement age to make catch ...
3 days ago · Raised teacher contributions (charging current teachers more) Reduced benefits for new teachers (pay more for less) Increased the retirement eligibility age (making teachers work longer) Expanded the final average salary calculation to 5 years (which usually lowers final benefit payments) Lowered the multiplier for determining pension benefits.
May 9, 2024 · Retirement benefits. The Teachers’ and State Employees’ Retirement System (TSERS) is a pension plan administered by the North Carolina Total Retirement Plans within the Department of State Treasurer (DST). There are 302,293 active members in the system, and 246,374 retired members receive monthly benefits.
4 days ago · The State Teachers Retirement Board directed staff to gather information about potential benefit changes for the pension fund. This includes an accelerated review of the upcoming annual actuarial valuation, laying the groundwork for a fall discussion of a possible fiscal year 2026 cost-of-living allowance (COLA) for retirees.
