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| NYCTA pension (1523716) | |
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| (1523716) | |
NYCTA pension |
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Posted by IRT/O on Thu Sep 12 14:48:53 2019 Do you get less social security if you have a NYCERS pension? I thought that was only railroads. |
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| (1523718) | |
Re: NYCTA pension |
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Posted by TRAIN DUDE on Thu Sep 12 15:26:24 2019, in response to NYCTA pension, posted by IRT/O on Thu Sep 12 14:48:53 2019. Tier III provided for your pension to be reduced by an amount equal to 1/2 of your Social Security Benefit. However, Tier III was changed legislatively to Tier IV for most transit workers, unlinking Social Security and pension benefits. But to answer your question, it was the pension that was reduced and not Social Security. |
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| (1523721) | |
Re: NYCTA pension |
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Posted by IRT/O on Thu Sep 12 15:56:08 2019, in response to Re: NYCTA pension, posted by TRAIN DUDE on Thu Sep 12 15:26:24 2019. Oh thanks. I was just reading stuff about Warren’s Soc Sec proposals and they were saying that civil servants get their Soc Sec cut because of pensions. |
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| (1523722) | |
Re: NYCTA pension |
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Posted by AEM-7AC #901 on Thu Sep 12 16:14:57 2019, in response to Re: NYCTA pension, posted by IRT/O on Thu Sep 12 15:56:08 2019. * Oh thanks. I was just reading stuff about Warren’s Soc Sec proposals and they were saying that civil servants get their Soc Sec cut because of pensions. *I suspect it's one of those things that's negotiated via collective bargaining agreements and determined by state law. IIRC, TWU Tier 6 members don't have Social Security offsets, but IIRC, NYPD, FDNY, and Sanitation have offsets. Supposedly, TWU ended up with 25/55 versus 20/55 to avoid the offset. |
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| (1523723) | |
Re: NYCTA pension |
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Posted by IRT/O on Thu Sep 12 16:23:52 2019, in response to Re: NYCTA pension, posted by AEM-7AC #901 on Thu Sep 12 16:14:57 2019. Hmmm....20/55 with an offset would be nice. |
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| (1523725) | |
Re: NYCTA pension |
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Posted by AlM on Thu Sep 12 16:38:10 2019, in response to Re: NYCTA pension, posted by IRT/O on Thu Sep 12 15:56:08 2019. Some do (and get higher pensions as a result), some don't. In recent years, fewer and fewer civil service pension plans have covered the social security benefit as well. |
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| (1523727) | |
Re: NYCTA pension |
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Posted by TRAIN DUDE on Thu Sep 12 16:45:43 2019, in response to Re: NYCTA pension, posted by IRT/O on Thu Sep 12 15:56:08 2019. I don't know for sure about the current Tier VI pensions but it's absolutely untrue for prior Tiers |
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| (1523752) | |
Re: NYCTA pension |
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Posted by AEM-7AC #901 on Fri Sep 13 01:42:43 2019, in response to Re: NYCTA pension, posted by IRT/O on Thu Sep 12 16:23:52 2019. The secret or with something like 20/55 is that a lot of guys in TWU started in their early twenties, so they’d never be able to retire at twenty years, so they’d lose money with that deal. It also burns those that had high paying jobs before entering Transit as there’s no way to separate Social Security warmed from Transit versus from other employers. |
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| (1523763) | |
Re: NYCTA pension |
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Posted by Lou from Brooklyn on Fri Sep 13 08:14:12 2019, in response to Re: NYCTA pension, posted by AEM-7AC #901 on Thu Sep 12 16:14:57 2019. My Dad's a federal worker for 33 years pension replaced his social security. He retired in the late 90's. He only collected SS credits from part time jobs he had.That has changed, he was in a Tier that is no longer active. |
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| (1523769) | |
Re: NYCTA pension |
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Posted by brightonr68 on Fri Sep 13 10:38:54 2019, in response to Re: NYCTA pension, posted by Lou from Brooklyn on Fri Sep 13 08:14:12 2019. That means he did not pay the social security portion of the FICA payroll taxes thus had greater take home pay for the 33 years he worked .If invested that money in an s and p 500 index fund he would be way ahead NYC workers pay FICA social security taxes |
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| (1523772) | |
Re: NYCTA pension |
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Posted by brightonr68 on Fri Sep 13 10:46:12 2019, in response to Re: NYCTA pension, posted by AEM-7AC #901 on Fri Sep 13 01:42:43 2019. They don't 't loose money because they earn a greater % of final pay average when they retire after earning more years of service or can leave at 20 years and get another job . Just can't collect until 55. |
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| (1523782) | |
Re: NYCTA pension |
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Posted by Pragmatist on Fri Sep 13 11:58:54 2019, in response to Re: NYCTA pension, posted by AEM-7AC #901 on Thu Sep 12 16:14:57 2019. While not common in NYC there are many areas where the civil service jobs do not pay into SS. Many CA teachers woud be like that. NYC jobs generally do pay SS contributions. When someone retires in one of those plans (no SS contr), and has ss from a private sector job that they may have had before, during or after their tenure in gov't service, their ss payment is reduced under what is known as the GPO (government pension offset) That is different than those who retired under the old Federal CSRS, which was partially in lieu of SS coverage. My father retired under CSRS from the PO, and also had SS from a prior job, that was not subject to the GPO. |
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| (1523794) | |
Re: NYCTA pension |
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Posted by Broadway Lion on Fri Sep 13 16:26:50 2019, in response to Re: NYCTA pension, posted by Pragmatist on Fri Sep 13 11:58:54 2019. We did not pay for social security for many years. But as the price of health care went up (We were paying $650.00/month per person)Medicare began to look like a good deal.So we bought into Social Security. I thin we had to pay in a 10 year lump sum for each member, and there was another five year waiting period before benefits would kick in. Obviously we did not buy-in the older monks who were not expected to survive those fifteen years, but for the rest of us sit was a good deal. I had paid in of course from previous job, but had not enough years there for my SS check to amount to more that than my monthly Medicare premium. No it is time for me to get hearing aids, but neither medicare nor medicaid, nor blue cross will pay for those. But the Veterans administration will. I also went on medicaid at the same time as that would affect my rank with the VA. They will also pick up my Medicare premiums. Very Interesting.. Serving the country is a good thing. ROAR A |
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| (1523811) | |
Re: NYCTA pension |
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Posted by randyo on Fri Sep 13 18:39:36 2019, in response to Re: NYCTA pension, posted by AEM-7AC #901 on Thu Sep 12 16:14:57 2019. If I recall, when I first started with the NYCTA, Social Security was optioanal but became mandatory shortly after. I worked with a few NYCTA employees who had worked for the Freds (usually post office) who came to work with the NYCTA just to get their 40 quarter minimum to qualify for Social Security. |
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| (1523812) | |
Re: NYCTA pension |
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Posted by randyo on Fri Sep 13 18:42:02 2019, in response to Re: NYCTA pension, posted by TRAIN DUDE on Thu Sep 12 16:45:43 2019. I seem to recall that there was originally a pension offset with Tier III but about that time the MTA was considering removing employees from Soc Sec so it was changed. I think also there was some legislation enacted that eliminated the offset. |
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| (1523833) | |
Re: NYCTA pension |
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Posted by Pragmatist on Fri Sep 13 21:03:34 2019, in response to Re: NYCTA pension, posted by Broadway Lion on Fri Sep 13 16:26:50 2019. My father had VA medical coverage (and optional service life insurance that he bought)from his WW2 service (Jan-Feb 42 to early 46) but I don't recall him ever using the medical. His coverage from work was pretty good, and it picked up whateer Medicare didn't cover after he retired. |
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| (1523848) | |
Re: NYCTA pension |
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Posted by Henry R32 #3730 on Sat Sep 14 05:27:30 2019, in response to Re: NYCTA pension, posted by randyo on Fri Sep 13 18:42:02 2019. I don't know about NYCT but it sounds like NYS Tier 3, they allow people to "retire in Tier 4" so that they can avoid the Social Security offset.What's rather amusing is with the ability to retire in a later Tier, the Tier 6 rules can result in a higher pension than any earlier tiers for anyone who works over 40 years. All tiers, 40 years=75% final average salary. The difference is, the earlier tiers are 60% at 30 years, earning 1.5% for each additional year. Tier 6 is 55% at 30 years, with 2% for each additional year. The two lines cross at the 40 year mark. |
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| (1523858) | |
Re: NYCTA pension |
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Posted by Broadway Lion on Sat Sep 14 10:33:20 2019, in response to Re: NYCTA pension, posted by Pragmatist on Fri Sep 13 21:03:34 2019. I bought that life insurance when I got out of the Navy but I quickly figured out that I had no need for life insurance whatsoever. No wife or children, no debts, VA benefits, and of course later entering a Monastery.ROAR |
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