DOE teachers: considering retirement?: It's not just the 20 years you want to pass; age an important consideration

Considering retirement? The dearly departed Chaz, generous, resourceful, humorous, long may his memory live and his lessons for us.


--Especially also his financial tips.
Let us recall his tips. Some things to consider: be sure to read again his posts on pensions, the tiers and retirement.

Everyone says be sure to pass your 20 years in the NYC DOE, to improve your pension.

BUT, be sure to consider also age. The older you get, the better your payout, according to these charts on Tier IV and Tier VI.

From back in 2014: "A Simple Chart To Determine Your Tier 4 Pension."
Lots of factors to consider, as the above article indicates.
For example:
"Age Correction Factor: No educator can receive a regular pension before the age of 55. Between 55 and 61 years of age, the pension is reduced by the age correction factor. However, if the educator is part of the 25/55 program or has completed 30 years of service, no age correction factor is used."

Source for these charts: Chaz School's Daze post, "Saturday, January 20, 2018 Two Simple Charts That Compare Tier IV and Tier VI Pension Plans."

Tier VI is an outrage. However, few ATRs are Tier VI.

And a few months, later, a Chaze post on the Tier VI pension: "The Tier VI Teacher Retirement Game Is A Sucker's Game."

Admirably, the New Action caucus started a petition (around 2019, assuming from when the following blogpost was) for helping the Tier VI employees. From late November 2019: "Comparing Tier VI To Tier IV Pension"

Here's the link to New Action's petition for Tier VI workers: "Pension Improvements for NYC Educators"

From March 5, 2019, Chaz School Daze: "Why Defined Pensions Are Great For Teachers."