Search found 9 matches

by frugalnotenough
Mon May 22, 2017 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

Defined Contribution: The employer contributes 14%, employee contributes 13%, but only 9.5% of the employer contribution gets into the member's Defined Contribution account. 4.5% is being used to fund the liabilities of the defined benefits plan. Frugal , you're still missing the point , it's 14%EE...
by frugalnotenough
Sun May 21, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

OP don't know where you revealed that you were in the Ohio STRS as another poster seemed to be aware of but if that's the case I think you meant 14% EE and 9.5% ER , total 23.5% going into a DC account . [color=#4000FF]Yes, I'm in Ohio STRS. You're right about the percentage. I forgot to count this...
by frugalnotenough
Sun May 21, 2017 9:02 am
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

Easy for me. If there have been problems and underfunding possibilities, I would go defined contribution. Better to know it's your money than rely on something you may never get. +1. Certainly sounds like this pension plan is seriously underfunded. It's likely only a matter of time until they take ...
by frugalnotenough
Sun May 21, 2017 8:56 am
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

OP, my wife is a teacher in Ohio and she is in the STRS Ohio DB plan. I know it fairly well. With that, I want to point a few things out ... 1) The DB employee contribution is actually 14%, not 13%. It was originally 10% and then the 2012 changes increased it by 1% each year until it hit 14% at the...
by frugalnotenough
Sat May 20, 2017 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

bertilak wrote:Does the company provide a counselor/advisor to help make this decision?


Yes, and I have gone to them to ask questions, but found them to be not very helpful. What they shared with me is what I learned from reading the booklets.
by frugalnotenough
Sat May 20, 2017 10:50 am
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

My understanding of the disability benefits is not tied to SS. I'm not sure but I think the disability benefit is quite nice. It says "A monthly disability retirement benefit is based on a percentage (limited to 75% and no less than 30%) of a member's FAS. The percentage is determined by multip...
by frugalnotenough
Sat May 20, 2017 8:35 am
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

You can use a calculator on the social security website to estimate your SS benefits. Even better, you can create an account and see exactly what they have on record for you for SS contributions and, hence, your eventual benefit. This will eliminate one of the unknowns in your considerations. Thank...
by frugalnotenough
Fri May 19, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

Re: One time chance to reselect Defined Benefits or Defined Contribution

A few other questions: - what spousal benefit is available under the DB scheme, and is it something that would be valuable? ie is your partner (if any) be in a situation where a survivor benefit would be useful (due to low income, lack of pension arrangements, ill health or unemployment, etc.) My p...
by frugalnotenough
Fri May 19, 2017 9:55 am
Forum: Personal Finance (Not Investing)
Topic: One time chance to reselect Defined Benefits or Defined Contribution
Replies: 28
Views: 1965

One time chance to reselect Defined Benefits or Defined Contribution

I understand this topic has been discussed in various personal scenarios. I have tried to search for them and read them carefully. My situation is a bit different and would love to get your take on this topic. I'm 44, female, at the start of my current job, I selected the defined contribution plan. ...

Go to advanced search