Friday, May 14, 2010

Figuring Retirement, Should I stay or do I go?

FAC, 3 consecutive years highest compensation for MIP, Use 5 years for Basic.
Multiply FAC X .016 ( 1.6%) X Years of Service(YOS) = Annual Pension
Or: FAC x .016 x 30 = Pension Divide this number by 12 to get monthly amount.

If you do not have 30 years, but you have years plus age = 80, then use the multiplier of .0155.
FAC x .0155 x 30 = Pension

If you are Basic, use the Highest Consecutive 5 Years of your pay.

Here is an example for someone making roughly $55,000.

Current 30 Years Now Rule of 80
1 $54,000 $54,000 $54,000
2 $55,000 $55,000 $55,000
3 $56,000 $56,000 $56,000
FAC $55,000 $55,000 $55,000
FAC $55,000 $55,000 $55,000
Multiplier 0.015 0.016 0.0155
$825 $880 $853
Years of Service 30 30 30
Annual Pension $24,750 $26,400 $25,575
Monthly Pension $2,063 $2,200 $2,131
FAC, 3 consecutive years highest compensation
Use 5 Years for Basic

Note: These are just approximate figures, you need to work with the Office of Retirement Systems to get accurate numbers for your data.

Tuesday, May 4, 2010

Send a message to your Senator!

From Dave Stafford, MEA Communications, late this afternoon, Tuesday, May 4.

The Senate has adjourned for the day without any action on retirement legislation. The conference committee on SB 1227 has not reached agreement on a compromise, but its members are still talking to each other. Despite what you may have heard about “deadlines” for action, the issue is still alive.

Therefore, please keep messages from our leaders and members going to members of the Senate. Our message is the same as it has been.

The MEA believes the House version of 1227 is good for our members.

Sunday, May 2, 2010

Rally Dates

There are two important rallies coming up that require a strong turnout. The first one is on Monday, May 24 at 6:00 p.m. This rally is being held in our own house, so we expect a very large number of KEA and KESPA members to attend. We need to show the community and the press that we feel the issues surrounding education in Michigan are important enough for us to gather together. A poor turnout would indicate that we aren't concerned enough to sacrifice our time for a rally. Is that the message we want to send? NO WAY!! So mark it on your calendars and plan to attend.

The second important rally is being held on Thursday, June 24 in Lansing at the State Capitol. As more details become available, we will post them here. Carpooling ideas will be posted here as well.

Rally Dates
Local rally: Monday, May 24 6:00 p.m. at EKHS field or auditorium (depending on weather conditions)
Statewide rally: Thursday, June 24 at the State Capitol in Lansing