Information on 55/25

All arguments about good deal, bad deal, mediocre deal (1 – 2 – 3 – 4 – 5 – 6) aside, many New York City teachers have not yet decided whether or not to opt in to 25/55.

The deadline is August 25, 2008, and many teachers have still not made up their minds. Read the FAQ. Attend informational meetings. Inform yourself so you can make the decision that is best for you.

Summary: For a 1.85% payroll contribution from this point forward, you’ll be eligible to retire at full pension at age 55 with 25 years. You do not have to do this. But if you don’t, you won’t be able to retire at full pension until 30 years or age 62 (and there are details here that I am missing. The big picture is ok, but you need to ask elsewhere for important details).

New hires in September 2008 will automatically be part of this, but it will be 27/55. Given today’s retention rates, it may not matter to many of us.

The UFT has an FAQ sheet. Lots of good information. It’s unfortunate that they are trying to convince as many teachers as possible to opt in. It’s as if they have an interest in the highest possible participation rate, rather than in getting members the best, most even-handed advice possible for difficult decision-making.

Borough Information Meetings:

BRONX – Tuesday, May 27, 4-6 p.m. – Bronx UFT Borough Office – 2500 Halsey St

BROOKLYN – Tuesday, May 27, 4-6 p.m. – Lafayette HS – 2630 Benson Avenue

QUEENS – Tuesday, May 27, 4-6 p.m. – Long Island City HS – 14-30 Broadway – Long Island City

STATEN ISLAND  – Tuesday, May 27, 4-6 p.m. – Intermediate School 72 – 33 Ferndale Avenue – Staten Island

BROOKLYN – Wednesday, May 28, 4-6 p.m. – Canarsie HS -1600 Rockaway Pkwy

QUEENS – Wednesday, May 28, 4-6 p.m. – Francis Lewis HS – 58-20 Utopia Pkwy – Flushing

BRONX – Tuesday, May 29, 4-6 p.m. – Bronx UFT Borough Office – 2500 Halsey St

QUEENS – Thursday, May 29, 4-6 p.m. – August Martin HS – 156-10 Baisley Blvd – Jamaica

MANHATTAN – Monday, June 2, 4-6 p.m. – Julia Richman Complex – 300 East 68th Street

MANHATTAN – Wednesday, June 4, 4-6 p.m.  – High School Fashion Industries – 225 West 24th Street

BROOKLYN – Thursday, June 5, 4-6 p.m. – Brooklyn Tech HS –  29 Fort Greene Pl

Me: I still don’t know what I will do. Probably won’t opt in. That will be a decision that is based on my particular situation. I am making no grand statement. That time is not now. I will simply be doing what is best for me, individually.