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chronicpride
Joined: 16 Jan 2003
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 Posted: Sun Sep 17, 2006 12:02 pm Post subject: Private Pension or Private School Teacher Plan-Who's on one? |
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| I know that most are on the national plan, but I'm curious to see if there are any posters on a private pension plan or Private School Teachers Plan that some universities and private colleges and schools have? |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Sun Sep 17, 2006 1:44 pm Post subject: |
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I am.
Why? |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Sun Sep 17, 2006 4:09 pm Post subject: |
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Most, if not all advice on here is about the national one and I'd like to unearth more info on the private plans for those of us that might walk into those situations in the future.
Are you on the KTP or a private one run through an insurance company?
Did you have a choice between the national one or the one that you are on?
How do the deductions work? I read that KTP is 8.5%/mnth, but is that all coming off of your salary or is it something like 4.25% and the employer covers the other half?
Who do you have to go through to apply for the refund, if you are from US or Canada? |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Mon Sep 18, 2006 5:33 am Post subject: |
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No choice of plans. I pay close to 4.5% and of course the Uni matches that.
Bad thing: since I'm on this private plan they don't have to pay severance. (Hear that Grotto?) 
Good thing: no matter where I'm from, I get my pension back from the Uni in a lump sum when I leave.
Hope that sheds some light. |
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Hanson
Joined: 20 Oct 2004
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| Posted: Mon Sep 18, 2006 5:41 am Post subject: |
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| Richard Krainium wrote: |
No choice of plans. I pay close to 4.5% and of course the Uni matches that.
Bad thing: since I'm on this private plan they don't have to pay severance. (Hear that Grotto?)
Good thing: no matter where I'm from, I get my pension back from the Uni in a lump sum when I leave.
Hope that sheds some light. |
That's exactly right. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Tue Sep 19, 2006 2:09 am Post subject: |
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| Richard Krainium wrote: |
No choice of plans. I pay close to 4.5% and of course the Uni matches that.
Bad thing: since I'm on this private plan they don't have to pay severance. (Hear that Grotto?)
Good thing: no matter where I'm from, I get my pension back from the Uni in a lump sum when I leave.
Hope that sheds some light. |
So is this pension fund set up through an insurance group or financial services company or something? I'm just wondering if there could be some variation of plans depending on which private college one works at.
Did you need to do any paperwork stuff/hoop-jumping for this at the outset?
Also, where do you need to go to claim your refund? Is it done internally and the school/uni takes care of these arrangements or will you need to deal directly with the company that manages the fund?
Judging from the near total void of info on the forums about this subject, my guess is that all of this is pretty straightforward and error-free for those who are on these plans, but it'd be nice to hear about it beforehand, nevertheless.
Thanks for any insights. |
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kalbi
Joined: 27 May 2003
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| Posted: Wed Sep 20, 2006 8:41 am Post subject: Matching contributions |
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Do schools and universities using the pension system HAVE to match contributions of emplyees??
If yes, is it at the ration of 1 for 1, or some other ratio? |
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Scott in Incheon
Joined: 30 Aug 2004
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| Posted: Wed Sep 20, 2006 3:13 pm Post subject: |
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| One of the big negatives of our pension plan is that you have to stay five years to qualify for the university's contribution. If you leave before that, then you only get your contribution back. Our school does not have the three year rule, so you can stay if you want. |
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Hanson
Joined: 20 Oct 2004
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| Posted: Wed Sep 20, 2006 6:20 pm Post subject: |
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| chronicpride wrote: |
| Richard Krainium wrote: |
No choice of plans. I pay close to 4.5% and of course the Uni matches that.
Bad thing: since I'm on this private plan they don't have to pay severance. (Hear that Grotto?)
Good thing: no matter where I'm from, I get my pension back from the Uni in a lump sum when I leave.
Hope that sheds some light. |
So is this pension fund set up through an insurance group or financial services company or something? I'm just wondering if there could be some variation of plans depending on which private college one works at.
Did you need to do any paperwork stuff/hoop-jumping for this at the outset?
Also, where do you need to go to claim your refund? Is it done internally and the school/uni takes care of these arrangements or will you need to deal directly with the company that manages the fund?
Judging from the near total void of info on the forums about this subject, my guess is that all of this is pretty straightforward and error-free for those who are on these plans, but it'd be nice to hear about it beforehand, nevertheless.
Thanks for any insights. |
My place of employment made the switch from the National Pension plan to the Teacher's Pension plan. The Teacher's Pension is what I think Mr. Krainium was explaining, since it's exactly the same info I was given when the switch was made here (1 year ago or so).
The paperwork involved was taken care of by the staff in our office (and frankly, I can't quite remember what was involved), but everyone in our uni got switched at the same time (or when they renewed their contracts), so it's not like one teacher could change by choice.
The good news with the Teacher's Pension is that all nationalities can get their money back (making Aussies and Brits quite happy), but the down side is the employer no longer has to pay a severance (our uni pays the severance out in monthly increments over the course of the year anyway).
As for claiming the refund, I haven't gone through it yet, but I think it'd be pretty straight forward. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Wed Sep 20, 2006 9:31 pm Post subject: |
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Good to know. Thanks guys.
But I'm curious to what Scott was also saying. So, depending on where you work and which plan you are on, there are either 3 or 5 year vest dates involved for being eligible to recieve employer contributions?
Which would mean that for the first 3(or 5) years at the same university using the private plan, the contributions will only be your own 4.5%? If so, that sucks.
And if you're really a long termer in the university circuit and if you've been on a private plan, you're going to need to be mindful to ask future employers which kind of plan they have, so you can carry over the contributions of the particular plan that you've been on.
Please tell me if this makes sense or if there's something that I'm missing here. |
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Scott in Incheon
Joined: 30 Aug 2004
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| Posted: Wed Sep 20, 2006 9:59 pm Post subject: |
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| Sorry...I wasn't clear. Although the uni puts in their contribution from the get go.....you can't get their contribution unless you stay the five years. If you left at the five year mark then you would get both yours and the uni's contribution. If you left before the five year mark...you would just get your own. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Wed Sep 20, 2006 10:10 pm Post subject: |
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| Scott in Incheon wrote: |
| Sorry...I wasn't clear. Although the uni puts in their contribution from the get go.....you can't get their contribution unless you stay the five years. If you left at the five year mark then you would get both yours and the uni's contribution. If you left before the five year mark...you would just get your own. |
Ok, so you've got a 5 year vesting period for their contributions. Is this on the Teachers Pension Plan or something different? Or is the Teacher Plan the one with the 3 year vesting of employer contributions? |
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