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If I take time off from teaching can still I get my retirement?

I have been teaching in an Upstate New York public school for 9 years. I want to take time off to raise my family. I know people have done this, but how does it work with retirement? How can I find out for sure if I would be eligible to collect retirement monies eventually, although I am not fully vested at this time? Does anyone know if I can collect based on being partially vested (9 of ten years completed)? Like maybe get a percentage of the money because I have not taught the full ten years? Or would I lose the money altogether?

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  • 1 decade ago
    Favorite Answer

    From the New York state teacher's retirement system website:

    Basic Eligibility Requirement

    You may retire at age 55 or older with five or more years of credited New York State (NYS) service.

    Other Eligibility Criteria for Tier 1 Members

    If you are a Tier 1 member, you may also retire: a) at any age with 35 years of service, or b) at age 55 with less than five years of service, if two years are credited since age 53.

    Looks like age 55 with 5 years minimum teaching (though the payment will be low if you haven't worked many years). You can find the formula for the amount of your retirement online.

    Check for specifics with your union rep or online at http://www.nystrs.org/

  • 5 years ago

    Never touch your retirement account! Taking out any retirement fund before your retirement age has tax consequences. Not only will you have to pay the current tax, you will incur a 10% penalty for early withdrawal. Leave your retirement alone because you'll have big regrets later. How do I know? I did it 8 years ago when I divorced and it really cost me--wasted a lot of that money just on the tax and penalty. I wish there were some way I could turn back the clock and leave it alone. It took me all of these 8 years to build it back up to where it was--I would have double that amount now. And I am only 12 years to retirement. If you want to take a year off and substitute teach, find a way to live on your salary. Please take my advice.

  • Anonymous
    1 decade ago

    I do not know the specifics of NY state. However, in many jurisdictions you need to work for 10 years to be eligible for any retirement income. That was how it worked where I live. I would suggest you contact your union representative or someone in Human Resources at your school district office. They will have first hand knowledge of the rules in your area. There may be options you have not thought of, such as getting a leave of absence for a year, which may be counted as a year of work service if you return for a year after that (I was able to do that and "buy back" a year of work service). If you take a few years off and go back, you may be able to add the 9 years to the years you work later. Talk to someone who can give you specific advice about your situation. Best of luck.

  • 1 decade ago

    Unless NY is totally strange, you have nothing to worry about. When you go back to teaching, the years in the retirement system just start adding up again. Yep you get partial money if you have fewer years in. In Ohio, it ranges anywhere from a few percent to 88% depending on how many years you teach, from 5 to 40. Not all teachers make it past 30.

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