Learn To Calculate NYC Teacher Pension Amount

nyc teacher pension amount

Is there any better job than being a teacher? Well, you can decide on your own after reading about the salary, pension, and everything related to a teaching job in NYC. Well, of course, we know that it is not the easiest job. However, it is one of the most respected jobs all over the World. We know that it is not as a high-paying job as any other profession. However, the amount of love and respect that you receive as a teacher is unparalleled. For a long time, the NYC teacher pension amount has been the talk of the town. It is because of the protests and several articles stating about the underpaid state of teachers in NYC. Let us read more about it.

A Brief History About NYC Teachers Wages

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The data of the Economic Policy Institute shows that teachers in NYC are paid way less than professionals with similar education levels. If you look at the history, you will realize that the weekly wages of the teachers have decreased from thirty dollars per week to one thousand dollars a week from 1996 to 2015. It is such a considerable decrease in the wages of teachers. In contrast, the weekly wages of college graduates have increased from 124$ to 1416$. It is because of this reason that there were huge state-wide protests in 2018 and 2019 over NYC teacher pension amount, salaries, and other premiums. 

What Is The Average Salary Of A NYC Teacher

National Center for Education Statistics released their data in 2016, according to which the average base salary of a teacher in NYC is $55,100. Also, please remember that teachers do not get paid during the summer. However, some schools offer you to either take the salary for ten months or divide your ten months salary into twelve months.   

How To Calculate NYC Teacher Pension Amount

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As a public school teacher in NYC, you are automatically enrolled in NYSTRS. However, to receive your pension benefits, you will need to contribute around 4.85% to the retirement fund from your gross salary. Also, an additional 11.1% will be contributed by your employer. However, your pension amount is based upon your average salary, age, and your years of service. To calculate the NYC teacher pension amount, you need to multiply your final average salary with the pension factor, which is based on your years of service. 

More than 20 years= Almost 35% of final average salary.

20 years= 1.75% per year

Below 20 years= 1.67% per year

A Secured Job

In terms of the NYC teacher pension amount and other benefits that a teacher in NYC gets, it is pretty much a secure job. It is because, along with the pension benefits, an NYC teacher enjoys a comprehensive health benefits package. However, we do not deny the fact that the average monthly salary during their tenure is comparably less than other professions, but they do get to enjoy the benefits that other professions do not have access to. In all, it is a secured and respected job to have. 

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