Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Can you opt out of retirement plans?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Topic Forums » Seniors Donate to DU
 
HockeyMom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 11:14 AM
Original message
Can you opt out of retirement plans?
If your employers has both a pension and 403B, can you waive BOTH? I work for a Florida school district. It looks as if they are going to require us to contribute 3% of our salaries to the pension plan. I make $13/hour and will turn 63 in November. I have only lived and worked in this state for 3 years. I need that money right now to live on. What retirement? I also want to move out of state, hopefully within the next year, if I can manage that.

I used to work for a non-profit in another state which had that 403B plan. I do know that I had to actually sign a waiver to not participate in that. If I did nothing, I would have been automatically enrolled. At the school district, it was either/or and I signed for the pension because at time I would not have to contribute to it.

Can I opt out of BOTH plans? If not, is there a minimum contribution to a 403B? If I HAVE to contribute to some kind of retirement plan (dumb at my age), I would rather go with the plan that requires me to contribute LESS of my salary.
Refresh | 0 Recommendations Printer Friendly | Permalink | Reply | Top
eleny Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 11:43 AM
Response to Original message
1. Your question is best asked of your retirement plan
Here in Colorado we had to participate and contribute a percentage of salary towards our pension plan, PERA. But back in the late 1990s employees were given the option to withdraw all the funds in our plan at retirement - our contribution and also part of the state's contribution.

So, it all depends on what your pension plan offers as options. The laws that govern pension plans aren't national.

Good luck with getting the information!
Printer Friendly | Permalink | Reply | Top
 
MineralMan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 11:51 AM
Response to Original message
2. Before opting out, consider your future prospects.
Do you think you'll be doing much better than that $11/hr. job within a very few years? If so, then it might make sense to take that 3% now for living. If not, then contribute to the plan.

It's not a simple question at all.
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 30th 2014, 07:32 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Seniors Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC