Quote:
Originally Posted by Mr.Coffee
in an earlier post you stated most other people (you talking oil and gas I assume?) had similar pension pay.
Disagree. 10%? I've seen as high as 7% which was really good but I don't think I've seen as high as 10%. Unless you are including bonus, long-term comp? I'm sure there are a couple companies out there that might offer 10% but it wouldn't be the norm in my experience.
Your point about saving money stands though, for sure. It's a good point. Can anyone actually detail what the teachers pension actually is? I had heard it was average of your 5 highest earning years for life after retirement, but I'm not sure that's true and am too lazy to go research if there's a teacher here that can just confirm / deny.
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I believe I said a 10% match was on the high side for O+G. But also O+G salaries are also better in many roles with similar duration of post secondary education. And like you say there are other long term compensation options. The main point I suppose is that relative to other professionals there compensation including pension is not unreasonable.
As for the pension I believe 70% of you 5 highest years after reaching 85 years of combined age plus service. So start at 25, work for 30 years, get pension at 55. Now that assumes you are able to get a full time teaching role within 3 years out and aren’t still subbing and you did 4 rather than 6 years of post-secondary.
You also don’t get CPP as that’s included in the pension.
https://www.atrf.com/
Has more details.
Certainly there are benefits to it being a defined benefit plan in terms of risk management. They are really good pensions but most of the benefit is driven from forced savings when compared to other professionals