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Subject:  Re: Millionaire professions Date:  1/21/2019  1:06 PM
Author:  BruceCM Number:  91650 of 94963

I have not read the details of how this 'study' was conducted, but I'd wager 'Teachers' are on this list due to their pension plan, which at least historically, have been generous...although this will certainly depend on the state and school district.

My sister retired from her Oregon School District after, I believe, 28 years at age 58 as a Tier I PERS retiree. She mentioned to me one time that she receives about 82% of her final salary as an inflation adjusted life annuity, with a 2% annual adjuster. So let's do some math....

If her final salary was $66,000 then her annual benefit at her first year of retirement would be about $54,120. Assuming a life expectancy to age 88 will give her 30 payment years. The present value of this inflation adjusted life annuity would be $1,236,338.

I also understand in talking to her that the PERS system has since been modified to reduce the % of top benefit to around 50% of final salary at the maximum.

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