Kentucky teachers will not receive Social Security benefits for their years of service to our children.
For most Americans, Social Security is the foundation of their retirement plans, with pensions, 401(k)s, and other forms of savings being added on top. If the other elements fail or fall short, the federal program is the bottom layer they can count on for the basics.
For educators, the pension system is the first layer.
Educators know that, but many non-educators don't, and this seems like a good time to point it out.
According to the KTRS website:
ReplyDelete"As a result of your employment in a position that does not participate in Social Security, the current federal Windfall Elimination Provision law will reduce any Social Security income that you could draw from any Social Security-covered employment and the federal Government Pension Offset will substantially reduce any Social Security benefit that you might draw as the spouse or widower of a Social Security recipient. These are provisions of federal law."
Sooooo... let me see if I have this straight... I don't get full benefits from all the years I paid into Social Security, nor do I get the full benefits from my spouse, nor do I have the option to participate in social security since I chose to become a teacher in a public school. In Kentucky. (FYI - approximately 13 other states keep teachers out of the social security system.)
I think I'm gonna need some ESS to understand this. Oh wait... I think they cut the funding for that.