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The average pension for all 5,537 newly retired NYSTRS members was $48,705, the Empire Center said Tuesday. How much does a teacher get when they retire? For example, under a system with a 1.5 percent multiplier: A teacher retiring with a final average salary of $60,000 and 20 years of service would collect a pension of $18,000 annually.
Those of you on the career average arrangement with a normal pension age (NPA) ranging between 65 and 68 will earn 1/57 of your pensionable salary for each tax year (April to March) you contribute to the Teachers’ Pension Scheme, plus a variable amount (CPI + 1.6 per cent) dictated by the Treasury.
Their age of retirement was 55 years before the amendments. Currently, teachers' retirement age is set for 60 years and 65 years for those with disabilities. This was a great move as it allows the teachers who have been in practice for many years to continue mentoring the newly employed teachers.
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