TAWAS AREA SCHOOLS…Pension and Retirement **** Benefits reminder, MICHIGAN TAXPAYERS OWE $26,000,000,000 plus INTEREST, TO THE TEACHERS PENSION FUND Every teacher participates in the state-run Michigan Public School Employee Retirement System, a defined-benefit lifetime pension system Pension calculation: highest 3-year average compensation X 1.5 percent X years of service, i.e., 30 x .015 = 4.5% of highest salary After 55, subsidized medical, dental and vision insurance for life (employees never contribute more than 18 percent of premiums) Annual pension based on 30 years experience with base salary of $78,130 (final M.A. step): $35,159 (this amount increases by 3 percent every year) Work Schedule/Environment Contractual year: 184.5 days Work day: 7 hours, 30 minutes Total work year: 1,384 hours o Teacher hours: 1,101 o Instructional hours: 1,060 National average for all occupations: 1,768 hours Student contact and instructional time: o Secondary: 5 hours, 30 minutes o Elementary: 5 hours, 27 minutes Elementary teachers receive two full days of release time due to a loss of 5 minutes of planning and conference time at the beginning of the day.
Posted on: Sat, 25 Oct 2014 12:46:01 +0000
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