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opting out of GERS

crosscr
February 19, 2018 03:40PM

Registered: 3 years ago
Posts: 27

Does anyone know if teachers here can opt out of contributing to GERS? My wife is in her first year as a public school teacher and is forced to contribute 11.5% of her pay to this fund. I don't really like having the government here handle this. Her union rep is not much help. Thanks for any info.

Re: opting out of GERS

ironheadUSVI
February 19, 2018 04:10PM

Registered: 1 year ago
Posts: 224

Quote
crosscr
Does anyone know if teachers here can opt out of contributing to GERS? My wife is in her first year as a public school teacher and is forced to contribute 11.5% of her pay to this fund. I don't really like having the government here handle this. Her union rep is not much help. Thanks for any info.

The fund will be insolvent in 2022, yet the beat goes on. I believe the answer is no. She is effectively up the creek.

Re: opting out of GERS

vicanuck
February 19, 2018 05:34PM

Registered: 8 years ago
Posts: 2,285

If she leaves her government of the VI employment before her 10 year anniversary, she can get her money out because it won't be vested until after 10 years. Beyond that, you're out of luck.

In all likelihood, you both will have grown tired of the island by then and will have moved on to greener pastures.

Re: opting out of GERS

FLLisa
February 22, 2018 02:21PM

Registered: 3 years ago
Posts: 124

I almost ended up teaching there a year or so ago. I think you can opt out if you're 55 and up, which probably doesn't apply to your wife.

Re: opting out of GERS

vicanuck
February 23, 2018 08:23AM

Registered: 8 years ago
Posts: 2,285

The risk now is that, even if you're not vested, the GERS program will collapse within the next few years.

Unless you want to lose a good portion of what you put in, don't take a job with a government entity.

Its unlikely the Feds will prop up GERS with a cash injection after so many years of mismanagement.

Re: opting out of GERS

Alana33
February 24, 2018 09:35AM

Registered: 6 years ago
Posts: 11,851

It's highly unlikely you'll ever see your money, unfortunately.

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