opting out of GERS  

 

crosscr
(@crosscr)
Advanced Member
Joined: 5 years ago
Posts: 27
February 19, 2018 6:40 pm  

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.


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ironheadUSVI
(@ironheadUSVI)
Advanced Member
Joined: 3 years ago
Posts: 253
February 19, 2018 7:10 pm  

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.


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vicanuck
(@vicanuck)
Trusted Member
Joined: 10 years ago
Posts: 2445
February 19, 2018 8:34 pm  

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.


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FLLisa
(@FLLisa)
Advanced Member
Joined: 6 years ago
Posts: 126
February 22, 2018 5:21 pm  

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.


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vicanuck
(@vicanuck)
Trusted Member
Joined: 10 years ago
Posts: 2445
February 23, 2018 11:23 am  

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.


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Alana33
(@Alana33)
Expert
Joined: 8 years ago
Posts: 12234
February 24, 2018 12:35 pm  

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

http://viconsortium.com/featured/over-300-retirees-havent-started-receiving-payment-from-gers-for-some-its-been-over-a-year/


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