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opting out of GERS  

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crosscr
(@crosscr)
Eminent Member

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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Posted : February 19, 2018 6:40 pm
ironheadUSVI
(@ironheadUSVI)
Reputable Member

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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Posted : February 19, 2018 7:10 pm
vicanuck
(@vicanuck)
Noble Member

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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Posted : February 19, 2018 8:34 pm
FLLisa
(@FLLisa)
Estimable Member

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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Posted : February 22, 2018 5:21 pm
vicanuck
(@vicanuck)
Noble Member

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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Posted : February 23, 2018 11:23 am
Alana33
(@Alana33)
Islander

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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Posted : February 24, 2018 12:35 pm
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