Originally Posted by
d5pilot
I am a 46 y/o pilot making approximately 40K for a state govt. agency. In my job I primarily fly a single engine airplanes in VFR conditions and occasionally a Navajo. At this time, I'm vested and 15 years into a 25 year defined benefit retirement that will pay 75% of gross for life. The cons with this job are no raise in five years and no real promotional opportunities. Despite this, I'm feeling the need for new challenges in aviation.
Would you stay until 55 to complete the state retirement and hope for later opportunities or leave?
My stats -
Com Inst. AMEL, ATP Written
5000 total
600 ME PIC
200 ME Turbine PIC
Is it possible to take a partial retirement plan if you leave early, say something less than 75%?
What's scary about these kinds of government pension plans, whether it is local or state, there is the possibility of default still. You don't get to "own" the money in your account until it comes time to withdrawing it at retirement, that scares me.
Governments might want to control the distribution over time. Many companies allow (or require) you to withdraw the entire amount at retirement. I like that method better. I've always felt that if you don't hold it you don't own it.