Re: Retirement package in Maine

On 7/30/08, Stacy wrote:
> Hi,
> I am currently finishing school here in TN. I have five
> classes to go. I am interested in teaching in the Bangor
> area of Maine. Can anyone please tell me about the
> retirement package in Maine. P.S. Does anyone know what
> salary Maine teachers start at? Here in TN, it is
> approximately $34,059 for a teacher with 0 experience and a
> B.A. Thanks...

Stacy-congratulations on your achievement! You embark on a
satisfying, challenging and at times, stressful career. I
began teaching at 40 with the birth of my first child. I am
now 62 and will retire this June. I can speak with some
certainty about Maine's retirement package from the vantage
point of a 23 year career in Bethel Maine.

As presently constituted, Maine's retirement package has got
to be one of the least attractive packages in existence.
While bundled in with other state employees who routinely get
complete medical coverage paid out of the retirement system,
we teachers will pay 60% of the premium. Maine, due to well
meaning but intrusive insurance regulations, has retained only
one or two medical insurance providers. Without competition
to dampen their spirits and forced conform to rigorous state
coverage mandates, companies charge premiums here in this
state that are astronomical compared to the same policies
offered by the same company in neighboring Hew Hampshire.

With 23 years service, I'll be working with around $15,000 a
year retirement. My friend with 35 years under his belt
breaks into the low 20's. While fully vested in social
security by virtue of 20 years of employment before teaching,
Maine and the federal government conspire to forbid me to
also draw social security. They deem that additional
pittance a 'windfall' on top of the 'generous' allotment Maine
retirement affords me.

Stacy, I love this state. It's a thing of great beauty. But
the exorbitant state tax and fee structures, small retirement
stipends and high general cost of living have me looking,
ironically, given this posting's destination, at TN as an
alternative. What can you tell me about down there?

G2G. Suppers on and it does smell good. Let me know if I can
be of any further service.

Lenny Hoy

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