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New Jersey Teachers Chatboard

Buying Back Years To Retire Now.

Nov 1, 2017

Many year ago my wife cashed in her retirement because she was having our first child and wanted to be a stay at home mom. Well, after having two children, our life to a hard turn and my wife had to go back to teaching. Now she would like to retire at the end of this school year, but she needs to buy back two years to retire. We went down to Trenton to get the details and the bottom line is that it will cost us $14,000 to buy back those two years. We don't have the money for that; so I had a crazy thought. Why not go to her BofE and ask them to pay it. My thinking is that if she works for two more years; it will cost her BofE almost $200,000 in salary. They could buy back her years for her and hire a new teacher for a fraction of the cost to keep my wife. The town that she works for is hiring all new teachers and at 58 my wife feels like the old lady still teaching there. It would be a win win for everyone. Any thoughts and has anyone ever heard of this before?

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