DB pension buy-back
I've posted about this before, but didn't act on it. I realize that I can go to my OMERS rep, but I was hoping for some clarification here prior.
I have blanked out the 3 "$" values...
So I have just under 3 months of service I can buy back for $3600. The first 2 "$" values are the same, there is no dollar amount change between without and with the total purchasable service added. The "Earnings used to determine cost" is ~$4k more than the previous 2 values.
Being able to retire 3 months earlier aside...
Why does the "Annual Pension earned per month of service" box say $120.69 if there is no difference between the with/without pension service? Does that mean the brake even point would be ~30 years of retirement @ 120.69 a year to "get back" to $3600? Or is it 2.92 * 120.69 = $352.41 so about 10 years retirement to brake even. I'm assuming it's the latter, but that doesn't explain why there is no difference in pension with/without the buy back.
Any insight?
I have blanked out the 3 "$" values...
So I have just under 3 months of service I can buy back for $3600. The first 2 "$" values are the same, there is no dollar amount change between without and with the total purchasable service added. The "Earnings used to determine cost" is ~$4k more than the previous 2 values.
Being able to retire 3 months earlier aside...
Why does the "Annual Pension earned per month of service" box say $120.69 if there is no difference between the with/without pension service? Does that mean the brake even point would be ~30 years of retirement @ 120.69 a year to "get back" to $3600? Or is it 2.92 * 120.69 = $352.41 so about 10 years retirement to brake even. I'm assuming it's the latter, but that doesn't explain why there is no difference in pension with/without the buy back.
Any insight?