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marlaksluiter
New Member

I receive a pension from a public school retirement system that I contributed to. What do I put for source?

I contributed a percentage of my pay every month for this pension.  Is it considered a private-sourced pension?

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PhyllisG
New Member

I receive a pension from a public school retirement system that I contributed to. What do I put for source?

Pensions received from any federal, state, or local government are considered public pensions. Pensions that are not government issued (e.g. Individual Retirement Accounts [IRAs]) are generally considered private. 

In most states public school pensions are a defined benefit retirement plan. In these plans, your pension is tied to a formula that calculates a monthly defined benefit based on years of service in that retirement system and a final average salary.

If you receive this type of pension, then it is not considered a private-sourced pension. It is advised that you consult with your plan administrator for a definitive answer.

[Edited February 20, 2019 | 1:30 pm]

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2 Replies
PhyllisG
New Member

I receive a pension from a public school retirement system that I contributed to. What do I put for source?

Pensions received from any federal, state, or local government are considered public pensions. Pensions that are not government issued (e.g. Individual Retirement Accounts [IRAs]) are generally considered private. 

In most states public school pensions are a defined benefit retirement plan. In these plans, your pension is tied to a formula that calculates a monthly defined benefit based on years of service in that retirement system and a final average salary.

If you receive this type of pension, then it is not considered a private-sourced pension. It is advised that you consult with your plan administrator for a definitive answer.

[Edited February 20, 2019 | 1:30 pm]

View solution in original post

PhyllisG
New Member

I receive a pension from a public school retirement system that I contributed to. What do I put for source?

Please refer to the edited version dated February 20, 2019.
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