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Last Day For NY Teachers to Get Better State Pension

Thursday, December 31, 2009

Today's the deadline for prospective teachers in New York to enter the state pension system before retirement benefits become less generous on January 1st. WNYC's Beth Fertig has more.

REPORTER: Teachers who join the pension system after Friday will have to contribute more money, and retire at a later age, because of a new law.

The change is supposed to save the state money on retirement payments by giving new teachers less generous benefits. Many teachers apparently are trying to get hired before the new law takes effect. According to the New York State Teachers Retirement System, almost 5,000 turned in applications this month, more than four times the number who applied in the same month last year.

A spokesman for the Retirement System says not all of those applicants may actually become members if they didn't work at all before January and don't continue working at least as substitutes. For WNYC I'm Beth Fertig.

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