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Started By
Message
I've got a tough one on a job opportunity
Posted on 8/17/22 at 11:24 am
Posted on 8/17/22 at 11:24 am
Currently:
Director Level
Private Entity
Good salary
8% match on 401k
Free Tuition for Dependents (I have a middle schooler)
Very Little Room for Advancement
Opportunity:
Director Level
State Agency
$30k raise
Public Retirement Pension but 457 Eligible
No Tuition Benefit
Possible Advancement
I think I am happy either way, but I'm leaning toward taking the new opportunity and putting the max $20,500 in the 457. The tuition benefit seems huge, but child is smart and should be able to scholarship at least 50% of tuition.
Any other thoughts?
Director Level
Private Entity
Good salary
8% match on 401k
Free Tuition for Dependents (I have a middle schooler)
Very Little Room for Advancement
Opportunity:
Director Level
State Agency
$30k raise
Public Retirement Pension but 457 Eligible
No Tuition Benefit
Possible Advancement
I think I am happy either way, but I'm leaning toward taking the new opportunity and putting the max $20,500 in the 457. The tuition benefit seems huge, but child is smart and should be able to scholarship at least 50% of tuition.
Any other thoughts?
This post was edited on 8/17/22 at 11:25 am
Posted on 8/17/22 at 11:30 am to anc
The tuition benefit is really only worth it if the school is good and your kid wants to attend it right? I imagine it's worthless if either of those isn't true, leaving off getting admitted.
This post was edited on 8/17/22 at 11:31 am
Posted on 8/17/22 at 11:36 am to anc
Do y’all think it’s kinda messed up that if you work for a beer company you gotta drink that brand but if you’re a government employee you can send your kids to private school? Like it’s your fault if you’re part of the government maybe if you had some skin in the game you’d try to fix it
Posted on 8/17/22 at 11:40 am to Teddy Ruxpin
A lot of universities have exchange programs for tuition reimbursement. Some thing to check into.
Posted on 8/17/22 at 11:57 am to Teddy Ruxpin
I’d hate to pick a company/job now based on the idea that my child MIGHT attend their school in 5-7 years
Posted on 8/17/22 at 11:59 am to el Gaucho
Gaucho, remember that time that Congress passed Obamacare for all citizens, then voted to exclude themselves from the requirements? Good times
Posted on 8/17/22 at 12:04 pm to anc
Would the new job take away time with your kid? If so, I'd pass. You've only got a few more years of quality time where they are living at home. Might be worth it once they move out though.
Also, how long do you have until retirement? Those retirement pensions require years of service. If you are 40+, you might not ever reach max payout. (then again, this is a director level, so you could probably negotiate the pension during hiring process).
Lastly, if you have a secure job and your family has financial breathing room, then you have already hit financial success. Anything more is lagniappe.
All that to say, it really depends on your priorities. If your ultimate goal is to be top-dog where ever you work and you want to retire with the most money possible, then take the risk with the new job. If not, then "a bird in the hand is worth 2 in the bush".
Good luck!
Also, how long do you have until retirement? Those retirement pensions require years of service. If you are 40+, you might not ever reach max payout. (then again, this is a director level, so you could probably negotiate the pension during hiring process).
Lastly, if you have a secure job and your family has financial breathing room, then you have already hit financial success. Anything more is lagniappe.
All that to say, it really depends on your priorities. If your ultimate goal is to be top-dog where ever you work and you want to retire with the most money possible, then take the risk with the new job. If not, then "a bird in the hand is worth 2 in the bush".
Good luck!
Posted on 8/17/22 at 12:33 pm to OT_Marvel
State agencies notoriously have lower expectations for the pay. So if you get more pay and don’t have to move as fast that is nice.
Don’t be a contractor though. Make them convert you to a full state employee.
Don’t be a contractor though. Make them convert you to a full state employee.
Posted on 8/17/22 at 12:35 pm to anc
quote:
Opportunity: Director Level State Agency
No. Run from this.
Posted on 8/17/22 at 12:39 pm to anc
quote:
Director Level
State Agency
$30k raise
quote:
Possible Advancement
If you take this, make sure that starting pay is at the low end of your TS level (for example, TS316 is for an IT Director 1 and the salary ranges between $62,899 and $110,219). The range within a TS level is divided into quartiles. In the years with pay increases it goes 4% for the lowest quartile, 3% for the next, 2% for the 2nd highest and then to 1% for the highest end of the quartile.
So ideally you want to your pay to be in the lower end of your title's TS level range and your title to be as low in the group (Director 1 vs Director 2, for example) then get into a CPG (career progression group) to move you up the levels (from Director 1 to Director 2, for example). This becomes handy on years where there are no pay increases, especially as the increases for going up to a new TS level can be significant jumps (TS levels don't move at a 1:1 with a cpg).
quote:
Public Retirement Pension but 457 Eligible
You might want to ask about eligibility if you already have a 401k (which it sounds like you do). I honestly have no idea about how that works but since I have my own self-managed 401k, if I were looking at Deferred Compensation I would make sure I was eligible).
Also, remember that since the state (assuming Louisiana) does not pay into Social Security so while your check will be bigger, you'll be subject to the windfall elimination when you retire (even if you already have all your quarters paid into SS).
Posted on 8/17/22 at 12:43 pm to el Gaucho
quote:
Do y’all think it’s kinda messed up that if you work for a beer company you gotta drink that brand but if you’re a government employee you can send your kids to private school? Like it’s your fault if you’re part of the government maybe if you had some skin in the game you’d try to fix it
Come on, man, that's for "everyone else". I would likely stay private because I wouldn't be able to handle the inefficiency and incompetence of a state agency.
This post was edited on 8/17/22 at 12:47 pm
Posted on 8/17/22 at 12:44 pm to DiamondDog
quote:quote:
Opportunity: Director Level State Agency
No. Run from this.
It depends on the agency. Director is one of the highest Classified positions, so you aren't serving at the whim of an elected official (well, not directly, depending on the official). I know a couple and their job is pretty much what they choose not to delegate to those under them.
Posted on 8/17/22 at 1:08 pm to Upperdecker
quote:
Gaucho, remember that time that Congress passed Obamacare for all citizens, then voted to exclude themselves from the requirements? Good times
Millenials are the most oppressed minority
Posted on 8/17/22 at 1:58 pm to anc
I'd probably stay put and try and crush that 8% match on the 401K. I'm sure at the Director level you already have a great salary, how much does $30K improve your lifestyle? Much different story going from $250K to $280K opposed to $60K to $90K.
And what does "possible advancement" really mean? Is that your intuition based on the age/tenure of others at the state agency or is advancement something they've openly discussed with you in concrete terms?
And what does "possible advancement" really mean? Is that your intuition based on the age/tenure of others at the state agency or is advancement something they've openly discussed with you in concrete terms?
Posted on 8/17/22 at 2:03 pm to BenDover
I vote stay put
The state Agency thing turned me off
The state Agency thing turned me off
Posted on 8/17/22 at 2:14 pm to Tmcgin
PERS isn’t solvent. Would be careful with it.
Posted on 8/17/22 at 4:31 pm to anc
Have been on both sides and prefer the private rather than the State
Posted on 8/17/22 at 5:07 pm to anc
quote:
Public Retirement Pension
do you live in a state that you can avoid social security taxes?
do you think you will be there long enough to qualify?
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