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I've got a tough one on a job opportunity

Posted on 8/17/22 at 11:24 am
Posted by anc
Member since Nov 2012
20417 posts
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?

This post was edited on 8/17/22 at 11:25 am
Posted by Teddy Ruxpin
Member since Oct 2006
40598 posts
Posted on 8/17/22 at 11:30 am to
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 by el Gaucho
He/They
Member since Dec 2010
58529 posts
Posted on 8/17/22 at 11:36 am to
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 by TunaTigers
Nola
Member since Dec 2007
5367 posts
Posted on 8/17/22 at 11:40 am to
A lot of universities have exchange programs for tuition reimbursement. Some thing to check into.
Posted by Upperdecker
St. George, LA
Member since Nov 2014
32766 posts
Posted on 8/17/22 at 11:57 am to
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 by Upperdecker
St. George, LA
Member since Nov 2014
32766 posts
Posted on 8/17/22 at 11:59 am to
Gaucho, remember that time that Congress passed Obamacare for all citizens, then voted to exclude themselves from the requirements? Good times
Posted by OT_Marvel
LA
Member since Nov 2019
246 posts
Posted on 8/17/22 at 12:04 pm to
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!
Posted by plaric
Pike Road, Alabama
Member since Jun 2011
2269 posts
Posted on 8/17/22 at 12:33 pm to
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.
Posted by DiamondDog
Louisiana
Member since Nov 2019
12840 posts
Posted on 8/17/22 at 12:35 pm to
quote:

Opportunity: Director Level State Agency


No. Run from this.
Posted by Bard
Definitely NOT an admin
Member since Oct 2008
57986 posts
Posted on 8/17/22 at 12:39 pm to
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 by Chucktown_Badger
The banks of the Ashley River
Member since May 2013
35879 posts
Posted on 8/17/22 at 12:43 pm to
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 by Bard
Definitely NOT an admin
Member since Oct 2008
57986 posts
Posted on 8/17/22 at 12:44 pm to
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 by el Gaucho
He/They
Member since Dec 2010
58529 posts
Posted on 8/17/22 at 1:08 pm to
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 by GeauxZone90
Baton Rouge
Member since Jul 2010
3274 posts
Posted on 8/17/22 at 1:23 pm to
Well whats your salary?
Posted by Aubie Spr96
lolwut?
Member since Dec 2009
43983 posts
Posted on 8/17/22 at 1:36 pm to
quote:

State Agency



You lost me.
Posted by BenDover
Member since Jul 2010
5551 posts
Posted on 8/17/22 at 1:58 pm to
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?
Posted by Tmcgin
BATON ROUGE
Member since Jun 2010
6391 posts
Posted on 8/17/22 at 2:03 pm to
I vote stay put
The state Agency thing turned me off
Posted by GeauxTigers123
Member since Feb 2007
3105 posts
Posted on 8/17/22 at 2:14 pm to
PERS isn’t solvent. Would be careful with it.
Posted by wfallstiger
Wichita Falls, Texas
Member since Jun 2006
14768 posts
Posted on 8/17/22 at 4:31 pm to
Have been on both sides and prefer the private rather than the State
Posted by TigerintheNO
New Orleans
Member since Jan 2004
44209 posts
Posted on 8/17/22 at 5:07 pm to
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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