I've been asked by the head of the Teachers Union to research about what districts (in the state?) offer 12-month pay versus 10-month pay. I'm talking about the district offering it, not having to set up a savings account at a crummy credit union (re: MECU) to do so.
This is something I've always wanted - my salary spread across 12 months instead of 10 months, so I'm not left with only a savings account to get through the summer. I've done okay in recent years with it, but it still makes me very nervous. My friends who have gone from public to private school cite the 12-month option as a huge advantage over the 10-month option, which is the only one that the city offers.
So, I would appreciate any feedback about 12 month contracts versus 10 month contracts elsewhere in Maryland. Does Baltimore County offer a 12-month salary? Other counties?
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8 comments:
I'm in MN. My current district pays a lump sum in June or 12 month pay. I haven't worked in any districts here in which people are only paid 10 months.
My district in MA gives teachers the option, 22 payments or 26 payments.
I work in Anne Arundel County. We are currently on the 12 month plan. The deal when it happened was that everyone who was on 10 month pay could opt to keep that or switch. Everyone who was hired after the new fiscal year had to choose 12 month. I hated the 10 month deal because I'm not the best at budgeting. Love the 12 month plan. And we can pick our bank for direct deposit.
I don't get advantage of a 12 month contract over a savings account that you personally administer. At least this way, you keep what little interest you would earn.
Assuming you lack the discipline to budget, perhaps you could talk to the credit union or a commercial bank and ask if they would administer the accounts if the the money is held in a non-interest bearing escrow.
I don't know, though. I'd much rather have my money sooner than later.
The advantage is not having to hassle or worry about it, especially when the credit union we are required to use is a mediocre one with poor service.
I utilize it, budgeting accordingly (you have heard the expression about what one does when he "assumes," right?), because I'm required to if I want to have this summer account. So it goes into an account that gets a little bit of interest, but I still live my summers worried something bad might happen and another paycheck isn't coming for a couple months. I'd like to live without that fear, and think it sucks that BCPSS doesn't offer that option.
As I've stated, friends who have moved to private schools tell me what peace of mind a 12-month salary is, even though their overall salary is less.
That's fine that you'd much rather have the money sooner than later, and I don't want to take that right away from you. However, I want the option of pay across 12 months without having to set up a separate savings account. The peace of mind would be worth it. Plus, I think I'd save better overall if I wasn't so worried about saving for the summer all the time. Believe me, I'm not alone in this desire. And BCPSS is unusual in its handling of this issue.
I'm at a private school, and I can't imagine having to go without pay all summer. Sure, I can budget myself, but it's just much easier to have a 12-month check.
I find that MECU offers excellent service. I've had 3 accounts with them for about 14-15 years. I even re-financed my mortgage with them and it was pain-free.
I like having the P.A.Y. account. I can control how much money goes into it and, as others have stated, it earns interest. I never take money out during the year, so it's all there in the summer, ready to be doled out in equal portions. However, if I want to take it out in greater amounts, or one lump sum, I have that option, too. That would not be possible if I had to wait for the school district to pay me.
I definitely have not received excellent service at MECU. I think they have terrible service but are allowed to because they're such a convenient option (re: only place to do the PAY savings).
If the contract did switch over to a 12-month, I see no reason why you wouldn't be able to continue doing what you do now, what works for you. Me, I want the option. I want to be able to not have to set up that separate account - like most districts around the country.
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