I am currently enrolled in the NYS Employee Retirement System and would get up to 66% of my highest three years as a retirement pension. My current employer also contributes $2800 a year to my private retirement fund.
The new employer will contribute the following: My Contribution: $5700 Matching: $3325 Their Base Contribution: $3800
I will have to pay an additional $3500 for health insurance and the coverage is worse as I will have a 20% co-insurance and a deductible. I currently have a $20/$25/$100 co-insurance cost and no deductible or co-pay.
My current salary is 79000 and the offer is for 95000.
The real question I am struggling with is if the $16K difference is enough to make the move. I know I am down to $12500 just on the increased insurance cost.
I am currently 46 and have 14 years in the retirement system. I need to work another 19 years to get the maximum pension from the defined benefit plan. I will likely work another 20 years.
Any advice would be appreciated. My rough guesstimate is that the defined pension is worth around 1.2 million (assuming I live for 20 years after I retire).