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I receive a pension from a public school retirement system that I contributed to. What do I put for source?
I contributed a percentage of my pay every month for this pension. Is it considered a private-sourced pension?
Pensions received from any federal, state, or local government are considered public pensions. Pensions that are not government issued (e.g. Individual Retirement Accounts [IRAs]) are generally considered private.
In most states public school pensions are a defined benefit retirement plan. In these plans, your pension is tied to a formula that calculates a monthly defined benefit based on years of service in that retirement system and a final average salary.
If you receive this type of pension, then it is not considered a private-sourced pension. It is advised that you consult with your plan administrator for a definitive answer.
[Edited February 20, 2019 | 1:30 pm]
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