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Ohio to FLORIDA transfer


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  • Ohio to FLORIDA transfer

    I am a Ohio Cop with about 15 years in the Ohio Public Employee Ret System Law Enforcement OHPERSLE. I am interested in relocating to North Florida. I was wondering if anyone out there has made the switch and can advise how much of my time will transfer to the Florida Public Ret system, whatever it is called?
    I know that I will most likely have to take a pay cut from my nealy 60k base salary, but I do not want to start over on my 25 years towards retirement.
    I have also heard, from not reliable sources, that the Florida Ret system is not a very good one?
    Any thoughts, opinions, or experiences are welcome.

  • #2
    There are no states that I'm aware of that give credit towards another state's retirement requirement.


    • #3
      I have heard texas does but I am not sure how it works. I think we hijacked the thread sry.


      • #4
        Yea you're retirement will likely NOT transfer with you. The idea behind a state retirement system is that the money you put into your pension/retirement every month, is used by the state to invest. Those investments have a return on them that is usually x% points. That returned $$ is used to help pay for current and future pensions. The money you put into retirement every month would never equate the actual amount of money you receive, once you retire.

        With that being said, no state is going to give you "time", because in your case, they have not had the past 15 years to invest your pension money and receive a return to help pay for your retirement. You would basically be getting a full retirement on half the amount paid into it (if you were given credit for Ohio time). Military guys do often times have the option to "buy back" their military time to make their retirement shorter by a few years. But in this option, they actually PAY to retire a few years earlier.

        If you come to Florida, keep in mind many depts have their OWN retirement system based on the city, not the state. The Florida state retirement system is part of all Sheriff offices, Highway patrol, and many city pd's, but a lot of city pd's have their own city retirement system that is independent of the State program. Also keep in mind many depts in Florida, including all falling under the Florida retirement system are 20 years for retirement, vs 25 in Ohio.

        With you having 15 years in Ohio, You'll probably be wanting to make a decision VERY soon. If you had 10 yrs or less in Ohio, Id say moving to Florida and getting on with that system wouldn't be too bad of an idea (there are still states like NC with 30 year retirement systems) but having already put in 15 years up there, you'll have to do a minimum of another 20 years for full retirement or many agencies will allow a penalized retirement at age 55 with 10+ years of experience on the dept.. That means you could still be looking at a "25 year" retirement (10 yr with FL + 15 yrs with Ohio) as long as you hit the 55 age mark during that time. Depending on how old you are, that may not be a bad thing. That may place you pulling in 2 decreased retirement checks vs 1 normal check. If you dont hit 55 yoa within the next 10 years, well then all the better. Every year of work you put in past 10 years until you hit 55 yoa, will simply increase your retirement amount in the end.

        On a side note, with 15 years exp you have a great chance of getting on with nearly any Dept in Florida that is hiring. Your Ohio LE certificate will likely transfer down to Florida with ease, and if you get onto some of the good paying depts (Miami Gardens, Boca Raton, Coral Springs, Palm Beach, PBSO, etc) You can be making a base pay of $75-$80k in less than 10 years.

        There's obviously a lot of information to consider and weigh, but hopefully some of this will help guide you. Good luck!
        Last edited by enisei; 09-18-2008, 05:47 PM. Reason: Forgot some information


        • #5
          Ohio to Florida - FOR REAL !!!!

          Hey Ivan;
          Welcome and congrats on making the decision, or conscious THOUGHT of moving out of that dismal state, to the sunshine state.

          Now before I get bashed, I am a born and raised Ohioan. I’m a true Cleveland Browns fan for life, having lived there my first 45 years. I put 15 years into my hometown PD, retiring with the 15 and out option.

          Now Ivan, to answer your question = Ohio Police and Fire stays there.
          Mine is banked and when I hit my 25th anniversary (4 more years), I can start to draw on that pension, if I decide to. (I should, but I have a d.o.p.o. with my ex-wife. I may just leave it there to out live her).

          When you get onto a Florida department, you could BUY your service time or LEO time, but it’s extremely expensive.
          CLARIFIED: The retirement ratio in Florida, in FRS is 3% of your salary per year of service, vested after 6 years. If you've worked 15 years as an LEO in FRS, vested after 6, you can leave and draw 45% (3% x 15 years) of your highest salary. Go to 25 years ~ get 75%. 30 years ~ 90%. One PD I recall, has a 3.5% multiplier.
          More Info: http://www.myfrs.com/content/index.html

          Ask away – check your PM for more background and experiences.
          Mike in SE Florida – where the white stuff I shovel is SAND!!
          Last edited by Mike S.; 09-19-2008, 09:08 AM.


          • #6
            "Buy service time, Leo time"

            If they have that option then you may be able to move the 3% a year for 15 years if there is enough in that account. If there ia anything left you could "roll" that into an IRA. If the amount is less then you bought whatever time you could.

            The only way Ohio can make you keep it there is if you retire. If you quite its yours to "roll over" somewhere else. So sounds like you can do it, but you need to do some homework.


            • #7
              Ohio Pension

              About OP&F, in my example, I have 15 years and a vested account. Since the City contributed to the pension fund while I was employed, the account has 2 line items.

              I can't find my latest statement right now, but what it shows is something like:
              Employee Contribution: $28,000
              Employers Contribution: $32,000 = $60,000

              I retired after 15 years of service. Since I left it vested, I can begin to draw on the 25th anniversary.

              If I chose to PULL my MONEY, either cashing out or rolling into an IRA, etc., I can only control the EMPLOYEE portion. The Employer portion is either relinquished to the State or returned to the Employer. I believe it goes to the State.

              I'd rather wait and bank on the $60k at the anniversary date, than to have $28k rolled over to what ever I need NOW.

              "OUT OF SIGHT, OUT OF MIND"

              To BUY TIME with a new employer, after eligibility, do it EARLY for the longer you wait, the more it costs per year. It doesn't TAKE AWAY from your other pensions - savings.
              Last edited by Mike S.; 09-19-2008, 09:12 AM.


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