LASD pension question

[Garbage Man]

In just over a year I am thinking about retiring and becoming a DA's Investigator. It would be easiest for me to go to OC DA because I know a lot of folks there but I just learned something that concerns me about their pension system.

Basically like most retirements you need to be employed for 5 years before you are vested, but in the OC you cant draw money until 10 years after the start of your employment. My plan is to work there from 50 to 55 and double dip. But, I if have to wait another 5 years after I retire before I draw my OC pension that might offset the benefit. Either that or I work for 10 years, but I don’t want to work until I am 60, at least I don’t want to have to work until I am 60.

So the question is;

Is this the same for LASD pension? I could go to their DA's Office (Hopefully they will be hiring again in a year) and work much closer to home. Their pension is the same as an LASD Dep. Anybody know if the LASD pension has this restriction on retirement?

[FJDave]

I believe they are in Safety plan B, just like we are. After 5 years you are vested. Your contributions would be really high though, seeing how you are OLD like me...

[Garbage Man]

Your contrubutions are not the same? They increase with age?

[mdrdep]

How much you contribute is based on how old you are when you join. The older you are the higher your contributions are, but they stay the same throughout your career.

[FJDave]

I was lucky....I am contributing as if I joined at 25 years, since that is the age I was when I started with the County.

[Garbage Man]

How much you contribute is based on how old you are when you join. The older you are the higher your contributions are, but they stay the same throughout your career.

Oh man that is a completely different system than what I am used to. Is your pay still based on a percentage of your final pay times your years of service? How much would a 50 year old have to pay per month? Is it a percentage of pay?

Under 3/50 at age 50 I would pay the same as anybody else and if I then retired after 5 years I would get 15% of my single highest year. 3X5 years of service.

[retired]

Oh man that is a completely different system than what I am used to. Is your pay still based on a percentage of your final pay times your years of service? How much would a 50 year old have to pay per month? Is it a percentage of pay?

Under 3/50 at age 50 I would pay the same as anybody else and if I then retired after 5 years I would get 15% of my single highest year. 3X5 years of service.

If your entry age is 50, you will pay this percentage of your pay.

Plan A....11.67%

Plan B.....!2.23%

[Garbage Man]

Ok that is interesting. I guess i would pay 12.23% then.

What is the plan pay out? number of years times, what, 2.5?

[FJDave]

GM - here is the site and particular page for most of the info you are looking for. I am not sure what the payout is (I should find out though).

http://www.lacera.com/benefits/safety_plan_b.html

[beachbum0177]

Garbage Man and Sarge (FJDave), you guys are both gonna have a good pension to live off once you retire. You guys did more than your time in service and will be rewarded for all the work you put in. I'm barely going on 5 years with LA County, and only wish I had something close to Plan B retirement. I have Plan D (which is not very attractive even with longevity pay), but still better than Plan E, which is pretty much a joke. Maybe I sometimes regret not going with LASD and dealing with adult idiotic miscreants, and I chose instead to deal with locked up juvenile delinquents (who are going to recidivate and end up being adult idiotic miscreants anyways).

[Garbage Man]

"Receive up to 100% pay" that is interesting.

I see you need 10 years service credit but 5 years vesting. They also mention credit for reciprocal service time, I am sure that they have a reciprocal agreement with PERS ( I mean, if not them, then who?) but I wonder if I get that credit if I retire from PERS? I also see you can buy service credit. So I wonder if I work 5 and buy 5 if I can start collecting right away at 55? If not then the 5 years without that money still applies, if it does then I am back to OC DA where I am known and loved, OK known at least.

[Retired96]

Ok that is interesting. I guess i would pay 12.23% then.

What is the plan pay out? number of years times, what, 2.5?

If your 50 years old, its 2% per years of service, if your under 50 the percentage goes down a little... Keep in mind that at 25 years of service the county pays your health, dental and vision which is a huge benefit..If you have 20 years of service, the county would pay 80% of your healthcare and you would pay 20%. The county doesn't pay 2.5 percent until 55. Also since your in plan B you only receive a maximum of a 2% COLA rather than 3% that those of us in plan A are eligible for. Plan A was a much better plan but there are only a handful on the dept. now in plan A. ( joined prior to 1978). I heard its less than 100 on the dept. in plan A

[FJDave]

Garbage Man and Sarge (FJDave), you guys are both gonna have a good pension to live off once you retire. You guys did more than your time in service and will be rewarded for all the work you put in. I'm barely going on 5 years with LA County, and only wish I had something close to Plan B retirement. I have Plan D (which is not very attractive even with longevity pay), but still better than Plan E, which is pretty much a joke. Maybe I sometimes regret not going with LASD and dealing with adult idiotic miscreants, and I chose instead to deal with locked up juvenile delinquents (who are going to recidivate and end up being adult idiotic miscreants anyways).

Not me....I spent 21 years in Plan E (e for empty) with County Police before the merge with LASD (I'm a Deputy now, no longer a Sarge). I'll have a split retirement, with B kicking in when I retire and E kicking in when I'm 65. I'm in much better shape now that I'm in B, but nowhere near as good as Retired96 or any other long-time LASD Deputy.

[Garbage Man]

If your 50 years old, its 2% per years of service, if your under 50 the percentage goes down a little... Keep in mind that at 25 years of service the county pays your health, dental and vision which is a huge benefit..If you have 20 years of service, the county would pay 80% of your healthcare and you would pay 20%. The county doesn't pay 2.5 percent until 55. Also since your in plan B you only receive a maximum of a 2% COLA rather than 3% that those of us in plan A are eligible for. Plan A was a much better plan but there are only a handful on the dept. now in plan A. ( joined prior to 1978). I heard its less than 100 on the dept. in plan A

Well I would be 55 at the time I retired from them. I would start at 50. Unfortuatly I will only have 5 years on so I dont see them paying any of my medical. I have a medical trust fund at my current agency and that is something I need to factor in as well.

I could just stay put but the idea of double dipping is soooo tempting. Getting my pension on tops of a pretty high salary. I just need to right formulas to do the math.

The COLA is huge. Under PERS they have had perios of adjustment when the COLA has gone way below the rising COL. I takeit LACERA never does that.

[Garbage Man]

This answers some of my questions

You must leave your contributions and interest on deposit with LACERA while your employment is covered by a reciprocal retirement system. Under reciprocity, you must apply for retirement from each system separately and retire from each system concurrently (on the same day). Each system will provide you with a separate benefit payment, based on your age and years of service credit in that system.

Your contribution rate in the new system will be based on your age when you joined the first system. This could be advantageous to you because the younger you are when you join a contributory retirement plan, the lower your monthly contribution rate is. Your years of service earned under each system will be added together to meet vesting requirements and the minimum years of service credit needed for retirement. When calculating your retirement allowance, each system will use your highest final compensation, whether you earned that compensation while a member of LACERA or a reciprocal system.

But that, of course means no double dipping. it really is just like lateralling.