Question about PERS

[Adams23]

My agency doesnt use PERS.. Im processing with another agency that does and luckily they are still offering 3%@50. My question is, if i were to be hired by this agency and one day leave to go to another dept that also has PERS but their new hires get 2%@55.. Would my retirement equation change or is it once you are in PERS you stay at that same equation? I

[nobodyjr]

You will still get to keep your service time you put in at 3 at 50 as 3 at 50... but all your new time will be 2 at 55. Don't make that switch. I would seriously considering switching departments, but the places I would go have lost 3 at 50... it's not worth it. You can also switch to non CA PERS places (generally county or cities with their own retirement systems) under reciprocity agreements. It works almost the same way.

[SgtCHP]

Your final retirement is based upon the contract with PERS that your final agency holds, plain and simple. If you start at a [email protected] agency and finish at a [email protected], you will get [email protected] The monies posted at [email protected] will be there and gain interest until you retire.

[Adams23]

Got it.. thx guys

[hbliam]

Your final retirement is based upon the contract with PERS that your final agency holds, plain and simple. If you start at a [email protected] agency and finish at a [email protected], you will get [email protected] The monies posted at [email protected] will be there and gain interest until you retire.

You will get 3% for all the [email protected] years you worked and 2% for all the [email protected] years worked. And yes, you will have to wait until 55 to retire.

[velcrostripes]

You will get 3% for all the [email protected] years you worked and 2% for all the [email protected] years worked. And yes, you will have to wait until 55 to retire.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
This is the correct answer.

Adams, which So. Cal police department do you work for that isn't enrolled in PERS??? With the description you had given, I figured you worked for Sierra Madre PD or something, but they're a PERS agency.

[IE Copper]

Your final retirement is based upon the contract with PERS that your final agency holds, plain and simple. If you start at a [email protected] agency and finish at a [email protected], you will get [email protected] The monies posted at [email protected] will be there and gain interest until you retire.

Not exactly true. Each period of time is calculated according to the formula used during that time frame. The sum of the individual time frames is your retirement total. Your final department's contract only influences your retirement age and the factor at which the years spent at that particular department is calculated.

For example: 10 years with 2%@55 at department 1, plus 10 years with 3%@50 with department two, plus your last 10 years with 3%@55 will result in you retiring no earlier than age 55 with 80% of your salary. (20%)+(30%)+(30%) at 55.

[hbliam]

Not exactly true. Each period of time is calculated according to the formula used during that time frame. The sum of the individual time frames is your retirement total. Your final department's contract only influences your retirement age and the factor at which the years spent at that particular department is calculated.

For example: 10 years with 2%@55 at department 1, plus 10 years with 3%@50 with department two, plus your last 10 years with 3%@55 will result in you retiring no earlier than age 55 with 80% of your salary. (20%)+(30%)+(30%) at 55.

Yeah, that's what I said.

[SgtCHP]

Not exactly true. Each period of time is calculated according to the formula used during that time frame. The sum of the individual time frames is your retirement total. Your final department's contract only influences your retirement age and the factor at which the years spent at that particular department is calculated.

For example: 10 years with 2%@55 at department 1, plus 10 years with 3%@50 with department two, plus your last 10 years with 3%@55 will result in you retiring no earlier than age 55 with 80% of your salary. (20%)+(30%)+(30%) at 55.

Remember, the final rate of pay for a LEO individual under PERS is based on the SINGLE HIGHEST year of earnings - no longer based on the average of the final three years - and is contingent on the contract under which the party is working at the time of retirement.

[IE Copper]

Remember, the final rate of pay for a LEO individual under PERS is based on the SINGLE HIGHEST year of earnings - no longer based on the average of the final three years - and is contingent on the contract under which the party is working at the time of retirement.

Sorry SgtCHP, but not quite accurate again. Each department contracts for either the one highest year of compensation, or an average of the highest three years. Not every department has contracted for single year highest compensation. Even if your statement was true, the explanation given by HBLiam and myself is still accurate. Final compensation, calculated by single highest year, or an average of three years, is not dependent on 2%@55, 3%@50, 2.5%@55, or any other formula. Because of this, your statement has no baring on our explanations of how PERS calculates the retirement check.

[hbliam]

Remember, the final rate of pay for a LEO individual under PERS is based on the SINGLE HIGHEST year of earnings - no longer based on the average of the final three years - and is contingent on the contract under which the party is working at the time of retirement.

Yep, single highest year or average of three years is a negotiated item. It is true that if you are at say a three year average agency and move to a single year (which will be rare in the coming years) agency, you will use whatever the agency you retire from uses when you got hired there.