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PD's with 3% at 50.

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  • PD's with 3% at 50.

    I was contemplating retiring w 20 years in NJ and moving to CA to work for 10 years. I want to work for a school PD or something similiar or maybe a DA investigator job if possible. Any PD's still have 3% at 50 and will specialized PD's like this allow me to do a POST waiver process. Thanks in advance. Jay
    Ivan, did you see the sun rise this morningsigpic?

  • #2
    Since you're comong from a non-CalPERS agency, I think you're a new hire, which means no [email protected]
    Government is not the solution to our problem; government is the problem. - Ronald Reagan

    I don't think It'll happen in the US because we don't trust our government. We are a country of skeptics, raised by skeptics, founded by skeptics. - Amaroq

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    • #3
      3 at 50 is dead for new hires. Almost everyone is 2.7 @ 57.... San diego PD is 3 @ 55. But it's a very busy big city with ridiculously low staffing.

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      • #4
        The CalPers formula for new hires (PEPRA) is 2.7 @ 57 or 3 @ 55 for "classic" members. A classic member is described as a member already enrolled in CalPers...
        "I hated every minute of training, but I said, Don't quit. Suffer now and live the rest of your life as a champion." -Muhammad Ali

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        • #5
          Thanks for the replies guys. I will be 45 if I retire w 20 here. If I do 10 years there I will have to make do for 2 years before collecting both pensions. Im definitely leaning towards a specialized PD like a school or airport PD. I dont want to be going call to call and working patrol shifts like I do here.
          Ivan, did you see the sun rise this morningsigpic?

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          • #6
            Look into some of the University PD's in the San Diego area (SDSU, UCSD) I've heard good things about the work envinroment there and I was recently told SDSU PD has full medical with retirement. Not sure how many years, etc until vested though.

            SDPD staffing is low, but five year plan looks to improve things a lot..we are hoping. Still a good department to work compared to others in the area especially. Retirement is among the best now.

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            • #7
              As to the POST waiver vs. Requal, I think New Jersey is okay. Check with POST first, then the agency you are interested in.

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              • #8
                Also, I heard that Dept. of Insurance has all sorts of money for hiring. They are funding DA Investigator positions for medical fraud. (DA Investigators for the most part are former officers with investigative experience.)

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                • #9
                  Remember the [email protected] retirement plan still allows for retirement at age 50. Your multiplier for the years up to that point is 2%. Each year of service after that gets you an additional .1% topping out at age 57 with 2.7%.

                  The UC retirement system was exempt from the pension reform law so they could still be offering 3% retirement. I'm not sure if that is the case though. Charter cities and counties are also exempt from the pension reform law. Google is your friend.
                  If you see me running try to keep up!

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                  • #10
                    But charter cities jumped right on the bandwagon to cut costs.

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                    • #11
                      Originally posted by hbliam View Post
                      But charter cities jumped right on the bandwagon to cut costs.
                      There aren't too many charter cities in CA..which ones switched over to the new formula based on the statewide reform?

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                      • #12
                        Originally posted by 140grad View Post
                        The CalPers formula for new hires (PEPRA) is 2.7 @ 57 or 3 @ 55 for "classic" members. A classic member is described as a member already enrolled in CalPers...
                        Are you sure about the part referring to classic members? I think the formula for classic members is whatever the agency had contractually negotiated before PEPRA, IE: if an agency had 3 @ 50, that's what it would be. I don't think all safety classic changed to 3 @ 55. Now a lot of agencies on their own changed to 3 @ 55 prior to PEPRA, but there are some that did not.

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                        • #13
                          Originally posted by KFish View Post
                          There aren't too many charter cities in CA..which ones switched over to the new formula based on the statewide reform?
                          SF and Fresno have 2.7 formulas for safety employees... but Fresno started that formula in 1990 and SF a year ahead of PEPRA. I can't think of any other charter cities except SF, SD, Fresno, and LA (which I don't think uses a standard ## @ ##% formula) that have their own retirement systems.

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                          • #14
                            Originally posted by nobodyjr View Post
                            I think the formula for classic members is whatever the agency had contractually negotiated before PEPRA, IE: if an agency had 3 @ 50, that's what it would be. I don't think all safety classic changed to 3 @ 55. Now a lot of agencies on their own changed to 3 @ 55 prior to PEPRA, but there are some that did not.
                            This is correct. Whatever formula an agency had in December 2012 is what they can offer to a classic member. The only exception to this is if a former employee returns to his/her agency, and has not withdrawn their prior agency member contributions, or pays them back with a certain period after hire (i think you have 30 days to redeposit) then you are entitled to your old formula. I know this because i returned to my old bay area agency and while they were [email protected] in 12/2012 I was able to return to [email protected] because that is what i was under when i left.
                            If you see me running try to keep up!

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                            • #15
                              Guys, thx a ton. Some great replies. I am definitely hoping it works out and I'm out there in 2020. Def leaning towards University or a school police dept. I am in patrol and I am my PD's Megan's law officer. I also was a parole officer for 6 years and have some investigative experience. I will do some google searches tonight. Thanks again and Be safe. Jay
                              Ivan, did you see the sun rise this morningsigpic?

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