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Illinois Police Pensions/Benefits

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  • #16
    I'll give you a small snapshot at what the ISP had when I first started. They changed after my class into a Tier system with longer working requirements and then as you all are aware changed again a few months ago when the state decided to "fix" the pension.

    When I started, you needed 26 years and 8 months on the job to obtain a full 80% pension (of your last days pay (current pay of a senior master trooper at 26 years is $111k) or the average of your highest 4 years in a row (lots of OT, lets say $130k)). You also needed to be 50 years old to collect. At that time, we paid 12.5% of every dime we earned into the pension system (OT, regular pay, etc).

    With the change and my age, I now need to work 5 years more and can collect my "full" 80% on a maximum of $109k no matter how much I make with the department. That means that if you are promoted at all you will no be able to make 80% of your salary, hence in many troopers eyes, no reason to get promoted.

    I think this is the case in at least a few, if not most departments but we also have a mandatory retirement age of 60. Therefore this latest "change" to the pension system has pushed people beyond that 60 year age mark to obtain the "full pension" they were promised upon being hired.

    Obviously lawsuits are pending.

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    • #17
      And I fully agree that everyone should be in deferred comp. I started with $100 a check in the academy was raising it with each increase we got until our contract ran out in 2012.

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      • #18
        How did the State of Illinois retirement system change for the college police officers. I used to work for a state college downstate and that is what they used to get people. They would say they had better pension and free health care. I left 2 years ago before all this happened to a chicago suburb thank god.

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        • #19
          From what I saw, Univ of Ill Police got the same pension as a municipal P/O (max 75% at least 55 yoa). The changes to pensions I've read always had a disclaimer that it would not effect suburban P/O & F/F , Chicago Police & Fire, or Univ. of Ill Police. One of the last ones didn't have U of I P/O's in it and they went to time on job the same as any other Univ employee, which I believe is 67 years old. Lucky you did get on a burb when you did.

          When you went the burb, were you still on the 50 yo tier or the 55 yo one? Also check if it would be advantageous to you to buy those 2 years towards your current pension (Pension portability). Longer you wait, the more it would cost.
          Last edited by ChiTownDet; 03-07-2014, 12:15 PM.

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          • #20
            ChiTownDet ~ Great information, hopefully the young guys pay attention. I can only tell you that on the Federal side (Thrift Savings 401K) part of a three tier plan including a percentage of high three salary and Social Security...The most important component is starting early in the 401K with a match. Can't pound that home enough! I'm trying to figure out the 457 and Illinois suburban pension plans..Thanks for the info you have provided!

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            • #21
              The Deferred Comp (457) plan is usually in addition to your pension plan. You can put away a certain % (7%, I believe, may be wrong, though) of your pay max per paycheck. You can always lower or raise your deduction, but never saw a PD that matches your 457 contribution. You also can't get that money out of your 457 except for some emergencies (and as a rep told us, "If divorce was an emergency, we'd have no money in the fund with you guys."

              You are also able to have that money go into different mutual funds (or keep it in the fixed), but can only change it a certain number of times per year.

              You can start deduction as soon as you retire (50-old tier, 55-current tier retirement). You have to have all the money out of that deferred by age 70 (or have reinvested it). Oh, BTW, in your last 3 or 4 years before you retire, you can play "catch up" by putting three times the max allowed into the deferred comp per check.

              I had $100 per check going into deferred comp since 1989 (and being it's not taxed when deducted, it was about $60 less net pay per check). Never raised it, did play with the fund investment options a few times. Ended up with as of today, $140K in it.

              Highly recommend getting into deferred as soon as you get hired. If you start putting in immediately, you'll never miss the money taken from your check. You can always lower the deduct if times get tough, or put the next couple raises into it. There are guys I worked with that had $500K- close to a $1M in their deferred comp.
              Last edited by ChiTownDet; 06-30-2014, 12:48 PM.

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              • #22
                Getting old sux. as I repeated just about everything I had posted in an earlier post. Oh, well....

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