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  • Pension planning professional?

    I spent over 20 years in the private sector before making my jump to law enforcement a couple of years ago.

    In my previous career I did a fairly good job of retirement planning by maxing out my 401(k) and making effective use of matching contributions from my employers. I'm not especially smart in these matters, but early on I recognized the importance of using a trusted professional to advise me.

    Now I'm in a whole different world for retirement planning and I'm still trying to totally understand how to effectively plan my pension. Since I have much fewer years until retirement than all of my fellow rookies, I feel the need to be especially smart about this. I've reached out to the state retirement board folks but on the rare occasion I actually reach a real person, they're not exactly helpful. And my regular financial planner, while a good guy, doesn't have a great deal of experience in the pension world.

    Has anyone found a financial planner that specializes in pension planning? If so, how did you find them? Googling and talking to my fellow officers has come up with nothing so far.

  • #2
    What state?
    Now go home and get your shine box!

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    • #3
      This stuff is usually dealt with at the State level. They manage the pension fund, you don’t.

      *unless you get elected to the Board of Trustees.
      semper destravit

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      • #4
        If any of you are Knights of Columbus, you can turn to your Insurance Field Agent for advice; mine helped me.
        #32936 - Royal Canadian Mounted Police - 1975-10-27 / 2010-12-29
        Proud Dad of #54266 - RCMP - 2007-02-12 to date
        RCMP Veterans Association - Regina Division member
        Mounted Police Professional Association of Canada - Associate (Retired) member
        "Smile" - no!

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        • #5
          Originally posted by CCCSD View Post
          What state?
          Wisconsin

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          • #6
            Originally posted by RGDS View Post
            This stuff is usually dealt with at the State level. They manage the pension fund, you don’t.

            *unless you get elected to the Board of Trustees.
            I do understand that. However, I have questions about things like how I can calculate an approximate retirement date, if there are things I can do that may impact my pension or other retirement benefits (like the impact of accumulated and unused sick leave), etc.

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            • #7
              The administrator for the retirement,( PERS in CA), should be able to answer that question.
              Now go home and get your shine box!

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              • #8
                Before most state governments award a 401k/457 contract to a company, they usually seek competative bids that ensure whoever wins the awards charges the least maintenance fees; offers professional investment advice; offers packages of low risk, good paying investments; has a website available to explain the risks and potentials of each package in such a manner that an 8 year old can understand them; and has investment counselors available by phone to help guide you through the process.

                You might want to take at your state investment group's webpage. I'm betting much of what you are seeking can be found there or if not, the phone number to speak with their investment counselors.

                I know nothing about stocks, but using my state's 401k/457 website 20 years ago I was able to set myself up quite well.
                Going too far is half the pleasure of not getting anywhere

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                • #9
                  I've attempted contact with the state pension board retirements coordinators multiple times and was only able to talk to a real person once. That person basically told me to wait for my annual statement and call back, which I got it in April and haven't been able to reach a real human there since.

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