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Maximum Benefit at Retirement?


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  • Maximum Benefit at Retirement?

    Please select the poll answer that is closest to the highest % of final salary you can receive on retirement.

    I talked with an officer at another agency lately who told me that he can retire at 112% of his annual salary with 32 years service.

    I was curious if there are many other agencies out there with that kind of defined benefit out there.

    Our agency maxes out at 80% (2.5% per year of service topping out at 32 years) with vesting at 15 years and minimum retirement at age 50.
    110% and above
    70% or below
    ---Cut the red wire---

  • #2
    Retirement is 25 years and maxing out at 80% of the average of your 3 highest paid years, with 32 years of service. No minimum age to retire with 25 years service. 10 years for tenure and can retire with 10 years with a minimum age of 55 years old. We can also apply military time and accrued sick leave up to 2 years each towards retirement. I have 19 years now and I will hit 25 years service @ 47 years old. Since I will still be fairly young for retirement, other opportunities will dictate if I stay or go after 25.
    The comments made herein are those solely of author and in no way reflect the opinions of any other person, agency or other entity.

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    • #3
      3% @ 50 here


      • #4
        100% plus Ventura
        This profession is not for people looking for positive reinforcement from the public. Very often it can be a thankless job and you can't desire accolades, because those are not usually forthcoming. Just do your job to the best of your ability and live with the decisions you've made.


        • #5
          3% at 50 here. We pay 9% of our pay into PERS, so retiring at 90% really is more like 99%.
          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


          • #6
            Really doesn't cover defined contribution plans very well as part of the total retirement package, but I voted. My retirement includes a defined annuity as well as matching contributions to a savings plan.
            20 at 50 or 25 and out, 1.7% for first 20 years in then 1% of each year after based on high three, which doesn't sound like that much but we get 5% matching on our TSP (401K) contributions too as well as a special supplement that pays approximately what SS would pay until SS actually kicks in. Worse than some, better than a lot of others...
            Last edited by alaskaflyer331; 06-24-2008, 05:53 PM.


            • #7
              In California, most CalPERS public safety retirement plans have a 90% cap. But, there is a loophole - the cap is on money earned under any one retirement plan. Throughout their career, officers may work under several different plans. While their time under any one plan may never exceed 90%, everything added together can take them well over 90%.

              For example, I worked 1 year under 2%@55, 22 years under 3%@55, 10 years under 3%@50, plus I bought 5 years under 3%@50. My highest time under any one plan was 66%. But added together, my pension came out at 113%.
              Going too far is half the pleasure of not getting anywhere


              • #8
                Originally posted by ateamer View Post
                3% at 50 here. We pay 9% of our pay into PERS, so retiring at 90% really is more like 99%.
                +1! Although I maxed out at 90% (3%@50 with 30 years service credit), my PERS contributions (paid for by the city) go into my pocket instead of the PERS system after retirement. Since I had additional service credit (in a non-safety CalPERS program), I'll get another 2% on top of the previous amount. With a 2% per year (max) COLA, free medical, dental and vision insurance (through my wife's retirement plan) and $556.00 per month additional medical coverage through my POA's trust fund, we should be ok.
                "I'm not fluent in the language of violence, but I know enough to get around in places where it's spoken."


                • #9
                  50% at 20 years, no benefits. 65% at 25 years with full benefits for you and the spouse and 70% at 30 years with the benefits. No age requirement.
                  Being a good street cop is like coming to work in a wet suit and peeing in your pants. It's a nice warm feeling, but you're the only one who knows anything has happened.


                  • #10

                    75% AT 25 YRS TOP 5 YRS......THEN DROP

                    ADD: 3% if no drop taken for every year

                    we can switch out the total value of the account:

                    take a cash payout......get hit with tax's big tiime


                    switch money to tax deferred annulity and pay yr self what amount is good for you, pay tax's on that amount.

                    big decisions for me...i can pull the plug oct 1st

                    " if you talk in your sleep, don't mention my name....
                    " if you walk in your sleep, forget where you came....


                    • #11
                      It use to be here that you could not retire at more than 100% of your base salary. The law changes a few years ago and now ther is no limit. we can retire at any age with 23 yrs service or at 55 years of age and 20 years service. Retirement is based on years of service X 3.2 multiplier. 23 year retirement is 73.6% of your base salary. We can do up to a RETRO DROP or a 5 year FORWARD DROP. you can also buy years of service.
                      Why is it that the further up the chain of command an officer goes, the less of a consept they have of what the job on the street is all about?


                      • #12
                        We were just told in briefing the other night, as of 1 Jul 08 if you have not retired, you will get no medical/dental when you retire. End of Story. I'm die'n to see how many people we keep now.
                        I am a Native American of non-Indian decent.

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