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Best retirement plans/Worst retirement plans

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  • Magic Matt
    replied
    I think the best I have seen is Austin TX, theirs is 3.2% @23 years. PO2 tops out with extras @ $81,559

    Leave a comment:


  • Retired96
    replied
    LASD you can retire at any age with 20 years of service.. At 50 years of age you get 2% for each year of service. at 55 it jumps to 2 1/2%. Mandatory retirement age is 60 for safety employees..It used to be 55 years when I was hired but was raised to 60 after I retired.. People hired prior to 1978 retire at their last years highest salary and are eligible for a 3% COLA every April 1. All other employees retire at the last 3 years salary and are eligible for a 2% COLA..

    The best benefit is that at 25 years of service the county pays 100% of your health care cost which includes dental and vision...

    When all the other agencies in the state went to the 3% at 50, LA county refused to offer that benefit.

    When I retired the money that the county paid monthly for your health care was included in your final retirement compensation. They stopped doing that after I retired..

    Leave a comment:


  • Jim1648
    replied
    Best Retirement Plans/Worst Retirement Plans

    Originally posted by Rudy8116 View Post
    I've heard Dallas PD has one of, if not the best, pension plan in the nation. Not that anyone ever sees it.
    Why don't they see it?

    Leave a comment:


  • ryker
    replied
    Zero pension and zero benifits. Basic 401k county retirement same as all other employees. state has a partial fund that's about 1200.00 a year after 25+hrs. One guy is 62 with 32yrs service and still working the roads. We don't do it for the pay or the benifits in the south- we do it because we like to do it.

    Leave a comment:


  • Rudy8116
    replied
    I've heard Dallas PD has one of, if not the best, pension plan in the nation. Not that anyone ever sees it.

    Leave a comment:


  • LINY
    replied
    My agency, not that I'll ever see any of it with my position now, allows you to retire with 50 percent of your last years pay, including OT. Cost of living increases are included as well as tax free medical care for you and your immediate family. You can retire at 41, the youngest possible age after you've done 20 years.

    Leave a comment:


  • stormz5192
    replied
    We are 50% at 20, no benefits. 65% at 25 with full benefits for you, the spouse and eligible family members. 70% at 30 with the benefits. Disibility pension is 66 2/3 tax free with full benefits. Contribute 8.5% of salary into the pension, but the state hasn't made their portion in years, hence the huge issue right now. Most guys I know that retired are bring home just under what they did before they retired, since they are no longer paying into anything.

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  • ateamer
    replied
    Most California agencies have 3% at 50. At age 50 and with at least five years of service, you are eligibile to collect a pension, computed at years of service multiplied by 3%, with a 90% cap at 30 years of service. You can work as long as you want, but will be working for pennies on the hour if you stay longer than 30. The employee and employer contributions depend on each agency and their labor contract. My agency deducts 9% of our pay for the employee contribution. Some agencies use the single highest year to compute the pension, and others use the average of the three highest. Overtime does not count, but differentials count, such as night shift pay, POST Intermediate and Advanced certificate pay, education incentive, detective or hazard pay, etc.

    And before any know-it-alls jump in, CalPERS is not what is hurting the state. Check the facts for yourselves, and you will see that PERS has a history of being one of the most well-funded (often self-funded) and solvent retirement systems in existence. It's just convenient for haters to blame PERS. Public safety pensions are a small part of PERS, which covers most public employees in the state who are not teachers. The average PERS retirement is something like $25,000 a year. The purportedly high-paying pensions that the media loves to report are a small minority.
    Last edited by ateamer; 03-06-2011, 11:17 PM.

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  • Rudy8116
    replied
    Also, my first PD had no benefits. Im not sure what the current PD has, since I am a reserve. I suspect it's the same.

    Oh, pay for said PD's is around $10/hr

    Leave a comment:


  • Dingo990
    replied
    KS State retirement is pretty decent. You have to contribute 7 or 8% (I forget which), but the benefits are pretty solid. I'm out at age 50.

    Missouri by contrast is pretty lame.

    +1 to the person about small towns. Been there, done that. One town didn't even have health insurance.

    Leave a comment:


  • deputy x 2
    replied
    Originally posted by Rudy8116 View Post
    The two small town PD's I have worked for don't have a retirement plan. How's that for the worst?
    You've got my vote for worst! Yikes

    Leave a comment:


  • Rudy8116
    replied
    The two small town PD's I have worked for don't have a retirement plan. How's that for the worst?

    Leave a comment:


  • deputy x 2
    replied
    Agency specific...

    Some have good plans some don't...ie some don't give you medical..some give family medical...some give dental, vision plan...etc

    Some give you 3% @50 others 3%@55...PERS...blah blah blah

    You have to decide what is good for you and your family....again..it depends on what the agency offers and what your needs are...or rather what you're willing to settle for.

    Leave a comment:


  • bozo
    started a topic Best retirement plans/Worst retirement plans

    Best retirement plans/Worst retirement plans

    What law enforcement agencies have the best retirement plans?

    I know most agencies have a retirement plan for officers but which agencies have a good, solid plan? Also, what agencies have the worst plans?

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