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  • DACP
    replied
    FERS is a good plan, it’s what most federal employees have.
    The bad plan is what my ex-Mother in law had, the state lottery system, I kid you not she would get 20-30 bucks worth of ticket every week, I told her she would be better off investing that money in something else, she would just tell me she was investing in her retirement, and she was serious.

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  • Nessmuk
    replied
    New Hampshire has had a very good system for years, but unfortunately it is under the gun at the legislature right now.

    Currently, you contribute 9.3% annually and can retire with 50% of your top-three-grossing years + accrued benefits, at the age of 45 with at least 20 years of service. That is for all LEOs and fire service personnel. If you have a lot of annual & sick leave, a take-home vehicle, and so forth, it can be used as non-monetary compensation to add to your total retirement pay-out. State LEOs also get a lump-sum for all accrued leave except for sick, which is paid at 1/3rd of total accrued. Some local & county LEOs get 100% lump-sum paid for accrued leave. Either way, there are those who have retired wtih a larger retirement check than their final base pay, due to the additional calculations allowed for accrued leave, non-monetary benefits, and higher annual gross pay due to overtime details (which is why you find a lot of officers working 70-80 hours a week in their last three years of employment). There is also a very nice COLA that is often around 5% annually.

    Every year of service after 20 adds another 2.5% to your retirement.

    If you are a state LEO - as I am - you also get to take your health insurance for you & your spouse (SO if in a 'domestic partnership'). Most communities and counties, in order to get the non-guaranteed health coverage after retirement you work an extra five to seven years to make up the difference in what they have to pay for said health coverage.

    The proposed changes - which look like they will pass since - will up the contirbution to 11-12% with the age to 50 and the service to 25 years. They also wnt to change the final calculation to eliminate including non-monetary compensation, overtime, and accrued benefits - and calculating the payout based upon the highest five years of base pay only, with a COLA (if they include one) at less than the rate of inflation.

    I've been vested for a long time now, have 13 months to go to be eligible for 'every day is a Friday' at the old-system calculation & benefits and am not too worried about my hide...but am frankly pretty sorry for the younger guys in our outfit who are going to have to suffer through all of the changes - which look like they are indeed coming, one way or another.
    Last edited by Nessmuk; 03-09-2011, 06:12 AM. Reason: gnilleps

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  • ChopperCopper
    replied
    The Florida Retirement System is FREE! for now

    We get 3% a year. You can retire at 25 years, regardless of age, without penalty. You can also retire, I think, at 55, regardless of years of service, without penalty.

    We also have an investment plan that you can switch to. No contributions to that either. That money belongs to you.

    I have 16 more years to go and I'm staying in the pension plan. 90 days out of retirement, I'm switching over to the investment plan. Then they'll write me a big ole fat check, about $1.5 million, which will be more than if I had been in the investment plan the whole time.

    That's what you learn when you take advantage of the free financial advisors provided by FRS on those reallllllly slow nights.

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  • DAL
    replied
    Originally posted by ateamer View Post
    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.
    Those who believe that California's public employee pensions are adequately funded and sustainable should read the following editorial from the Los Angeles Times, which discusses a bipartisan report on the California pension systems.

    http://articles.latimes.com/2011/feb...sions-20110226

    A bipartisan, independent agency that promotes efficiency in government, the Little Hoover Commission studied the public pension issue for 10 months before issuing its findings Thursday. Much of the 90-page report is devoted to making the case that, to use the commission's blunt words, "pension costs will crush government." Without a "miraculous" improvement in the funds' investments, the commission states, "few government entities — especially at the local level — will be able to absorb the blow without severe cuts to services."

    The problem is partly demographic. The number of people retiring from government jobs is growing rapidly, and longer life expectancies mean that a growing number of retirees will collect benefits for more years than they worked. But the report argues that political factors have been at least as important in driving up costs, starting with the Legislature's move in 1999 to reduce the retirement age for public workers, base pensions on a higher percentage of a worker's salary and increase benefits retroactively. The increases authorized by Sacramento soon spread across the 85 public pension plans in California.

    Compounding the problem, the state has increased its workforce almost 40% since the pension formula was changed and boosted the average state worker's wages by 50%. Local governments, meanwhile, raised their average salaries by 60%. Much of the growth came in the ranks of police and firefighters, who increased significantly in number and in pay.

    There's nothing inherently wrong with generous pension plans. Pensions, after all, are just a form of compensation that's paid after retirement, not before. The problem, particularly for local governments, is that the plans are proving to be far costlier than officials anticipated or prepared for. By their own reckoning, the 10 largest public pension systems in California had a $240-billion shortfall in 2010.

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  • orlandofed5-0
    replied
    Originally posted by NJLAWMAN214 View Post
    Just to add to Stormz's post, All police officers and firefighters in the state of New Jersey are enrolled in one pension fund the Police and Fire Retirement System (PFRS). Once you retire, there is a COLA increase every year. If your department does not pay for retirement benefits (Most Do) then you can enroll in the State Health Plan and th state pays 80% of the premium and you are responsible for 20%. You can also buy back up to 10 years of military service toward your service time, and ANY time in another state pension fund here in NJ counts toward PFRS without any extra payment. All in all, while not the greatest retirement out there, it is a solid one. Two guys who just retired from my PD February 1st 2011 are making $238.00 less per month in retirement. Not bad at all.
    Burlington county bridge police are in PERS as is any campus or park police officer or sheriff's officer over 35.

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  • ryker
    replied
    No medical. No cola.
    Last edited by ryker; 03-29-2012, 08:51 AM.

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  • Rudy8116
    replied
    Originally posted by LINY View Post
    What's that about? Not allowed to live outside of Dallas?
    No, its the way that the department is run.

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  • NJLAWMAN214
    replied
    Originally posted by stormz5192 View Post
    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.
    Just to add to Stormz's post, All police officers and firefighters in the state of New Jersey are enrolled in one pension fund the Police and Fire Retirement System (PFRS). Once you retire, there is a COLA increase every year. If your department does not pay for retirement benefits (Most Do) then you can enroll in the State Health Plan and th state pays 80% of the premium and you are responsible for 20%. You can also buy back up to 10 years of military service toward your service time, and ANY time in another state pension fund here in NJ counts toward PFRS without any extra payment. All in all, while not the greatest retirement out there, it is a solid one. Two guys who just retired from my PD February 1st 2011 are making $238.00 less per month in retirement. Not bad at all.

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  • NJLAWMAN214
    replied
    The Louisiana State Police offers the following: Retirement Benefits
    •The Department offers an excellent retirement package for its employees based on maximum salary, age of employee, and years of service.

    •Retirement credit is earned at 3 1/3% per year of service:
    * 66.6% of regular salary with 20 years of service after age 50
    * 99.9% of regular salary with 30 years of service after age 50

    From what Creolecop has said on here before, some of the Sheriff's offices offer similiar retirement. I do not know if this includes medical after retirement, but this to me seems like the best you can get.

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  • SCV-Sop
    replied
    While I understand the original intent of this discussion in regards to the “best” retirement plan please also consider that’s only half the plan.

    It’s up to you all to manage yourselves in such a way that when you get to retirement you are in a position to do so on your own terms.

    No retirement plan can protect you if you have two mortgages, 3 ex wives, kids you’re supporting, and over extended consumer debt.

    Some where out there is an underpaid retired LEO living off $30K a year enjoying his boat every weekend, and there’s a retired Chief somewhere well over $100K a year wondering how he’s going to make the next mortgage payment, and trying to find someone to sell his boat to.

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  • Iowa #1603
    replied
    In Iowa IPERS is mandatory for all Municipal, City , County, & State Employees;-----with the exception of the Departement of Public Safety (Troopers etc) and the Municipal Police and FireFighters in cities over 10,000 population. Those LEO’s & FF are covered with a different plan.

    Regular members of IPERS are under the Rule of 88 (yrs of service& age) but can not retire before age 63. Protective Service members (Police, State Conservation, Corrections, & some others) can retire @ 55 using the sliding scale below.
    Sheriff’s and Deputies can retire at 50 using the same sliding scale.

    For Protective Service and Sheriff’s & Deputies------------- use the average of the top 3 wage earning years.

    There are no other benefits-------------health insurance is negotiated by the individual unions. My union negotiated a sick leave turn in where depending on your banked sick leave balance----you will get your insurance paid for a period of time. My 900 hours is going to get me free medical for 18 months or so.


    I ended up with 26.75 yrs of service = 67.5% of my top 3 wage yrs.

    There is a provision where I can ( and did ) take a hit on my monthly retirement----but IPERS "even pays" us an equalivant of our projected SS payout until age 62.-----------amounts to a 600 a month hit for the rest of my life, but pays out $1300 between age 55 and 62.


    My wife will get my IPERS payment after my death until her death.
    Last edited by Iowa #1603; 03-07-2011, 04:55 PM.

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  • LINY
    replied
    Originally posted by Rudy8116 View Post
    Alot of Dallas officers move to the suburbs where there are less headaches, and then many get fired, be it rightfully or wrongly.
    What's that about? Not allowed to live outside of Dallas?

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  • Rudy8116
    replied
    Originally posted by Jim1648 View Post
    Why don't they see it?
    Alot of Dallas officers move to the suburbs where there are less headaches, and then many get fired, be it rightfully or wrongly.

    Originally posted by LaPlaca View Post
    TMRS. I put in 7% (the max) of every check pretax. The more I make, the more I put in. The city matches my contribution 2-1 upon retirement. Account accrues a minimum of 5% interest a year. I was vested the day i got hired due to prior military credit. I can choose 3 varying amounts of a partial lump sum payout or no payout with monthly payments affected by the choice. I can retire at 45.
    The cool thing about TMRS is that once you retire from one PD and start drawing your retirement, you can go to work for another one and start putting into a new retirement plan.

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  • Joe159
    replied
    If I'm not mistaken and Florida guys can chime in. I believe there are agencies in Florida where the city/county/state etc contribute 100 percent. The employee contributes nothing. And, I belive places like Broward Co they calculate 3 percent for every year earn vested in 5 years. On the surface, that type of retirement is nice. However, I understand things in FL are bad economy wise so all that may change. I also read somewhere the FL governor is trying to change all that; Make employees/civil servants contribute towards retirement etc.

    My dept isn't too bad. Cant recall how much I'm forced to contribute but its reasonable. Vested in 5 years, 25 and out regardless of age @ 62.5 percent w/ medical benefits.
    Last edited by Joe159; 03-07-2011, 06:30 PM.

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  • LaPlaca
    replied
    TMRS. I put in 7% (the max) of every check pretax. The more I make, the more I put in. The city matches my contribution 2-1 upon retirement. Account accrues a minimum of 5% interest a year. I was vested the day i got hired due to prior military credit. I can choose 3 varying amounts of a partial lump sum payout or no payout with monthly payments affected by the choice. I can retire at 45.

    Leave a comment:

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