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How good is YOUR retirement plan?

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  • How good is YOUR retirement plan?

    How good is YOUR retirement plan?

    If you think your plan is great (I will even settle for good) then please EMAIL or MAIL us a copy ASAP! We are frantically gathering information to propose a new retirement plan to our city for Police and Fire very soon! My email is: [email protected] and the mailing address is:

    Officer Jay Lewis
    109 2nd Ave South
    Franklin, TN 37065

    We appreciate any information that you can quickly provide us. Please include your department name and a contact phone number![
    _ _ _ _ ________________ _ _ _ _
    HTTP://WWW.POFA.ORG
    Please visit and sign the guestbook!

  • #2
    In California, Public Employees Retirement System (PERS) has a new plan for law enforcement. 3%@50 Plan.

    You get 3% for every year of service. You can retire at 50. You have to be with the agency for at least 5 years to vest. You cap at 85%.

    Simple plan. If you work for the PD for 6 years and decide to pursue something else, when you reach 50... you get 18% of your highest paid year.

    I heard Utah was a "right to work" state and all you get is 2 years and then social security... can anyone confirm that?

    Comment


    • #3
      In Texas, the Texas Municipal League retirement system has you 'vested' after 5 years (means you draw your pension after age 63); at 20 or 25 years service (depending on your city), you can retire and immediately begin drawing benifits. At around year 28-29, you will start losing money (in other words, your pension check would be larger than your take-home.
      Do not walk ahead of me, for I may not follow; do not walk behind me, for I may not lead; do not walk beside me; in fact, get the hell away from me.

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      • #4
        so if you want to retire after 30 years you would be losing monies huh. Dang I will have to look into IPERS here in Iowa and see if that is true here too. If so I will retire before I hit that 30 year mark LOL.

        Klar
        Are you a Veteran? If so join AMVETS the only organization that accepts all vets no matter when or where they served. Contact me for more info.

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        • #5
          Here in Orange County, we have the [email protected] retirement, but the cap is at 90%. The county pays our retirement, meaning we contribute nothing from our salary. We also have an optional deferred compensation plan.

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          • #6
            Yep, when I go out in 15 years, between PERS and deferred comp, I'll make more than when working. And the mortgage will be paid off. Hello airplane!
            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

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            • #7
              Thank you for the responses! Keep them coming please!
              _ _ _ _ ________________ _ _ _ _
              HTTP://WWW.POFA.ORG
              Please visit and sign the guestbook!

              Comment


              • #8
                NYPD & NYFD has its own retirement system, but I think it mimmics the rest of the state, but they have to contribute. All the rest don't.

                Police & Firefighters in plan 384-d, tier II, can retire after 20 years, any age for 50% of the average of the last 3 years salary. There's a new option available that permits the retirement based on the highest salary in lieu of the 3 year average.

                There are some agencies that require 25 years, there are some that require at least 25 years, 50% at 55 yoa.

                There are some municipalites that have opted for an additional 1/60th of a percent for every year over 25.

                457 deferred comp is also available. For those that vest, they can't collect until 55.
                "If you would not be forgotten, as soon as you are dead & rotten, either write things worth reading, or do things worth writing."-Ben Franklin

                "Once a Marine, Always a Marine!"

                Comment

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