How good is YOUR retirement plan?

[FPD2252]

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![

[occiferdave]

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?

[Darth Tang]

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.

[klar]

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

[team green]

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.

[ateamer]

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!

[FPD2252]

Thank you for the responses! Keep them coming please!

[comcen]

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.