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sfb92
11-09-07, 11:38 PM
My dad was just talking about his upcoming retirement and it got me wondering how many years does your agency require for retirement?

My dad's requires 25 years and I believe it is the same for almost all of the police departments in the state(New Jersey)-I think it has something to due with the pension system that most departments are in-correct me if I'm wrong.

How many years does your department require and what state are you in? I'm curious to see if there is a big difference throughout the country or even the world, or is it pretty uniformed.


Coastie 585
11-09-07, 11:45 PM
In Tallahassee it is 25.

JakeLock
11-09-07, 11:47 PM
'Round these parts we go by the rule of 85, dunno what that means but I have to put nearly 30 years on the job to be eligible...


sfb92
11-10-07, 12:11 AM
'Round these parts we go by the rule of 85, dunno what that means but I have to put nearly 30 years on the job to be eligible...
My cousins' both have to do around thirty years as well, they're down south.

Also a secound part do the question are you allowed to buy time from the military into your pension?

For example my dad served four years in the USMC and he was allowed to contribute the amount of money he would've placed into his pension fund if he was a cop for those four years, that he was in the Marines. He only needs 21years to retire, but it would be like he was a cop for 25 years so he's get the regular pension. Hope this isn't to confusing the way I explained it.

JakeLock
11-10-07, 12:21 AM
My cousins' both have to do around thirty years as well, they're down south.

Also a secound part do the question are you allowed to buy time from the military into your pension?

For example my dad served four years in the USMC and he was allowed to contribute the amount of money he would've placed into his pension fund if he was a cop for those four years, that he was in the Marines. He only needs 21years to retire, but it would be like he was a cop for 25 years so he's get the regular pension. Hope this isn't to confusing the way I explained it.

Not possible here, I believe feds are able to do that, wish I was able to... here I have to pay 13.2% of my paycheck into my pension.

normal1
11-10-07, 12:23 AM
CHP, California - thirty years

sfb92
11-10-07, 12:25 AM
Not possible here, I believe feds are able to do that, wish I was able to... here I have to pay 13.2% of my paycheck into my pension.

That's too bad, if you have the money to buy your military time for your police pension it seems great, I think all departments should allow their former military guys to buy back a certain number of years for their pension if they want to.

JakeLock
11-10-07, 01:04 AM
That's too bad, if you have the money to buy your military time for your police pension it seems great, I think all departments should allow their former military guys to buy back a certain number of years for their pension if they want to.

Yeah that'd be nice, but I'd much rather they say one of two things... You spent X amount of years in the military? Well you're eligible to retire X number of years early at full pension!

or...

We provide retirement here, you don't have to pay for anything...

I'd prefer the second one honestly...

Is it painfully obvious I'm a spoiled former military guy?

patchcop
11-10-07, 03:34 AM
Here in my german state we have to work until we are 62, no matter in what age you joined the force (maximum age is 32).
I started in the very old time 1979, fresh from the school in the age of 17. Three years academy, one year state riot force and after that I'm in the Cologne PD. So I'll be on duty near 45 years when I become my retirement.
But they think now very loud about retirement age of 67 for cops. Well, I think it is funny when a cop with 66 yoa will be involved in a fight with a group of 16 yoa drunken or stoned dirtbags (shakeheads). But our politicans are (mostly) all very crazy in this time.

Creeker
11-10-07, 04:17 AM
SC Police Retirement System... Eligible to retire at 25 years at a little over %55 (?) salary, also able to return to work the same Agency (or others) after retiring and being off of the payroll for 14 days, so you can get your retirement while earning full salary... presently they are also paying into the retirement system, but the guys who are doing it are in a Class action lawsuit. You can work without retiring until 35 years, I think, receiving more in retirement for each additional year after 25.

In SC, you can purchase military time as well as time for which you worked for any state insured Agency for which you did not pay into retirement, ie, school bus drivers.

All SC LEO's pay into the State Police Retirement System.

Medically Retiring is a little different animal, however the retiree is paid as if he retired at the age of 55, but additional income is limited.

for more info:
http://www.retirement.sc.gov/pors/default.htm

Tater
11-10-07, 04:57 AM
Down here we have the rule of 75. Your age plus your years of service have to equal 75 points to be eligible. In 2011, if you want the insurance coverage for yourself and your spouse, you will have to have 80 points. You will still be eligible at 75 points, though. Right now I have 71 points, so it won't be long now until I'm eligible.

phantasm
11-10-07, 07:18 AM
most NY agencies are 20 years.

WellAdvised
11-10-07, 08:24 AM
In England and Wales we have 2 schemes

The 1987 Scheme (not open to new entrants)


Police officer contributes 11% of salary each month

Maximum pension of 2/3 final salary with option to commute up to 25% of the pension for a tax-free lump sum

Maximum pension after 30 years

The last ten years are the most important.


2006 Police Pension Scheme (for new entrants)


Police officer contributes 9.5% of salary each month

Maximum pension of final salary plus a fixed lump sum of 4 times the pension, with option to give up part or all of the lump sum for additional annual pension

Maximum pension after 35 years

The accrual rate means that no specific part of the service is worth more than another.


It is possible to transfer Military & Civil Service pension into the scheme, but at a reduced rate. When I got a quote to transfer my private & company pension in, it was worth about 1 month!

sfb92
11-10-07, 07:31 PM
Here in my german state we have to work until we are 62, no matter in what age you joined the force (maximum age is 32).
I started in the very old time 1979, fresh from the school in the age of 17. Three years academy, one year state riot force and after that I'm in the Cologne PD. So I'll be on duty near 45 years when I become my retirement.
But they think now very loud about retirement age of 67 for cops. Well, I think it is funny when a cop with 66 yoa will be involved in a fight with a group of 16 yoa drunken or stoned dirtbags (shakeheads). But our politicans are (mostly) all very crazy in this time.

Patchcop, that's crazy! Making you guys work until your 62 is ridiculous, especially considering that you might not be doing office work, but might be out on the street and have to fight younger guys. I'm just wondering do you guys have a union?

My dad could've retired a year ago at 44, one of my teachers mentioned how cops can retire so young. I hope you guys get a great pension and great benefits, since you have to work so long. I hope you stay safe and collect that pension for another 62 years.

Roger Dat
11-10-07, 08:53 PM
20 At my agency is NY although most Sheriffs offices are 25 before they are elgible.

sfb92
11-10-07, 09:08 PM
Roger Dat, are the Sheriffs Offices in a different pension system?

Roger Dat
11-10-07, 09:27 PM
in new york there are different state pensions systems, S.O. Offices typically run on the 25 year plan.

binky94
11-10-07, 09:53 PM
Luckily I got hired under an "old city retirement plan", I will retire with 20 years at 60% with no minumum age. Later hires retire under the state system which is 25 years at 50% (I believe). I'm outta here in 7 years at age 45.............woohooo. :)

BlueKnight901
11-10-07, 10:05 PM
I got into the state retirement system here in Alabama at 18 years old. I will be able to retire when I am only 42 with 25 years....if i did my math correct :D

sfb92
11-10-07, 10:07 PM
Luckily I got hired under an "old city retirement plan", I will retire with 20 years at 60% with no minumum age. Later hires retire under the state system which is 25 years at 50% (I believe). I'm outta here in 7 years at age 45.............woohooo. :)

That sounds like a great retirement plan, here in NJ I'm 99% positive it's 65% at 25 years. It's a shame that they lowered the pension for your department.

For all of my games my dad missed, the years of missed Thansgivings, and all the years on nights, cops deserve the best pension possible so they can enjoy their retirement to the fullest.

Coastie 585
11-10-07, 10:53 PM
I got into the state retirement system here in Alabama at 18 years old. I will be able to retire when I am only 42 with 25 years....if i did my math correct :D

Ill retire, with 20 reserve years on, from the USCG at the age of 37. :D

sfb92
11-10-07, 10:58 PM
Ill retire, with 20 reserve years on, from the USCG at the age of 37. :D

Don't you have to be 60 to collect retirement pay if you're in the reserves or guard? If I'm right you'll have to wait another 23 years to get your pension.;)

patchcop
11-11-07, 02:07 AM
Patchcop, that's crazy! Making you guys work until your 62 is ridiculous, especially considering that you might not be doing office work, but might be out on the street and have to fight younger guys. I'm just wondering do you guys have a union?

My dad could've retired a year ago at 44, one of my teachers mentioned how cops can retire so young. I hope you guys get a great pension and great benefits, since you have to work so long. I hope you stay safe and collect that pension for another 62 years.

In this day we get a bit over 70 % when we are retired. But we have to pay for the illness insurance (don't know what it is called in the USA) than. While on duty we have the doctor, hospital and so on free. But they want to change that also. In other german states the officers have to pay for this insurance since a few years. Also our politicans try to cut down the retirement salary for 4 %, because they gave their own a + of 4,7 %. And that should be paid by us. There is something wrong right over here and I think we will have a big crash within the next ten years.

hitnrun
11-11-07, 03:16 AM
CHP, California - thirty years

This is NOT TRUE!


The CHP is on a 3% @ 50 just like most every other agency. They can retire whenever, but they can't collect there pension until they are 50. Individual agencies differ in length of time for employees to become "vested." My agency is 5 years. I can retire with five years on, but could only collect 15% of my salary and that wouldn't happen until I was 50 years old.

If I retire with 30 years on, I would be 51 years old and get 90% of my highest years salary.

The formula for PERS (Public Employee Retirement System) at most places is (# of years) * (3%). That is the percentage of your highest year (or 3 years some places) salary that you collect when you hit 50 years old. You can also buy time from PERS too. I think you can buy up to 5 years. If you put in 25 and buy 5 years, you retire with the full 30 * 3 =90%. I think you can use sick time and vacation time to buy time through PERS as well.

mcsap
11-11-07, 12:15 PM
I have to go 25 years AND be at least age 50. I'll get 50% of my full pay and 50% of my medical benefits paid for. At age 55 , I'll go to 75% of med benefits.

I can buy back up to 5 yrs military time and leave earlier but I would not get any benefits until I hit 50.

If I stay beyond 50 I can ...

1. Go into the DROP program for up to 2 years

and -or

2. Get an extra $100 per month in my pension for every year I stay past 50 , maxxed out at 5 yrs.

I am currently 3 yrs and 4 months away from retirement and am looking at ALL of my options.

Coastie 585
11-11-07, 02:51 PM
Don't you have to be 60 to collect retirement pay if you're in the reserves or guard? If I'm right you'll have to wait another 23 years to get your pension.;)

Thats true.

Cat_Doc
11-12-07, 12:42 PM
Arizona Public Safety Retirement Plan (police and fire fighters) 20 years, with half of your highest three consecutive years; referred to as "normal retirement."

Other options are available such as increased % for number of years over 20 capped at 80% @ 32 years or going into the DROP program in which you are locked in at what your retirement pay would be based on above formula, but your contribution and that of the government entity start going into the stock market for the amount of years you pick before turning in the badge.

The plan also provides insurance premium supplements if you are not covered by a different employer or as a dependent of a working spouse.

You also start getting regular cost of living raises after three years of leaving or at age 53, whichever comes first. This really adds up and is one of the reasons I bailed at 20 years, already making nearly $9,000 more a year than when I first retired in '98.

I retired from a city P.D. at 42 years of age after 20 years, then entered a different state retirement system with the sheriff's office (state employee) which works on the 80 point plan; years of service added to age = normal retirement of 50% of highest three consecutive years.

If it alls works out well, I will be pulling in more money after retiring at 62 (2 state retirements, social security and deferred comp) than I ever made while working.

Of course, it hurts a little now, but I am maxing out on deferred comp contributions looking at the future. This additional savings discipline is one of the things I harp on the younger troops a lot.

You folks starting out in your early 20's can retire millionaires if you plan it right!

nypd7748
11-12-07, 09:52 PM
Friends don't let friends work a day past 20.

mcsap
11-13-07, 07:25 AM
Friends don't let friends work a day past 20.

I guess I need some new friends ( 21 yrs and 8 months and counting) :)

kazz
11-13-07, 06:28 PM
I'll have to let you in on some info, as we have a completely different system.

We have just had some changes to our Superannuation laws, which are Federal, so you can now access your Super tax free once you hit 60. Before 60 there's various tax rates, depending on your age but the younger you are, the higher the rate.

We can contribute 0% to 8% of our salary into our superannuation. It accrues over your career and if you put in 7%, after 30 years you get 8.4 X final salary. Once you hit 8.4 you can stop contributing and retire at whatever ago you like, which theoretically could be 48 as you can be a cop at 18 here.

BUT!!!! . . the Federal Tax laws will cripple you!!!:mad:

I joined in 1979 under a different super scheme so when they created this new one ~ Emergency Services only, I was allowed to kick in 8% to catch up and when it was created, 55 was the best early retirement age. Tax laws slugged your super big time if you took the $$$ as a lump sum before 55.

So I'll hit the 8.4 when I'm 54 but I stop contributing, giving me that 8% back in my pocket. :D

As I said, it's now tax free at 60 . . . so I'm going to 60 now instead of 55, but I'll go part time the last 5 years. That's 12 1/2 years to go and I'll have 41 years service.

So an example of our payout, say a lump sum in today's money of $750,000 was invested just in a bank account ~ that would give you $45,000 p.a. interest without touching the lump sum. Of course, there's better investments than plain old bank interest. :)


Oh, you can take the super as a pension, but that's too complicated and if you die your family might not get a cent. :(

:)

keith758
11-14-07, 12:02 AM
In Wisconsin, you are vested in the retirement program after 5 years. You can start collecting after age 50. I put in 28 years, "retired" for 2 months and reinstated as a Captain for the DOC. I got all of my seniority, 5 1/2 weeks vacation, 12 sick days, 11 holidays, 2 personal holidays and the same pay I was making when I retired. Additionally, I receive a pension that is 2/3rds of what I was earning before I "retired." The only benefits I don't receive is further contributions to my pension plan, and health insurance. My health insurance is covered by unused sick leave that I earned over the span of my career, so I'm covered for about the next 12 years. Life is good!

scarlet_tunic
11-22-07, 12:44 AM
I think most are 25 here as well, but I've heard some agencies also use the "85 factor".

This means that you need your age and number of years worked need to add up to 85 before you qualify for a full pension. An example would be if you've worked for the dept for 20 years, and you're 65. Or if you've worked there 30 years, and were 55 years of age. I think that's what our agency does.

As well, you don't qualify for pension until you've worked a year here, but afterwards (but before 5 years) you can buy back that first year.