Question about pension and insurance for cops??

[utvolman99]

Okay, I am currently making a list of PDs across the country that I would like to apply. One thing I am finding is that there is a HUGE difference in the percentage of salery the PD puts into your pension (anywhere from 8% to 28%). Is this as huge a deal as it seams? How does the pension system normally work?

Also, in looking at insurrance. The average the PD pays per officer ranges beteen $3,000 and $10,000 per year. Does this mean that if you went to PD A you would end up paying $7,000 more out of pocket? How does the insurance program work? I am finding that there is SO much more to consider than just straight pay when considering a PD!

[tcsd1236]

This varies so much by agency and what retirement/ insurance plan they belong to that you'll need to ask each agency you are interested in.

[cecilVA]

Yep you will find a huge disparity in retirement systems, not only in contributions but also if the dept contributes, if the member contributes and how much and also what percentage you receive when you retire. For instance Cali Highway Patrol gets something like 90% of base pay when they retire whereas other PDs are around the 50-60 range. Really have to do your research. But most financial advisors will tell you to supplement that with something else, second job, 401k, IRA, etc.

[mcsap]

ABSOLUTELY major differences by dept and region.

We do NOT pay anything into our pension.

We do not pay anything for our medical/dental/vision/life insurance.

We do pay a $4 generic/$8 brand name co pay on prescriptions.

We can retire at 25 yrs/min age 50 at half pay and half medical bennies. Medical jumps to 75% at age 55.

[rdp]

Are pension Fully paid by my agency. This is the norm for the local depts. around here, but the state guys have to pay into theirs. The amount paid is not my concern as much as the amount I will receive when I am done.

The percentage is 2.75% per year served multiplied by the average of the highest three years of income excluding OT. We have a 25 and out or you need a minimum of 10 years if you hit 55. You can always retire early, but no pay until you hit 55.

Insurance games.......well that is another story. They pay all of the primary's premiums, but family is extra.