My Dept (Nassau County Sherrifs Dept Corrections ) has a 25 year 50% retirement ( 3 best consecutive years used )
I'd like to know what type of retirement / pension other Police / Sheriff's / Corrections have
Thanks for your input I'd like to approach my Union guys with some ideas
Update my Union is going to approach the State Officials in Albany in regards to our Retirement soon and we need to have a comparison of other Dept's
Could you please include what Dept you're with and whether Police ,Sheriff's or Corrections
when Thanks Again
Age and years of service add up to 90.......
Total Years of Service Credit X 2.3%=Total%
Total% X Average Salary=Annual Annuity
Annual Annuity divided by 12=Monthly Standard Annuity
50% at 20years
you earn 2.5% a year after that and can max out at 75% at 30 years. It is based on your last years base pay.
Were trying for 60% at 20 years 75% At 25 years in this contract but I doubt it will happen.
Age 48 with 25 years actual service time or combined with purchased credit for military service time up to 5 years = 62%. It goes up incrimentally each year to 33 years and 72% Max. Payment is based on the average gross earnings of your three highest income years.
Our retirement system also has a "drop program". At age 48 and 25 years combined actual service and purchased military service time credit up to 5 years you can freeze your pension, conitnue working at full pay and benefits for up to eight years while your pension payments go in to an annuity.
FERS and TSP
FERS: 1.7% of the high-3 average salary X total years and months of service. Mandatory retirement at 57. We can retire after age 50 with 20 years, or at any age after 25 years of service.
Thrift Savings Plan: Employee contributes up to 15% of pay, agency matches 5% of pay. Funds go into a 401k type of account.
FERS and TSP are the standard US GOV LE retirement.
ETA: I corrected my numbers
I'm under FF pension, but the laws are almost identical for our PD...
50 is the magic age.
20 years = 50%
30 years = 75%
More than 10, less than 20?
For 10 years of service, 15% of salary;
For 11 years of service, 17.6% of salary;
For 12 years of service, 20.4% of salary;
For 13 years of service, 23.4% of salary;
For 14 years of service, 26.6% of salary;
For 15 years of service, 30% of salary;
For 16 years of service, 33.6% of salary;
For 17 years of service, 37.4% of salary;
For 18 years of service, 41.4% of salary;
For 19 years of service, 45.6% of salary, but collect when you're 60.
3% @ 50 years of age. In other words, after vesting, with a minimum of five years of service and 50 years of age, you can retire with 3% per year of service based on your last, highest year's salary. I will go out at age 50 with 27 years of service at 81% salary. Max pension is 90%.
I will then go to work for the local SO and work in their 1937 Act system for 5 years and vest in that system, double-dipping for five years and then retire with about another 20% pension from the SO.
And I will enjoy every freaking dime of the money and try to live as long as possible to get every stinking nickel out of the bastard goevernment.
26 years 8 months - 80%
I don't yet use it, so someone who does could clarify the specifics. But in Virginia, there is a state retirement system that covers LE and FD. Only a few agencies (less than 10) refuse to use the system. I believe it's a 25yr svc / 50y/o system, not sure of the monetary value. One unique aspect is that no matter what agency you switch to, LE or FD, you keep your retirement. Anyone else from VA please chime in with details...
Ours is very similar.
20 years at 50% of your salary. 2% a year for each year over 20. You can stay to make 100% of your salary. We have tried for 20 years at 60% as well but it always gets shot down I can tell you 50% of yor salary just blows...My wife worked for the same dept I do. She retired with 21 years of service Her Bi weekly check is 749.00 after taxes.....IT AIN't MUCH.
Baltimore City Police Department
Got it thanks bro
another IM w/question Thanks