1,391 days left, but whos counting.

Enjoy most of the folks I work with. Hate the beaurorocy. Its changed a lot over the past 18 years, and not for the better.

When I started this game I was fresh out of college and gave ZERO thought about retirement. I just wanted a job and to start working expecting to change departments at least once to find the right one. I just wanted to get trained and a couple years experience. I lucked out and enjoyed the first place that offered me a job loving the area and the work.
After a few years I realized we had a pretty good retirement and this thread reminds me how lucky I am. Some of you all have pretty rough numbers. I really did not realize how good I had it until a few years back when they changed the requirements for new hires.

My numbers are simple
Do 20 years immediately draw 50% of the average of your top 3 (OT does not count). Add 3% a year you stay after 20, topping out at 75%, our individual health care is also fully covered but a decent plan to keep the family covered. We also have the option to purchase 4 years of time but it is rather costly.
When I first came on we contributed 11% with the restructuring we now contribute 13%.

A few years back they switched it up (my numbers may be off as I did not pay full attention since only the 2% increase in my required contribution changed).
25 years to draw 50% when you turn 55.5, 3% per year after 25 topping out at 75%, health coverage is the same, but you cannot buy years.

I came on at 21 under the new plan even if I left at 25 years I would not be able to draw for another 9 years!!! Or work till I was 55. Not a chance!!!!

We also get our sick, Holiday, and vacation, time paid out at retirement. We get a nice amount of holiday and vacation so almost no one ever uses sick time unless something major happens.
I have been here 14 years never used an hour of sick time and I took a fair amount of time off to be home when each of our 3 boys were born.
We can’t carry comp time past the work week which sucks. Work 2 or 3 hours on a late call go home early your last day of the week.
Also you generally know when you are going to retire so you quit using any leave for the last year or two and bank everything. You should be paid out 50k or more.
I have 710 hours of sick banked (most we can carry over takes just under 6 years to bank that) and the extra gets paid out yearly in January. So most everyone that has been on 6 years or more gets an extra check for 120 hours in January.

How much are you all required to contribute to your pension??

I have also funded a pretty healthy 457 and my wife has two.

I am thinking I have another 10 years before I pull the pin. Hopefully I can. Scared about no more insurance. We have a 401A supplemented by a 457. Which we had a defined pension. We have guys hanging on till 62 to be covered by Medicare. A 62 year old usually doesn’t want to work mids pushing a cruiser looking for bar fights, etc...

Black...

The guys hired at my time (2011 at this dept, I cant count time at my previous place) do not contribute. People hired after 2015 or 2016 and up contribute 5 percent.

1180 days till I can retire. I will be 48.5 and my kids will be 31, 20 and 16. The oldest is in the Army and is fine. The younger two will still be on my medical insurance.

But with the cost of medical, I'm probably working five more years at the minimum. My youngest will be 21 then.

My exwife has agreed to put the kids on her medical if I split the cost with her if I want to retire at 48.5.

I'll decide then.

quote:

Originally posted by RogueJSK:

quote:

Originally posted by 9mmepiphany:
My base pay was about $85k, but my retirement was based on something around $150k. It's just a game you need to be aware of before you retire

Dang. Wish ours was like that.

You really have to work it. I earned:
1. 7.7hrs Vac per pay period. If you max out at 400hrs (later raised to 600), they pay you for it: 7% raise towards retirement
2. 4.0hrs HiL (Holiday in Lieu)/pay period. maxes out at 104hrs (one year): 5% raise toward retirement
3. One year prior to a couple years before retiring, work OT and take it as CTO(1.5). After a year, CTO is paid of at whatever your current rate is: counts toward retirement. My average OT was 24hrs = 36hrs paid = 45% raise
4. The next year, work OT and take it as cash. OT doesn't count towards retirement, but any incentive (educational, training certs) you'd normally earn does (my incentives total 20%)

quote:

We can retire at 28 years of service with a pension of around 80% of the average of our top 5 annual earnings.

Most counties/cities have gone to basing retirement on either 3 or 5 years to avoid folks padding their retirement

quote:

You can stay on for up to a few additional years (IIRC it's something like 3 or 5 more, for 31 to 33 years total) and get a small bump per additional year.

The reason they are willing to bump retirement pass the "normal age" is because you life expectancy falls for every additional year you stay. I knew guys who didn't live out the first year. I thought I read, many years ago, that most LEOs on average lived 5-7 years after retirement

quote:

Plus I'd have to find some sort of healthcare coverage for the 15ish years until I'm eligible for Medicare, either by getting another full time job or paying out the wazoo for private purchase healthcare on the Obamacare market.

I was lucky, my wife is still working and her medical covers the whole family

Nine years here. I feel like I made a mistake in career paths, however, when I try to think of something else, I can't. It is the definition of a love/hate relationship.

My system here in Utah has a retirement that starts at 20 years. It pays 50% of you highest three years. Every extra year is and increase of 2%. In my retirement system I paid an average of 15% into my retirement. Our system has no retirement medical plan. So when I retire in May its either going broke on Obama care/cobra. I will likely have to find another job with health insurance after "retirement." I can also go back to law enforcement after a full year out of the system. Then I can get rehired at topped out pay around 75000 and can keep drawing retirement for a total around $11000 but i'm not sure I want to go back into law enforcement...

5 years to go and I'll have almost 30 years. The DROP Program is to attractive so I'll probably do another 8 after that. It beats working for a living

I voted....it's starting to wear on me a bit. I have 21 years under belt this month. I got a late start as I hit 59 this month too.

I still enjoy the job, but I've been dealing with a sciatica issue since November, so it's been taking a bit of steam out of me.

I have the age to retire, but I want to stay 4 more years and get the full 25. Who knows, I may stay a bit longer, depending on how I feel, etc. I may pick up a part time gig, but we'll see.

In our current contract, my employer has to keep me (officer only) on the current health care plan until I turn 65.

The light of the tunnel is near. It's ironic that this topic just came up as I am going to a departmental retirement seminar tomorrow. As far as calendar days go, it'll be 694 days until I pull the pin. With Chicago, you need to be 55 to get the medical benefit, which is probably the biggest reason most guys stay.

This job has been rewarding, frustrating, painful, sorrowful and downright hilarious at times, but I'm ready to move on from it. I don't think I'll miss the job so much as some of the people I've worked with. My body has taken a beating with countless injuries and surgeries to mend the damage. My mental psyche will take time to recover as well.

It really depends on what you've done over the years as well. I know people that have been inside and working a desk for 30 years and haven't been on the street at all, but tell people with pride that they have 30 years on and have basically been a secretary getting paid as a police officer. Don't believe the hype, there are plenty of people that have been squirreled away in units, cushy spots and otherwise great positions, that stay for very long careers, while those of us that are patrol or street officers, get the snot beat out of us and leave after 20. At the end of the day, I know that the time has come for me to move on to the next phase of my life. The upcoming seminar will just give me information as to the details of what my retirement should look like.

"Technically" I can pull the pin this Oct.
I'll be 50 with 26 years in the pension.

"Actually" with the promotion, 1 Mar 2023 is the minimum.

"Reality" is probably longer than '23.

I can't vote in this poll. At any given day, or time of day, I fall somewhere in last 4 categories.

Don't get me wrong, I'm in a great District, with phenomenal bosses. (The Dist Commander and I have know each other since high school, the Capt and I have known each other since he was in College and I was in the Corps, the 3 Lt's are great, and have worked around 2 of them in years past.)
I've got some great Sgts that I work with, and incredible Cops that I work with as well. (Yes, I have a few idiots, but that's anywhere you go, but it seems like I do have less than other places I know)


Getting promoted helped my outlook a lot!


I see the direction that my department is headed, and I'm not happy. I'm seeing a "big picture", and it's not good, and it's not going to get better anytime soon. I know I'm a dinosaur on the job, I don't know when it happened, but it did. Im an "old man" now. I've got kids coming on that I have more time on the job then they have on the earth. I'm just glad I'm a dinosaur wearing Sgt stripes. I'm chipping away at some study material for a possible upcoming Lieutenant test. I also have a few feelers out there for going to some specialized units.

Klusk couldn't be more right. Inside people, house cats, desk pilots do seem to last a lot longer on the job. I'm NOT ready for that shit. I've turned it down multiple times as a patrolman and once so far as a Sgt. I just can't do the inside stuff, I'm not built like that, and I say the word "fuck" in all its different forms for a desk.

quote:

Originally posted by CPD SIG:

Klusk couldn't be more right. Inside people, house cats, desk pilots do seem to last a lot longer on the job. I'm NOT ready for that shit. I've turned it down multiple times as a patrolman and once so far as a Sgt. I just can't do the inside stuff, I'm not built like that, and I say the word "fuck" in all its different forms for a desk.

I think we're brothers lol

I'm out at the academy teaching half of my days off and they keep asking me when I want to come out there full-time. I tell them never...I can't NOT be a cop. I would hate it.

I don’t dislike my job as a Sergeant. I enjoy getting to know the constant slew of new hires and helping the develop the ones with potential.

But even in my short 13 years everything has changed, including the people we hire. HR is a nightmare lately. Everybody gets offended at everything. It is a different culture.

That being said, I am counting the days until I retire at 20 years in. I can pull the plug then, take early retirement, and flee my home state for somewhere else. I’d stay at my job until I’d qualify for full retirement, as I’ll only be 44 we I am eligible, but my home state is CA.

So we will go. And once I leave LE, I won’t go back to it. Not going to start over in that field. Too much liability. Too much crap.

quote:

Originally posted by chongosuerte:
I'm out at the academy teaching half of my days off and they keep asking me when I want to come out there full-time. I tell them never...I can't NOT be a cop. I would hate it.

I guess I'm weird. I love teaching at the academy. I'd do it full time if I could. As it is, I'm able to go teach 2-3 days per month, and I look forward to those immensely.

Just completed the retirement seminar. Glad I'm going at 55 and not before as the medical costs are outrageous. I will say the most valuable benefit is by far the medical insurance. I'll no doubt be looking for a job in the next year, if I'm lucky, there will be an outdoor range looking for a part time ex-copper to sell their wares

If not, there's always stripping.

quote:

The reason they are willing to bump retirement pass the "normal age" is because you life expectancy falls for every additional year you stay. I knew guys who didn't live out the first year. I thought I read, many years ago, that most LEOs on average lived 5-7 years after retirement

^^^^^
I have heard the same. I have two friends who spent their entire career as LEOs. I asked about the stability of their pension. They both said it was in good shape because the life expectancy after retiremnent was pretty short.

I know a couple of guys who retired and passed away shorty after. Never received one single pension check.

quote:

Originally posted by Bulldog7972:
I know a couple of guys who retired and passed away shorty after. Never received one single pension check.

A lot has to do with their having outside interest before they retire.

If your whole life is "being a cop" and you lose it, your reason for living goes away