Since I retired in 01, I have paid over 55K for my health care. No serious issues, thankfully and just routine stuff. I would guess that other retired cops with families have paid way more than that.
Rant:
The pension board has voted to END health care in 2019. To be replaced with a "stipend". But what the stipend will actually be, has not been decided.
58K retirees will be affected.
So, I knew I would never be rich being a cop. But a major incentive was a decent retirement. What's the incentive now, especially given the current societal attitude toward cops? I know there are those who feel that pensions are some type of undeserved perk for public employees. But I paid into the retirement fund, my city paid into it and I paid for my group health care.
And now.... Who knows if I can find affordable insurance now?
Call it what you will (and me too) but I view this as betrayal. And I am powerless to do a damn thing about it.
Ask not for whom the bell tolls.....

Count your blessings. I'm in my 12th year with an agency that pays enough to make it so that I don't qualify for any assistance, yet has insurance so expensive that practically none of us can afford it. About the only way that a guy at my agency has health coverage, is if they obtain it through their spouse.

Yeah I know. I was all set to retire in six years. My exwife agreed to put the kids on her insurance and we split the difference so I could retire on time. Guess not.

Or I could retire and if I get sick I will walk in an ER, speaka no engrish, get treated and leave.

I got lucky and was grandfathered into the 48/25 and I wasn't planning on doing DROP. Guess I might have to.

quote:

Originally posted by Chowser:
Yeah I know. I was all set to retire in six years. My exwife agreed to put the kids on her insurance and we split the difference so I could retire on time. Guess not.

Or I could retire and if I get sick I will walk in an ER, speaka no engrish, get treated and leave.

I got lucky and was grandfathered into the 48/25 and I wasn't planning on doing DROP. Guess I might have to.

You should be grateful that you still have a DROP option. Most agencies in Maryland eliminated it quite a few years ago because it was at best a temporary band-aid on a much bigger problem and an incredibly expensive one at that!

-Rob

What is this DROP you speak of?

It's like BurtonRW said, a bandaid.

When it first started, rates were high, now it's whatever the current rates for t-bills are.

To DROP:

You "retire" on paper with the pension system. But you still work for your department.

What you would be getting for your pension and what you and your department are still contributing to the pension, goes into an annuity fund. So you still get paid by your department, healthcare through your department and you're banking money earning a little interest.

It's a minimum of five years, maximum of eight. If you leave before the five years, you forfeit the interest you earned and you can't collect anything till the original five year date. or something like that. I didn't really look into it too hard.

DROP

quote:

It's like BurtonRW said, a bandaid.

When it first started, rates were high, now it's whatever the current rates for t-bills are.

To DROP:

You "retire" on paper with the pension system. But you still work for your department.

What you would be getting for your pension and what you and your department are still contributing to the pension, goes into an annuity fund. So you still get paid by your department, healthcare through your department and you're banking money earning a little interest.

It's a minimum of five years, maximum of eight. If you leave before the five years, you forfeit the interest you earned and you can't collect anything till the original five year date. or something like that. I didn't really look into it too hard.

DROP

__________________________________________________
This is the best option unless you are married and spouse has health insurance and can add you to the policy. My brother a firefighter is stuck with this as well. Of course at 65 you get Medicare. How long till age 65?

I can retire right at 48.

Or I can retire at 48 and do 8 in drop and have 9 years till Medicare.

Or, I can retire at 56 to max out my pension, then do 7 in drop and leave right at 65.

I have roughly 18 more years until I can retire with full benefits (NC=30 years).

If, by some stroke of luck, I make it all the way, I will move in with my kids and eat ramen to not have to work another day as a cop.

I also do not have medical when I retire. I plan to pickle myself with booze and pot, so I won't care.

I can't come up with a cheaper option

quote:

I can retire right at 48.

Or I can retire at 48 and do 8 in drop and have 9 years till Medicare.

Or, I can retire at 56 to max out my pension, then do 7 in drop and leave right at 65.

____________________________________________________________________________________________________

Yep those are the choices with our current healthcare system. I know it sucks. A lot of people I know are stuck working until 65 because of the health insurance problem. The age group that really has a bad time is those folks with chronic expensive health issues from 50 to 65. Good luck with your situation.

When DROP first started, some of our guys made some big money from it. I don't think you can anymore.
And I cant picture working the street at 64. Its a young mans game.

I heard a financial guy on the radio the other day say that if you are a City of Chicago employee 50 years old or below don't expect a pension when you retire.

Wow I feel fortunate, nice retirement based on 3% a year of years worked cant go before 55 without penalty. Sick time unused goes into a medical fund paid at 50%. Plus deferred comp fund and wife is a cop as well.

I guess I just wont retire.

quote:

Originally posted by Bulldog7972:
I heard a financial guy on the radio the other day say that if you are a City of Chicago employee 50 years old or below don't expect a pension when you retire.

I sure hope not. I have just under 5 to go and already looking for an exit from this state.