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cop pension is insane

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Old 05-16-2018, 09:27 AM
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Default cop pension is insane

I usually support pensions in discussions but this is insane. A common cop (school resource officer) with a $104K pension. For comparison, a retired military officer would have to retire as a Colonel (O6) to have a $100K pension. I would compare a common cop to maybe an E7 in the military which is usually about $27-$30K in retirement.

Ok cops, let me have it.

https://www.cnn.com/2018/05/16/us/pa...son/index.html
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Old 05-16-2018, 09:44 AM
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welcome to the world of public service.
I don't begrudge them really given their job but he was probably hauling down >100K/yr while active (unlike military and teachers).
The taxpayer has coddled these people beyond the point of reasonableness where they now aren't expected to save a penny while working.
I get the good pension benefit if they are underpaid while serving but most municipal cops these days are not, especially with all the OT and construction duty they can get.
If they were private sector they might get paid more but they'd get zero pension and pay much more for fewer benefits. And have to save whatever they think they would need to supplement their meager SS payout.
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Old 05-16-2018, 09:45 AM
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Get ready for all the "They are underpaid", "God Bless Them", "I wouldn't do the job", "Why don't you do it"...etc... replies. LOL.

It is absolutely disgusting, and honestly, that's the low end. In NJ it is FAR more significant. It is what happens when you let extortionists run the show.
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Old 05-16-2018, 09:47 AM
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Do you know how his pension is calculated?
Without knowing how this pension was funded, how do you know it's insane?
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Old 05-16-2018, 09:48 AM
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Blame the elected officials that negotiate the contracts with the police and fire unions. If you do not like it, vote in people that will negotiate better agreements.
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Old 05-16-2018, 09:50 AM
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Originally Posted by Joenic View Post
Do you know how his pension is calculated?
Without knowing how this pension was funded, how do you know it's insane?
I don't know, exactly, how it was calculated, but I bet it was based on somewhere near 8-10% returns, YoY, on the investments funding the pension...
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Old 05-16-2018, 09:53 AM
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lets not account for overtime, off duty jobs, etc. They can do private sector stuff when not working granted permission. I am sure they are funded by asset forfeiture without even looking into it.
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Old 05-16-2018, 09:54 AM
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Hate the game, not the player.

May be going out on a limb here but I think you might be open to that deal if the opportunity presented itself.

No?
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Old 05-16-2018, 09:55 AM
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As far a civil servants go I'd say the cops come the closest to earning it. Start factoring EVERY state employee, like state college employee's such as secretaries, janitors, profs, administrators, etc, and which usually includes free tuition to family members. Most get excellent benny's including health ins after 20 yrs, regardless of age. That means a person hired into a civil job at 20 yrs old can retire at 40 which is insane.
Whereas most private sector jobs require a min of age and time, some after 50, most after 55 yrs old for min retirement age, which may or may not be penalized if under 62.
Not mention that standard annuity type pensions are a very small minority now, nobody wants to have to keep that kind of guaranteed cash on hand. Most private sector jobs have switched over to cash balance type retirement benny's.
I think it was IBM that started that 30 some yrs ago. The civil sector is still mostly 100% annuity type pensions.
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Last edited by KeithS; 05-16-2018 at 10:05 AM.
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Old 05-16-2018, 10:02 AM
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Here are the facts, so at least yall know (and they are hiring)

He was FRS (Florida Retirement System)
He gets 3 percent a year for service.
He pays in 3 percent of his salary toward pension.
He worked 33 years
I believe in Broward County any extra details they work adds into pension (not 100 percent on that one).

He can max out at 90 percent of his salary with 30 years service.

Don't know what he pays for health insurance.

Even thou his salary is high for a cop, I would never put up with all that S. Florida BS for that..your opinion may differ..

and let me reiterate that there are MANY departments struggling to fill openings nationwide and they hiring !!!
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Old 05-16-2018, 10:23 AM
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Do you live in Florida? If so, then work to change the retirement system if it bothers you.

If you don't live in Florida then you really don't have a horse in this race.
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Old 05-16-2018, 10:27 AM
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People with dead end jobs mad that others have jobs with perks. News at 11!
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Old 05-16-2018, 10:31 AM
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Originally Posted by gf View Post
If you don't live in Florida then you really don't have a horse in this race.
I wouldn't, necessarily, agree with that as states will ask for bailouts from the Fed Gov in many situations...pension crises are probably going to be one of those in the not too distant future. Just my thoughts, though.
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Old 05-16-2018, 10:39 AM
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Originally Posted by schoolsout1 View Post
I wouldn't, necessarily, agree with that as states will ask for bailouts from the Fed Gov in many situations...pension crises are probably going to be one of those in the not too distant future. Just my thoughts, though.
Again, FACTS

The FRS system is one of the healthiest in the state and in the nation per several reviews by actuaries.
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Old 05-16-2018, 10:40 AM
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Originally Posted by Cracker View Post
Here are the facts, so at least yall know (and they are hiring)

He was FRS (Florida Retirement System)
He gets 3 percent a year for service.
He pays in 3 percent of his salary toward pension.
He worked 33 years
I believe in Broward County any extra details they work adds into pension (not 100 percent on that one).

He can max out at 90 percent of his salary with 30 years service.

Don't know what he pays for health insurance.

Even thou his salary is high for a cop, I would never put up with all that S. Florida BS for that..your opinion may differ..

and let me reiterate that there are MANY departments struggling to fill openings nationwide and they hiring !!!
Details normally are calculated into pension. Health insurance is a killer. I retired from the state side of things and since I’m a Disabled Vet receiving disability I am eligible for free health care thru the VA thank God.
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Old 05-16-2018, 10:41 AM
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Originally Posted by KeithS View Post
As far a civil servants go I'd say the cops come the closest to earning it. Start factoring EVERY state employee, like state college employee's such as secretaries, janitors, profs, administrators, etc, and which usually includes free tuition to family members. Most get excellent benny's including health ins after 20 yrs, regardless of age. That means a person hired into a civil job at 20 yrs old can retire at 40 which is insane.
Whereas most private sector jobs require a min of age and time, some after 50, most after 55 yrs old for min retirement age, which may or may not be penalized if under 62.
Not mention that standard annuity type pensions are a very small minority now, nobody wants to have to keep that kind of guaranteed cash on hand. Most private sector jobs have switched over to cash balance type retirement benny's.
I think it was IBM that started that 30 some yrs ago. The civil sector is still mostly 100% annuity type pensions.
Not any where close in my state. State employees here pay in 9% of their income to retirement. Police and Fire pay in like 12% in order to retire after 25 service years Otherwise they have never been able to retire until at least 28 years. Which was reduced a long time back from 30 years in leu of any pay raises and has recently been returned to 30 years. They have never paid less than 7.5% of their income into the system.

In fact I doubt many states are much different than that. They pay in and they create their system.

Now... does the state then manage it carefully and properly? No... not at all. Most do not. Ours failed to do that but is much better off than some. The state in general tends to not do its part. The employees always do their part. They have to. They for the most part forgo competitive salaries for benefits.
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Old 05-16-2018, 10:45 AM
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Pensions are antiquated and need to be done away with. There is a reason states are going bankrupt. State workers should have a 401k which they contribute too.

While I agree the example in this case is extreme, I don't blame the officer for his circumstance, I blame the politicians that continue to endorse state pension policies all in an effort to placate the unions and to buy themselves votes. As well I blame the people that continue to vote for these politicians.
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Old 05-16-2018, 10:45 AM
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My buddy retired state trooper...threw his hat in the ring for chief of police in a local city and got it...collects pension and chief's salary.....as said hate the system not the player.
teachers and cops deserve all they can get "honestly"
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Old 05-16-2018, 10:47 AM
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Do the job and THEN say they don't deserve the pay or the benefits
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Old 05-16-2018, 10:49 AM
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Should add, FRS as Cracker noted is excellent. High Risk employees make out very well. For the vast majority of my career I did not have to contribute a dime. Last 2 years pre/retirement that changed but it’s a great system. However trust me as a High Risk employee you will put yourself in harms way. Lots of openings folks !
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