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Old 10-26-2010, 11:20 PM   #61
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My wife and I were both deputies.

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Old 10-27-2010, 12:24 PM   #62
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Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 17,411
I retired after 29 years with a county police department, one of the (apparently) few with zero pension liabilities. Without the pension/bennies I wouldn't have dared retire.

I do wonder what will become of those who are in their 50s and still haven't given a thought to financing their retirement other than SS. One relative (by marriage only) thinks they'll be fine with SS and hubby's National Guard pension. Yeah, that'll maybe buy groceries, but not the way they're living now.

I heard the call to do nothing. So I answered it.
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Old 10-27-2010, 01:15 PM   #63
Thinks s/he gets paid by the post
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Join Date: Dec 2005
Location: Lake Livingston, Tx
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Retired Military, but also County employee. County has, what I think, is a unique system. Large under funded pension plan, however, the way it works, it is not as bad as it might seem. They take 7% of your salary and match it at 2.2 dollar for dollar. They pay 7% on your savings until you retire, even if you leave. Upon retirement they figure an annuity with about 85 as a life expectancy. If you live longer they continue to pay. The catch is, they pay out your funds first and then the match. When you and your wife die,assuming you choose that option, they keep the match. If you quit before you are eligible to retire, they keep the match. If you withdraw your funds, they keep the match. I have never tried to figure out how this effects their total need for funds, but I believe it reduces there need for funds quite a bit.

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