Pension percentage per year of service

[kyounge1956]

Continuing on from my previous poll, (which I accidentally put in the wrong forum) what is the maximum percentage per year of service paid by your public pension system. Please, only vote in the poll if you are currently working, or have worked in the past, for local, state, or federal government, including military.

A SCERS pension can be up to 2% per year of service, for employees with 30 years or over age 65 at retirement. Various combinations of age & years of service can also receive 2% per year. For example, I plan to retire at age 57, by which time I'll have 28 years of service, but I'll be eligible for 2% per year any time after I turn 55, because of the number of years I've worked for the City.


Aaarggh. I shouldn't try to do polls late at night. Mods, please delete this thread. I'll send one with the poll as soon as allowed.

 

[Rich]

I've retired from two systems, each different. After 20 years with the NYPD I receive 50% of my last year's salary. Just retired from a MA PD. With 24 pensionable years the multiplier was 2.5% per year. The 2.5% figure is reached in MA (if in the law enforcement or fire field) at age 55. Retire earlier and the multiplier is a lower percent. For example, retire at age 44 and the multiplier is 1% per year. Age 45 it's 1.1%, etc.

HTH,

Rich

 

[Curly]

Rich: Do I understand correctly that you retired with a pension of approximately 110% of your salary!? (50% from NYPD +24yrs x2.5% from MAPD). Plus I assume you also receive Social Security.

If there are public service jobs that deserves this level of pension benefits, it's police officers and fire fighters. I'm not sure the rest of the city and state employees should get anywhere near this level of retirement benefits.

 

[kyounge1956]

Rich: Do I understand correctly that you retired with a pension of approximately 110% of your salary!? (50% from NYPD +24yrs x2.5% from MAPD). Plus I assume you also receive Social Security.

If there are public service jobs that deserves this level of pension benefits, it's police officers and fire fighters. I'm not sure the rest of the city and state employees should get anywhere near this level of retirement benefits.

I think I know the answer to your question but won't answer for Rich. I will instead ask: Rich, how long did you work for MAPD after your 20 years in NY? And are the two pension systems reciprocal?

 

[Rich]

I put twenty years in the NYPD. My pension was approximately 50% of my last year's salary there. I then became chief of police in a Cape Cod town. I served 20 1/2 years here. I also served four years in the military. Some years back MA had a program that permitted us to "buy back" our military time. They used some esoteric formula to determine how much money I had to give them and I opted into the option. That gave me a total of 24 1/2 years in the MA pension system (even though I was chief for 20 1/2 years). That comes to around 61% or 62% of my last three years average salary. The two systems are completely different and independent. I've also put in 27 years in the Social Security system, so when I hit 66 years of age I put in for that as well.

So, I'm not getting 110% of my pay, as we're speaking of different pension systems.

Anyway, I'd like to say I planned all this out before hand, but in truth...

Rich