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colawman 06-01-2009 07:20 PM

I am retiring in October but.....
 
Hi everyone,
Just found this site while surfing anything and everything about retirement. I have been a cop since 1978 and am retiring in October. However, my retirement is really just a job change. I received an offer to become the chief investigator at the District Attorney's Office and am making the leap. I am a victim of a defined contribution plan so this new job allows me to get 10 years vesting into a defined benefit program. It will also allow me to receive at lease some benefit from Social Security by adding quarters. I worked for a local government in which I did not pay into Social Security which creates a zero benefit due to Government Offset program. With any amount of luck, and a lot of research, I hope to wisely roll my current pension into an IRA. Vanguard and Fidelity are the front runners. I have five kids, the oldest 32 and the youngest are 10 (twins). Adopted them when they were four by way of Social Services.

I should add that I have never worked a day in my life. My job was enjoyable, rewarding, and would do it all over again.

Bestwifeever 06-01-2009 07:46 PM

Welcome! You are a lucky lucky man to have enjoyed your career and to be able to continue in another direction that will help feather your retirement nest a little more (those twins will need a lot of feathers :) ).

There are several law enforcement folks on the board, so you should feel right at home.

Fidelity and Vanguard should be able to help you with any IRA questions, too, so you are in good hands (oh wait that's Allstate).

Sarah in SC 06-01-2009 08:03 PM

Thank you so much for your past and future service, colawman! And welcome!
Either Fido or Vanguard would be great choices for your rollovers.

bbbamI 06-01-2009 08:45 PM

Add me to the welcome wagon. :) Like Bestwifeever said, there are several law enforcement members on this forum.

I've been a volunteer cop for several years...so I doubt I'll be getting a pension. ;D Ah well, at least I'm enjoying myself.

Once again...welcome. :)

Rambler 06-01-2009 09:55 PM

Quote:

Originally Posted by bbbamI (Post 821009)
Add me to the welcome wagon. :) Like Bestwifeever said, there are several law enforcement members on this forum.

I've been a volunteer cop for several years...so I doubt I'll be getting a pension. ;D Ah well, at least I'm enjoying myself.

Once again...welcome. :)

hehehe...maybe you do get a pension...it just starts with a zero, ends with a zero, and has a zero in the middle too! $0.00 :laugh:

Thanks for your service though. The world needs more bbbamI 's out there!

R

Rambler 06-01-2009 09:56 PM

...and welcome to you colawman!

This place is addicting. I'm sure you'll enjoy it here!

R

ratface 06-02-2009 05:54 AM

Welcome Colawman, I might add that I'm one of those LE folks alluded to. Congrats on pulling the pin. I hope to do it in February and just deflate for a while, Mine hasn't been enjoyable for many years. I also admire you for taking on the responsibility of the twins. This is a great site and certainly is addicting. Best wishes!

Milton 06-02-2009 06:08 AM

Welcome to the forum. :greetings10:

Quote:

Originally Posted by colawman (Post 820982)
I am a victim of a defined contribution plan

"Victim"? Many people in the private sector have no pension plan at all. Consider yourself fortunate.

Quote:

Originally Posted by colawman (Post 820982)
I should add that I have never worked a day in my life. My job was enjoyable, rewarding, and would do it all over again.

Great!

bbbamI 06-02-2009 08:27 AM

Quote:

Originally Posted by Rambler (Post 821033)
hehehe...maybe you do get a pension...it just starts with a zero, ends with a zero, and has a zero in the middle too! $0.00 :laugh:

Yeah...there's another great thing too...0 taxes! ;D
Quote:

Originally Posted by Rambler (Post 821033)
Thanks for your service though. The world needs more bbbamI 's out there! R

Ahhh thanks...but, we better think about that one again...:blush:......:laugh:

Radiophilejapan 06-02-2009 08:30 AM

Welcome colawman! Glad you have had an enjoyable career. Wish you continued success into your second one. My buddy in Florida is a retired NY cop and he does well with his pension, it seems.

ziggy29 06-02-2009 08:40 AM

Quote:

Originally Posted by Milton (Post 821060)
"Victim"? Many people in the private sector have no pension plan at all. Consider yourself fortunate.

You realize he said "defined contribution" as opposed to "defined benefit," right? Anyone who has a 401K, 403B or similar plan has a defined contribution plan, but normally when we say "pension" around here, we specifically mean defined benefit.

colawman 06-02-2009 10:14 AM

Thank all of you for the warm welcome. Just for clarification: Victim in the sense that 20 many years ago we cops collectively voted to get out of the defined benefit program we were under and opt into the defined contribution. Had we not made this switch I would have a pension in October worth 69 percent of my pay. To further illustrate my victimization, that pension would be $63000 a year. Currently the plan I belong to has suffered a 44 percent loss. If I were to draw say 4 percent annually it would be $16,000 a year. So..........in my mind I am a victim. No sour grapes as I have a great life and have other assets (income property) that serve me well. AND I am bullish with a high tolerance for risk. I know my plan will recover and never pulled it out of equities on the way down. I was a buyer during this fall at 20 percent of my salary every month. I have confidence that rolling it over to Vanguard or Fidelity will increase my returns on my AA. Again thanks for the warm welcome and I look forward to reading and learning from all of you.

ziggy29 06-02-2009 10:19 AM

Quote:

Originally Posted by colawman (Post 821149)
Thank all of you for the warm welcome. Just for clarification: Victim in the sense that 20 many years ago we cops collectively voted to get out of the defined benefit program we were under and opt into the defined contribution.

Ouch. Like those who entered the work force 20+ years ago and chose the private sector, had we known was waiting for us come 2008 and beyond, I think some of us may have chosen the path of job security and retirement benefits over pay. But that can't be undone, so there's little point in dwelling on it.

Quote:

Originally Posted by colawman (Post 821149)
No sour grapes as I have a great life and have other assets (income property) that serve me well. AND I am bullish with a high tolerance for risk.

I applaud your positive attitude about it. I might be tempted to spit nails over that one.

Walt34 06-02-2009 10:47 AM

Welcome to the board! As others have said you'll find it addicting.

I'm one of the retired LE types (29 years) but was one of the lucky ones with a defined benefit pension. I'd be furious about what happened to you but it sounds like you planned well for the outcome.

ratface 06-02-2009 10:52 AM

Ziggy, thanks for clarifying the DC and DB plans. I did notice what he said but did not know the difference.

Leonidas 06-02-2009 11:09 AM

Welcome to the board. I retired from big city policing in 2004 at age 45.
Quote:

Originally Posted by colawman (Post 820982)
I should add that I have never worked a day in my life. My job was enjoyable, rewarding, and would do it all over again.

You either have a really positive attidue or you must have never been in upper management - it was a huge motivator for me to leave when I did. Nothing like getting a obscenity-laden rant-filled phone call from the Chief or the Mayor's office at 0600, "Have you seen what's in today's newspaper yet?", to make a good day turn rotten! A bad day on the street almost always beat the best day in the office.

A defined contribution plan? Ouch!

We had a similar vote in the early 80's and stupidly created such a thing for the newer hires - me being one of them. At the time I thought it was a good thing because I was 22-23 and retirement to me was like some kind of mythical creature. Luckily, during the boom years when the pension was way over-funded, we voted again and consolidated everyone back into the DB plan.

Kroeran 06-02-2009 02:47 PM

Defined benefit, and indexed, survivor spousal benefit.

The most lovely creation of the universe.

Thank the dear lord for all the deluded hard working masses who continue to send liberal governments to Ottawa, or for brief periods, Conservative governments with one hand tied behind their backs.

Westernskies 06-02-2009 03:17 PM

Welcome to the forum; kudos to you for your public and social service contributions.

colawman 06-02-2009 04:35 PM

Quote:

Originally Posted by Leonidas (Post 821193)
Welcome to the board. I retired from big city policing in 2004 at age 45. You either have a really positive attidue or you must have never been in upper management - it was a huge motivator for me to leave when I did. Nothing like getting a obscenity-laden rant-filled phone call from the Chief or the Mayor's office at 0600, "Have you seen what's in today's newspaper yet?", to make a good day turn rotten! A bad day on the street almost always beat the best day in the office.

A defined contribution plan? Ouch!

We had a similar vote in the early 80's and stupidly created such a thing for the newer hires - me being one of them. At the time I thought it was a good thing because I was 22-23 and retirement to me was like some kind of mythical creature. Luckily, during the boom years when the pension was way over-funded, we voted again and consolidated everyone back into the DB plan.

You are spot on! I always wanted to be a cop and avoided upper management like the plague. Regarding your experiences with the defined contribution. Bully for you and your fellow officers for abandoning ship!

Again thanks to everyone who commented and it was my pleasure to serve! A good friend and I used to joke that they actually paid us to do our jobs! I am retiring as a co-supervisor of a joint gang task force involving our agency, FBI and ATF. I also feel a little like John Elway as I am going out on top as I finish the final draft of an affidavit for a dirtbag on a cold homicide case from 1995! It is especially gratifying as the victim was the daughter of one of our former cops!

justavet 06-02-2009 05:37 PM

Justavet
 
After 29 years 10 months and 2 days Im retired from the Air National Guard and everyday seems like saturday, just lovin it. But I do miss my buddies at work,I do visit them once in a while on the base. I never new how much I liked serving my counrty and if I could I would do it again.


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