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Thread: Retirement/ pension???
11-02-06, 02:57 PM #1Rookie
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If the retirement/pension is based on 50% of top 2 years salry.....is this calculation based on just the base salary or salary and overtime?
Also, what happens to your health insurance at retirement?
11-02-06, 03:01 PM #2
In my department, the salary is based on the highest 36 months of earnings and only for base salary. No retirement health insurance unless the city's part is paid by the employee.The strongest reason for the people to keep and bear arms is, as a last resort, to protect themselves against the tyranny of government.
That is why our masters in Washington are so anxious to disarm us. They are not afraid of criminals. They are afraid of a populace which cannot be subdued by tyrants.” – Jeff Cooper'
11-02-06, 07:39 PM #3
At my place there is a 12-month window that slides to find your highest income in your last 24-months. And yes, OT does apply. The 50% you mentioned, I'll assume that is regarding a previous post. That % will be different in different retirement systems.I'm not ruining your life, you are, and I'm just going to write a short story about it.
11-02-06, 08:53 PM #4Rookie
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Retirement is figured on your'e highest four years and overtime is included. Your percentage of salary paid in retirement is determined by multiplying 2.5% by the number of years actual service. You can retire with 25 years service and can use up to four years military service to reach the 25 years service but only if you are 40 yoa or older.
You can continue to work and eventually retire at full pay. State income tax is not witheld but federal is for retirement income.
You must pay for your medical insurance after retirement and it is withheld from your retirement check if you desire to keep the state insurance. Currently that costs about 800.00 per month for a man and wife. (We are working on that)
We get an annual cost of living increase on Dec. 15 each year that is based on 3% of your base gross multiplied by the number of years you have been retired. When you reach age 55 the 3% compounded, as the 3% is added back to your base and that helps the retirement check to grow quicker from that point on until you croak.
Our system has a provision that can be selected that causes a small percentage reduction in your monthly retirement but at your death the spouse continues to draw the same benefit until the spouse dies. If the spouse dies first the retiree can revert back to the full amount.
11-03-06, 03:23 PM #5
Our agency is 25 years 50% of your best 5 years, base salary, after 25 years its 2% a year wth a maximum pension of 70%.Giggity giggity Goo!
Glen Quagmire,Family Guy, Pick any Episode
11-05-06, 04:57 AM #6
Our pension is 70% of highest of 3 previous year's pay upon reaching 25 yrs of service and age 55.
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