Exploring a second career in law enforcement

[Jeff22]

Every pension system has different rules.

Fortunately, I'm in a state with a conservatively managed fully-funded pension system. 9th largest in the country, 25th largest in the world. And almost all county and municipal employers participate in the same system so your pension travels with you as long as you stay in government service (although I did almost 32 years with the state)

In our system, I think you vest after 5 years. 2% a year based on the average of your highest three years of income (regardless of when that might happen) and overtime counts in the calculation. No pensions paid out before age 50. (So, if you worked 20 years, you'd retire at 40% of the average of your three highest years) I retired at 53 (about a year and a half earlier than I had planned) when I figured out that the base pay of my pension and the base pay of my regular employment were about the same.

Whenever a new person started, a few of us would sit them down and try to convince them to begin participating in the deferred compensation program (a 457). About half of them did. We now have the option to contribute extra directly to the state pension fund if you choose.

In any case, the original poster said that he was in his late 30s. If he maintains his physical condition, he could put in 20 years or so and retire, depending upon how the pension systems work in NOVA where he's at.

Like anyplace else, it's all about who you work for and who you work with. Being a cop is still a damn good job if you get into the right situation. AND it's best if you don't chase the illusion of perfection -- all jobs will have issues and some of the issues that law enforcement has now were issues with the pyramid guards of ancient Egypt a thousand years ago, too.

If you work someplace where overtime is factored into your pension calculation, you don't have to be so focused on trying to promote rapidly because you can make the same amount of money as a sergeant or lieutenant IF you are willing to be an overtime whore. Of course, not everybody wants to do that.

And in law enforcement FIGURE OUT WHAT YOU REALLY ENJOY DOING, AND THEN DO THAT. I've known lots of guys who made sergeant and say "the most fun I ever had was when I was on patrol on nights", or guys who promoted to lieutenant who will say, in retrospect, that they should've stayed a sergeant. It all depends on the individual, their interests, and how things work in THAT particular agency.

I am always amazed, when there are discussions like this, how much things can be significantly different from state to state and even agency to agency within the same state.

[HCM]

Thanks, HCM, for the info. How much is the TSP match, assuming the maximum contribution?

The government will match contributions dollar for dollar for the first 3% of your salary that you contribute, and then matching is 50 cents on the dollar for 2% above that. So, contribute at least 5% to take advantage of all government contributions to your TSP.

I believe the max is 15% but they only match the first 5% as detailed by Le Francais.

[TheRoland]

More and more I am realizing that although I make OK money, I'm just another anonymous cog in a big machine. But, I really like helping people...in addition to shooting, jiu jitsu, and physical fitness.

Man, this resonates. I've long thought about trying to switch to something where I felt like I was doing something important. But big machine pays me a lot of money to work 40 hour weeks. That's so hard to leave behind.

[blues]

The best part of the whole "retirement system" equation is that because I had been saving and investing fairly aggressively during the course of my career, (making sure that my wife would never have to worry if something happened to me), when it came time to hand in my papers, I realized that right off the bat my take home would be more than I had been living on all those years. (And all the while still living the life we wanted and traveling around the continental U.S., Europe, Hawaii etc.)

Now our net worth, (exclusive of wholly owned home and truck), is well beyond where we were when I retired.

I remember thinking during my career that I might have done better if not in government service, (and that still might be true), but the peace of mind derived from the defined benefit pension and benefits is priceless.

[TGS]

I believe the max is 15% but they only match the first 5% as detailed by Le Francais.

It's actually a raw dollar amount per year, not a percentage. 2019 is $19,000. Since you are probably maxed out on steps I imagine it's 15% for you.

The best part of the whole "retirement system" equation is that because I had been saving and investing fairly aggressively during the course of my career, (making sure that my wife would never have to worry if something happened to me), when it came time to hand in my papers, I realized that right off the bat my take home would be more than I had been living on all those years. (And all the while still living the life we wanted and traveling around the continental U.S., Europe, Hawaii etc.)

Now our net worth, (exclusive of wholly owned home and truck), is well beyond where we were when I retired.

I remember thinking during my career that I might have done better if not in government service, (and that still might be true), but the peace of mind derived from the defined benefit pension and benefits is priceless.

That's the life, my man.

50 and out for me, working per diem/part time jobs beyond that just to keep me moving until I can't work any longer. We have a re-employed annuitant system called "While Actually Employed" where we can work up to 1,040 hours per year, domestic or overseas, and still collect our pension. It's a pretty sweet deal for the guys who get chosen, but is definitely a bit of a good'ole boy system.

[HCM]

It's actually a raw dollar amount per year, not a percentage. 2019 is $19,000. Since you are probably maxed out on steps I imagine it's 15% for you.



That's the life, my man.

50 and out for me, working per diem/part time jobs beyond that just to keep me moving until I can't work any longer. We have a re-employed annuitant system called "While Actually Employed" where we can work up to 1,040 hours per year, domestic or overseas, and still collect our pension. It's a pretty sweet deal for the guys who get chosen, but is definitely a bit of a good'ole boy system.

1) Being a Step 10 Silverback means being king of your cubicle ;-)

2) Them boys at Flea-tec pick up re-hired annuitants too when things are busy.

[blues]

That's the life, my man.

50 and out for me, working per diem/part time jobs beyond that just to keep me moving until I can't work any longer. We have a re-employed annuitant system called "While Actually Employed" where we can work up to 1,040 hours per year, domestic or overseas, and still collect our pension. It's a pretty sweet deal for the guys who get chosen, but is definitely a bit of a good'ole boy system.

Yep. I actually got out just a couple months after I turned 51. Never regretted the decision.

[willie]

Has anyone pointed out advantages of working for a civil service department?

[Vista461]

Every pension system has different rules.

Fortunately, I'm in a state with a conservatively managed fully-funded pension system. 9th largest in the country, 25th largest in the world. And almost all county and municipal employers participate in the same system so your pension travels with you as long as you stay in government service (although I did almost 32 years with the state)

In our system, I think you vest after 5 years. 2% a year based on the average of your highest three years of income (regardless of when that might happen) and overtime counts in the calculation. No pensions paid out before age 50. (So, if you worked 20 years, you'd retire at 40% of the average of your three highest years) I retired at 53 (about a year and a half earlier than I had planned) when I figured out that the base pay of my pension and the base pay of my regular employment were about the same.

Whenever a new person started, a few of us would sit them down and try to convince them to begin participating in the deferred compensation program (a 457). About half of them did. We now have the option to contribute extra directly to the state pension fund if you choose.

In any case, the original poster said that he was in his late 30s. If he maintains his physical condition, he could put in 20 years or so and retire, depending upon how the pension systems work in NOVA where he's at.

Like anyplace else, it's all about who you work for and who you work with. Being a cop is still a damn good job if you get into the right situation. AND it's best if you don't chase the illusion of perfection -- all jobs will have issues and some of the issues that law enforcement has now were issues with the pyramid guards of ancient Egypt a thousand years ago, too.

If you work someplace where overtime is factored into your pension calculation, you don't have to be so focused on trying to promote rapidly because you can make the same amount of money as a sergeant or lieutenant IF you are willing to be an overtime whore. Of course, not everybody wants to do that.

And in law enforcement FIGURE OUT WHAT YOU REALLY ENJOY DOING, AND THEN DO THAT. I've known lots of guys who made sergeant and say "the most fun I ever had was when I was on patrol on nights", or guys who promoted to lieutenant who will say, in retrospect, that they should've stayed a sergeant. It all depends on the individual, their interests, and how things work in THAT particular agency.

I am always amazed, when there are discussions like this, how much things can be significantly different from state to state and even agency to agency within the same state.

I just got into the Deferred Comp myself, I’ll likely retire around 57 or so, I started late in the system but at least I’m in now. Lol.

Agree about finding what you like and doing that. I just made Sergeant last month, and I like it and will likely stay at that level.

[LSP552]

Louisiana State Police has one of the best defined benefit pension systems in the country. It’s 3 1/3% per year and you can stay for 100%. I left at 100% of my salary and saw an immediate raise in take home because I wasn’t paying into the pension system. There is also a deferred comp plan and a DROP plan.