how does police/fire pension works?

Question

Tell me all you know about this.


Thanks

Answer 1

Police/fire pensions works after a person reached the retirement age and the pension depends upon the number of years rendered in the service. The longer the higher the pay. A serviceman could opt to get a majority of the amount or by installment depending upon the payments available. Contact the administrative officer of the police or fire headquarters for more details.

Answer 2

There are a few different options:

One, after 20/25 years service you can retire. IThe rate of pay is usually based on an average of your three highest years salary., Then you'd half of that total.

Two. Some states have a "plop" where if you stay a certain time period after your retirement, you can earn extra money, per year, usually about $2000-3000. Which averages about 2-300$$ a month which is alot.

Now these quatities don't include any money the officer or FF have put into seperate 457 or 451 plans, those accounts are usually release at 55/65 years of age and given in monthly installments as well.

And, if you designate a beneficiary, to collect your retirement after you die, it greatly reduces the benefit. Like me, it would have reduced my current benefit by $250/month to designate my wife as a beneficiary. I want to enjoy my money now, not save it for her--It was my life on the line all those years, not hers, right?

Yeah I know, that's mean but to be honest, I hope to outlive her anyway.

Ok ok, bad jokes....................sorry

Answer 3

This will vary from department to department. But as most forces are unionized, they tend to work the same way. Officers can expect to receive a higher pension the longer they're with the force, and can retire and begin collecting once they reach whatever age has been set for them as retirement age.

Police and fire department pensions, like most civil service positions, tend to be pretty good.

Answer 4

It depends on what state, county or municipality the police/fire agency is located in. In general, they don't work any differently than any other pension plan (that is, a percent is usually contributed by the employee and percent is contributed by the employer. In some cases, the employer pays the entire contribution--that's getting rarer). The exception in "safety" pensions are, in general, you can retire earlier with a higher percent of your salary (for example at age 50 with 3% for each year of service, so if you have 30 years in the system at age fifty, you can retire with 90% of your current salary), and if you are disabled on the job, you generally retire at near or full pay at any age.