Grandpa, tell me bout the good ole days............

[ultrarunner]

In my state, your age and years of service have to add up to 90 before you are eligible to retire...so I guess you could retire after 20 years if you start at age 50.

Oakland offered some of the most generous LEO pensions with many receiving as much as 3 x highest earning year...

The way it workef is retirement pension is based on current pay including average overtime... So retire as a sargent at 51 with 30 in your pay is based on what a current sargent earns... even if 30 years later...

Don't forget lifetime medical...

12 of my friends joined OPD right out of 2 year Admin of Justice degrees... one retired early but got 30 due to vacation and unused sick. At 51 180k lifetime pension plus medical. He got bored and went to work for another agency for 130k and second pension... so it does happen.... the good old days for sure

 

[ultrarunner]

In the good old days schools and parks often named for presidents like Lincoln, Jefferson, Washington, etc. and other notable figures...

Uprooting problematic names and symbols is now considered worthy and noble and this why 44 public schools will be renamed... SF City and County...

Even Senator Feinstein is facing the loss of her school for replacing a vandalized confederate flag back in the 80's as mayor.

 

[Jstpssng]

I don't begrudge military retirees their pensions. They earned every cent and then some.

A few scammers but not that many.

I have worked with a lot of retired military over the years.

AMEN! How many didn't make it to their 20? My uncle was in the AF for 20 and a few more, flying over Vietnam when that was at it's hottest. Then, using that experience he went to work for Lockheed and worked another 30. When he retired he was paying more in taxes than I was making.

It's been changed in this state but it was only LEOs who could collect a pension after 20 years, now that has since been bumped up to 25.

 

[JethroB]

My last employer before I retired had an unusual retirement plan. Only the company could make contributions and most years it was 10% of ones gross pay. Typical vesting, etc. rules. The unusual part was there were only three ways to withdraw or rollover: Turn 60, became permanently disabled, or die. Employees would complain: But Its My Money! Company owner said nope. It is my money funding it and I make the rules.

 

[ultrarunner]

Vesting has been my nemesis...

Lost out too many times the employer contributions back when 7 and even 10 years was common...

My job and location didn't change but ownership changed several times and with each change everyone started over who was not fully vested...

20 cents on the dollar several times and 40 cents one time is hard to swallow.... I figure at least 60k

 

[2LaneCruzer]

My first employer did not have an employer funded retirement plan, except for about the last 3 or 4 years I worked there. My little retirement check from them pays my milk bill, but that's about all.

 

[grsthegreat]

My electrical union gave us 100% vested after 30 days. Only way i would trust a pension plan. Too many companies in past would fire someone just before they were vested.

Between pension, soc sec, ira’s, inherited savings bonds, ,, i make more money monthly now than i did when i worked. Soon ill be able to get medicare, then i can drop this ridiculous medical cost plan i have now.

 

[Dftodd]

Vesting has been my nemesis...

Lost out too many times the employer contributions back when 7 and even 10 years was common...

My job and location didn't change but ownership changed several times and with each change everyone started over who was not fully vested...

20 cents on the dollar several times and 40 cents one time is hard to swallow.... I figure at least 60k

I lost 15k due to that after a buy out. Current owners have a two year vesting. I'm over that, so if I leave, it goes with me.

 

[Dftodd]

My electrical union gave us 100% vested after 30 days. Only way i would trust a pension plan. Too many companies in past would fire someone just before they were vested.

Between pension, soc sec, ira’s, inherited savings bonds, ,, i make more money monthly now than i did when i worked. Soon ill be able to get medicare, then i can drop this ridiculous medical cost plan i have now.

Coworker had that happen to him 1 month before he was fully vested in the company funded pension plan.

 

[ultrarunner]

You can do all the right things but it's still left to chance...

What frosted me is taking a pay cut in exchange for benefits and it did not pan out as promised benefits evaporated with ownership changed... "Same Desk Rule" didn't apply as each employee technically had to apply and be hired with every change...

In the scheme of things it's not the end of the world but Dad had a good friend that worked on Alaska Pipeline and was let go 10 days before pension eligibility... he did everything he could to stay on and was even hired back as a laborer but then offer withdrawn when realized pension obligation would be triggered.