PERS: Any 3@50 classic members leave for an agency that is 2.7@57?

[jaysen]

On its face, it does not look like the wise choice but like everything dependent on everyone's circumstance. Looking for input? advice? regrets? etc... Currently a classic member with 14 yrs of service credit potentially looking at an opportunity somewhere that is 2.7@57.

I've called PERS but they didn't help much, turned muddy water into sludge. TIA.

Feel free to PM responses if you'd prefer not to reply here.

[eta34]

So you saw the new Menifee PD posting? 😁. I have 20 years and wouldn’t leave now. For me, I can retire in 7 years. Moving agencies would mean an additional 7 years and losing retiree medical benefits. Even if my current agency is less than stellar, it would be a huge long term financial loss to go elsewhere.

Now, if you plan on working to 57, go for it.

[Spanky8601]

Originally Posted by jaysen

On its face, it does not look like the wise choice but like everything dependent on everyone's circumstance. Looking for input? advice? regrets? etc... Currently a classic member with 14 yrs of service credit potentially looking at an opportunity somewhere that is 2.7@57.

I've called PERS but they didn't help much, turned muddy water into sludge. TIA.

Feel free to PM responses if you'd prefer not to reply here.

If you were to leave.....

you could not receive your 3@50 retirement until you retired from the new agency with 2.7@ 57 Then they combine up the 2 different "plans" and you arrive at a new retirement number. So 3X14 42% would be held until you receive your 2.7@57. So 42% plus 2.7x20 years=54% would be 96% but more than likely they would limit it to 90% in total from PERS.

[jaysen]

Originally Posted by eta34

So you saw the new Menifee PD posting?

Someone get this man a prize ! I considered it... but I too would be losing LIFETIME retiree medical, not some HSA.

In a nutshell - given my situation - and the way I understood it from the PERS rep, I could still retire at 50 but my ultimate max I could achieve (between the two different plans) would be 75%

[jaysen]

Originally Posted by Spanky8601

If you were to leave.....

you could not receive your 3@50 retirement until you retired from the new agency with 2.7@ 57 Then they combine up the 2 different "plans" and you arrive at a new retirement number. So 3X14 42% would be held until you receive your 2.7@57. So 42% plus 2.7x20 years=54% would be 96% but more than likely they would limit it to 90% in total from PERS.

Yea, that's what I originally thought until the PERS rep confused the crap out of me... saying I can still retire at 50, collect on the first (42%), but max on the second would be 43.2% (16 years-ish).... but cannot collect until 57

[P5Ret]

I've got nothing to offer about the benifit's, but losing lifetime medical will take a big chunk out of it, until you are eligible for Medicare. Mine has gone up every year, so take that into consideration. That would be the deal killer. You should be able to get an idea of retiree medical costs through PERS here, https://www.calpers.ca.gov/page/reti...lans-and-rates.

Make a wise decision, medical in a few years may be unreachable at the rate it's going up.

[eta34]

Most agencies don’t give retiree medical anymore, so losing it would be a huge deal. For me, it’s not worth it.

I looked at Menifee as well. Looks like they could be a good place to work. But it’s not worth the hit to me.

[explosivewhale]

At least yall have 3@50 lol im screwed and still need to work 34 years

Sent from my SM-G935T using Tapatalk

[micro911]

I retired at 56 with 78% after about 29 1/2 years of service. it is good for me.

[dtl1986]

From my understanding, you should retain your 3@50 plan even if you go to another agency that currently offers 2.7@57. The retirement plan you get is based off your CalPers membership date... at least that was the case with me. I joined CalPers in 2010 when I started working full time with the state and when I recently joined CDCR, I was grandfathered into the 3@50 plan (although all new officers with CDCR get 2.7@57).

[eta34]

^I don’t believe this is true. Menifee PD addresses this specifically on their website. Many agencies don’t offer 3@50, even for laterals, so you don’t get to keep it when you go to the new agency.

[Sikvenum93]

TBH it depends on the department. My department offers 3 @ 50 for anyone that’s been grandfathered in and most area departments do as well.

If the department you are looking at doesn’t grandfather in your 3 @ 50 I wouldn’t consider going there if I were you. There are plenty of departments all over the state that will honor 3 @ 50 for eligible laterals.


Sent from my iPhone using Tapatalk

[eta34]

This department is brand new. As such, they don’t have the capacity to offer 3@50. It’s simply not an option.

[gregr]

Speaking in generalities here...

You need to speak with you potential new employer's retirement system about reciprocity with your current retirement system. Reciprocity does exist in some cases, but it's dependent on the policies of your "new" retirement system.

[RCxRC]

The agency needs to contract with PERS to offer 3@50 continuance for "Classic" safety members (geez, never thought of myself as "classic" anything...is that like Coke Classic?!).

I had a co-worker lateral up north to a bay area agency after 15 yrs in Socal. He didn't realize until he got there that they didn't offer 3@50 continuance for laterals. The pay raise was completely wiped out by the new 2.7@57 retirement plan. At the end of 30 years he'll retire at about the same as if he had stayed down here. He moved to be near one of his children, so there was an up side....

Sent from my SM-N910V using Tapatalk

[jaysen]

Thanks guys.

Yes I was aware there would be no way, no how that I would be able to keep my 3@50 formula. Reason being is Menifee never held a "SWORN" PERS formula, therefore because of PEPRA cannot legally offer (or enter to).

Thanks for all the feedback!

[RCxRC]

One last point...I read a comment earlier about still being "capped" at 90% total compensation (the limit if employed by a non-state, contracting member agency) if one spent half their time at a new, 2.7@57 agency.

From what I've spoken about with new hires is that their cap is now 100% (like CHP and Cal-State / UC PD). Might want to double check that. Small silver lining if you do the extra years...

Sent from my SM-N910V using Tapatalk

[whatevs09]

sounds like many of you are unaware that CalPers is imploding:

www.pensiontracker.org

pensiontsunami.com

calpensions.com

Oh but wait, the federal gov't doesn't need to help the failing public pension systems? Or do they, see HR 397 in current Congress.

Prepare to tighten those belts, the laws of economics ALWAYS prevail. (and Yes, I am a Cal Pers retiree).

[RCxRC]

Yes, always the not-so-silent threat in the room. Never say never....

Sent from my SM-N910V using Tapatalk