CALPERS rolling back retirement?

[Che762x39]

I heard on the radio that the CALPERS retirement formula is rolled back to 2.0 at 50 for new hires. That is basically 60% for 30 years instead of the current 90%

[Falconis]

I would say read the document. I remember under the old system there was a bonus multiplier after 25 or 20 years

[Woodymyster]

I think you mean 2 @ 55 in which case you would receive 60% at age 55 IF you worked for the system for 30 years. This is not new and has been the standard for several years now.

[fullrearview]

It's different with every department.

[deadcoyote]

It's different with every department.

Exactly. There's no fixed Calpers tier system, it's negotiated by your Union/Department/County/City. I am still at 3% at 50, but our department recently switched to a "tiered" system where new hires will now receive 3% at 55. As a trade off, we can now buy three years of service credit with banked time prior to retirement rather than 18 months.

[Baconator]

Check your contract.

[monk]

One thing that concerns me, as far as high cost, is the issue with pension spiking. I'm under the understanding that it's not allowed but a recent article I read in the LA Times said that it happens regardless.

http://www.latimes.com/news/local/la-me-pensions-20120128,0,440233.story

[WARDOG]

One BIG problem the State isn't considering in changing the formula where you have to be over 50 years of age to retire from Public Safety positions.
In Law & Fire, 50 years is old. 55 is even older. Fire and Law Enforcement's bodies take a beating. Back, knees, heart, ankles etc. After 45 years old there are many work comp related injuries, either long-term effects or aggravated by the job.
10 years into the future, when Cities and Counties are paying triple Work Comp coverage due to all of the claims, the State will have to conduct a study to realize making Public Safety work an additional 5 years is just too damn expensive.
There are many officers who either do not have the desire, education, or opportunity to advance to a position off of the street are going to be the most affected. Combine this with aging officers who abandon physical Fitness regime's, usually because it hurts too much, health problems, or they are just lazy, can easily hurt themselves in foot pursuits, fights, or jumping out of a patrol car to chase a bad guy without warming up and stretching first.
I know that before I was 30, I broke my ankle so bad it needed two surgeries, broke ribs, broke one of my hands, multiple fingers (one finger almost had to be amputated because it had been broken so many times), not to mention multiple sprains, and stitches. Being on the SWAT team was half of the cause, but the others were patrol related. At 40 I got hit by a drunk driver which was the coup de gras. I tried to hang on to my job as Sergeant, because I was due to get promoted to Captain in a few weeks which would have gotten me off of the street. After 2 surgeries to my spine (Fusion with rods & screws) I tried to return. My surgeon put it into perspective. I would be fighting pain, discomfort, numbness for the rest of my life. I wouldn't be able to take any opiate pain medication before or during work. I would be irritable because of the pain. If I ever was involved in a on-duty shooting, I would have to contend with opiates in my urine, and then to convince them to take blood to show I wasn't under the influence. Then the civil litigation to follow.
My employer would not let me return to work because my doctors would not sign off. I tried to fight but finally threw in the towel after a year. I settled for a retirement 50% of my BASE pay, tax free (mostly). The problem was my base pay was not very impressive. I made my money with my B.S., higher education, training certs, special duty, court overtime and shift pay, none of which was considered for my disability retirement.
My point is that I was trying to hold on to get a retirement at 50. Just 10 more years. Many officers when they hit 45 try to hang on for just 5 more years.
Raising the retirement age to 55 will likely cause many officers to take the disability retirement because they can't hang on that long.
I understand the State's need to lower the retirement benefits due to the economy. But making public safety officers work until they are 55 is going to be fraught with injuries and expenses.
My opinion is to reduce retirement to 2.5% @ 50, cut medical benefits for retirees (for the few that get them) and try to save money in other expenditures (annuitants double-dipping, $60,000 on City Logo art, Bull*hit studies for hiking trails and bicycle paths, horrendously hideous art statues at the parks, new take-home cars for Chiefs, City Managers every 2 years, and over-priced consultants.).

[Falconis]

Wardog, sounds like our departments and cities were similar. I know that feeling, I'm on the same boat and I'm about to turn in my paddles.

[Spanky8601]

It's different with every department.

This is the correct statement. CALPERS cannot change anyones retirement. Your employing agency and the contract is the key. Jerry Brown is pushing for state contracts to have the basic 2% at 50 X years of service, with a yearly up. So at say 51 the formula would be 2 1/8% reaching 3% at age 55. Also included is no more single year formula, but a 3 year average.

[mkingwin]

This CalPers thing is a lot to learn, I'm 3/50 and I got 28 years to go!!

[crf250x]

Our new hires are now 3@55, the rest of us are still 3@50. SEIU employees, (secretaries, librarians, road workers, etc) have 2.7@55, without a cap. Some of them work 40 years and make 108% of their highest paid year.

[retired]

WARDOG, very insightful post. I was forced to medically retire at age 53 with only 27yrs. on. When I say forced, I don't mean the dept. forced me, my body did due to my multiple surgeries (4 left knee [no cartilage now] and 4 back, 3 of which are fusions from T12 to S1). I also had a testicular hydrocele surgery mentioned by another leo. Look it up to learn about that wonderful problem, tho I have recovered completely.

I didn't want to retire and had planned on doing so at 30yrs. on. As much as didn't want to retire when I did, it was actually a good thing. The two disks above T12 are bulging and I am sure returning to work would have caused another fusion. The doc called it a domino effect since the stress goes to the disk above the fusion.

If I had made it to 55 (my former dept. permits 65 now, but I was hired with a 60yr. forced retirement), I just would have been in more pain. As it is, I face a C4-C7 fusion that I've put off frankly because I'm scared you know what to go thru with it. I cancelled the surgery this past Sept.

With the back, knee and hearing loss, I'm considered 100% disabled under the pre 2005 law. The county will be paying for me until I die and my dept. didn't and still doesn't have the 3%@50. It won't either.

ETA: For sake of clarity, my county is not a member of Calpers as they have their own retirement system. One I might add, that due to it's conservative investments, has not suffered like Calpers.

[Saethwyr]

I heard on the radio that the CALPERS retirement formula is rolled back to 2.0 at 50 for new hires. That is basically 60% for 30 years instead of the current 90%

I am a calpers retiree. At 30 years, I would get 65%. Where di dyou get the 90%. From the dumb***** on the radio that is trying to incite everyone against public employee?

[Falconis]

Some agencies cap it at 90 percent. Mine does. I don't think I have heard of any departments or agencies that go higher than that.

I am sure that dumbass is trying to incite a riot against public employees though. Nothing new nowadays.