Retirement Soon

[10-8Gunslinger]

6 years to go until I can punch out with 3%@50 with only 15-16 years on. Don't care if I punch out early, will be totally wasted by age 50.

I'm pretty close to the same stats as you when I go. I came from Lacera and am now in Calpers. I for one don't miss Lacera one bit. 3%@50 is a god sent. I too will be burned out by 50. You can't work the streets for decades and be normal.

[TrailerparkTrash]

I'm pretty close to the same stats as you when I go. I came from Lacera and am now in Calpers. I for one don't miss Lacera one bit. 3%@50 is a god sent. I too will be burned out by 50. You can't work the streets for decades and be normal.

Wait until you realize that your 3@50 agency doesn't pay for you or your wife's "lifetime" medical benefits. You must pay that. LACERA members get "lifetime" 100 % medical. Once a person has 25 years on in LACERA, 100% "lifetime" medical is covered. I can retire at age 53 with 32 years on and not have to look for "another job." Many 3@50 recipients are forced to go find another job, just to pay for medical benefits. I say screw that! When I retire, I'm not working ever again and that's the way I've been planning it.

There are pros and cons to both sides. To me, lifetime medical coverage is HUGE for retirees and their spouses.

[Doheny]

Wait until you realize that your 3@50 agency doesn't pay for you or your wife's "lifetime" medical benefits. You must pay that. LACERA members get "lifetime" 100 % medical. Once a person has 25 years on in LACERA, 100% "lifetime" medical is covered. I can retire at age 53 with 32 years on and not have to look for "another job." Many 3@50 recipients are forced to go find another job, just to pay for medical benefits. I say screw that! When I retire, I'm not working ever again and that's the way I've been planning it.

There are pros and cons to both sides. To me, lifetime medical coverage is HUGE for retirees and their spouses.

Orange County firefighters, deputies and D.A. Investigators get a stipend towards retirement medical. Those of us who retired/can retire under 3%50 also retire with 100% of our salary. So between the stipend and 100% of our salary it's still better than paid retiree medical.

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[SMarquez]

How much is your stipend? I have a friend from Kern Co. that retired and his stipend is what it was when he retired 6 years ago. No thanks. I talked to fire guys from Riverside City and Long Beach that would trade 3@50 for our (LACERA) medical.

[RABULL]

Congratulations on your pending retirement. I retired 4 years ago (at age 55) after doing 35 years in California Law Enforcement. It is good to be alive and retired......

[Doheny]

How much is your stipend? I have a friend from Kern Co. that retired and his stipend is what it was when he retired 6 years ago. No thanks. I talked to fire guys from Riverside City and Long Beach that would trade 3@50 for our (LACERA) medical.

I haven't paid a full one yet, but it's north of $600 and we can pay the remaining balance from Deferred Comp. (I'm guessing others agencies can do that too.)

What makes the difference, as I mention in my post, is that OC tops out at 100% of our salary. So work 33 years and retire with 100% of what you were making while on the job. Riverside City and Long Beach are PERS, so they top out at 90%. I'm not sure what Kern County is, but they don't make what we do on this side of the Grapevine. That could be part of the issue for your friend.

Yeah, paid medical is better for those who don't retire at 100%. But retiring at your full salary is still a better deal, especially if you promoted during your career.

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[SMarquez]

'37 counties act allows some agencies to cash in enough benefit time to breach the 3%@50 gap. It worked for me. It's called the Ventura decision. Our union worked hard to convince the department to forego it for cash. It also helped during the states financial crush to be able to point out we weren't part of the "problem" causing the crush.
Surprisingly only around 35% take full advantage of the benefit.

[micro911]

If I retire in March 2014, I will get about 73.81%. If I go in September I get 75.12%. Not much gain. If I go in March and get 2% cost of living adjustment on April 1, I will get higher percentage than retiring in September. They said I have to call them in January to see how much COLA will be.

[retired]

That is really interesting. I am a LACERA retiree (fire) and didn't about that Medicare issue. I have been told I don't have enough SS quarters to qualify for Medicare and wondered how I would stay covered!
Are you on your ALADS Anthem BC plan?

I didn't have enough SS quarters either. I came on to LASD in 1976, when we paid into SS. That changed in 1978, when the County began their own retirement (at least that is the way it was explained to me).

The important thing is, per a former co-worker who has been on the Board of Retirement and Investments for years (some might know who I am referring to), the County has been taken money out of your check for Medicare since 1984, so you do qualify for it. If you pm me, I will give you the name of the person to contact to get in touch with him. He is the one who writes the monthly LACERA report for retirees.

As far as the medical insurance being paid for upon 25yrs. of service; that is true, but with a caveat. That is based on one of the Blue Cross (I can never recall which number, I or II) plans. For example, if that plan is $500/month and you choose United Health Care that charges $550/month, you pay the difference.

I retired medically in 2003 with only 27yrs. on. Not what I wanted, but the 4th back surgery did me in. I'm 100% disabled. I paid nothing for my wife and I until 2012, IIRC. I then began paying $61 and change since my plan was higher than the base plan the county uses. I know that is minuscule compared to those who don't have our type of system. It was still a shock since I had a HMO plan my whole career and never paid other than a $5 copay for office visits and that only the last 3yrs.

I was on 4850 time and a little bit of my sick time the last year and a month. I honestly thought I could return, but finally realized I was done. I retired on March 31 and received 3% COLA and have done so for most of my retirement. Last year I believe it was 2% and this year only 1%.

Unfortunately for me, I retired about 1 1/2yrs. prior to the big contract that had longevity raises included in it. If I had been able to return, I would have done 32 instead of the 30 I planned to get the full benefit. Top step sgt. went up approx. $32K at the end of the contract. I probably would have had another fusion tho if I had returned, so it worked out for the best. I mean, I don't want to be fused all the way up to my neck; T12 down is bad enough. lol

[Johnny Utah]

^^^ Thank you for serving the time you did put in. Also sorry to hear about your back, but glad the additional surgery was not needed.

[micro911]

As of today, I have 150 days left. But, it is all depends on how my Workers Comp case.... In practical sense, I think maybe within 6 months from my target date.