Retirement

[Raidernation]

Hello I am new to the forum and I have a few questions regarding retirement. I was wondering if the CHP offers a 401(K) plan or if you have to invest in your own retirement plan. I was also wonderinf if you can buy back your military years and apply them towards you CHP retirement. I have applied to both CHP and other federal law enforcement agencies and I am just compairing reirement options. Any input would be greatly appreciated.

[nobody33]

Hello I am new to the forum and I have a few questions regarding retirement. I was wondering if the CHP offers a 401(K) plan or if you have to invest in your own retirement plan. I was also wonderinf if you can buy back your military years and apply them towards you CHP retirement. I have applied to both CHP and other federal law enforcement agencies and I am just compairing reirement options. Any input would be greatly appreciated.

I'm not a CHP officer- but I'm in Cal pers and have done a lot of research, and my dad is getting ready to retire from cal pers.

CHP has a retirement that is way better than federal retirement. Even Fed agencies that are covered under "6c." It's called 3 at 50. 3 percent of your salary for each year you work, you can retire at 50 year old. Feds is a lot less. Usually half with 20 years. Most Ca agencies are 3 at 50 now. I've done some research- the only places I could find with better are in Central Texas -Dallas PD, and Central FL (tampa/Orlando). They have a 20 year retirement plan that averages around to 3.5 percent a year- but goes down. Some cities also have "DROP". Which is basically double dipping after you are at retirement age. Thats a sweet deal to. CHP nor the feds have that.

I don't know of any gov agency that doesnt have 401k's or defered comp, but generally you put into it yourself.

For info on federal retirment check out 911jobforums. They have a wealth of fed info there. Feds have to pay into social security. I'm not sure if the CHP does or not.. anyone?

[Tom]

We have both a 401 and a 457. Neither have any contributions made to them by the state, however, the state pays for your retirement...which is 3% at 50. Basically 3 times the number of years worked at 50 and that would be your retirement percentage. 90% is the max. and 60 is the oldest you can be before you are forced to retire. Yes, military can buy back years, I bought four. That was the max. amount at the time but it may have changed.

Tom

Oh and full medical for yourself and spouse after retirement as well:shock:

[carcop]

CHP does not pay into the social security system. Like Tom said we can pay into a 401 or 457.

Feds do not have as good of a pension but they do have a good "401" type plan. It is TSP, Thrift Savings Plan. The fed does contribute to your TSP accoount I believe up to the first 5% they match and your allowed to put in up to 10% of your income. They will get a smaller pension, usually around 30 some % at 20 years service (age 50). Mandatory retirement for Fed (LEO"s) is 57. BUT their TSP makes up for a lot of it. It is your retirement aside any 401K, IRA, social security and pention.

Military time counts toward vacation time in fed service and counts for a "way to go" in CHP. Speaking from experience, I sacrificed 8 years military and 5 years Fed to come to CHP. The retirement was a good draw for me.

[Tom]

I forgot about SS and yes thats true. I have my forty quarters in and that is why I forgot. Thanks.

Tom

[retchp]

Tom, I also have my forty quarters in. I'll let you in on a dirty little secret that you may not know. Since you receive (in my case) or will recieve (in your case) a pension from PERS your SS benefits will be drastically affected under what is called a windfall provision in SS that cuts the pension of folks like us from SS. Even though we have earned it.
In my case I will begin to draw SS at age 62 in about three years. The info SS sends me each year shows I will get about 600 bucks a month. But due to the windfall provision I will actually get a take home of about 8o bucks a month and at 65 when I have to join medicare the premium for that is about 75 or 80 bucks a month so I (and you) will get nothing essentiall.
Its not fair and they have been fighting about in US Congress for years. If you want the formula to actually do the math to see what you will really get I have it and will send it to you. Let me know.

[Tom]

Yea, I did know that, but I didn't know it was SO drastic!!. Please do send me the formula, Thanks.

Tom

[Raidernation]

Thanks to all that replied!

[SR-25]

I hear a lot of people praiseing the CHP Retirement plan. But you can only get 90%... theres a lot of City agencies that let you retire at 100%. Are there any perks to the CHP plan that I am not seeing?

[K-Lo]

We have both a 401 and a 457. Neither have any contributions made to them by the state, however, the state pays for your retirement...which is 3% at 50. Basically 3 times the number of years worked at 50 and that would be your retirement percentage. 90% is the max. and 60 is the oldest you can be before you are forced to retire.

Tom



Is the 3% is multipied by the number of years you have earned at age 50 or do you accrue until age 60 when you are forced out?

In my case, I will be 31 this year and hopefully be at the Academy sometime during my 31st year. Assuming that the clock starts running when I enter the Academy and my career runs it's full course (retire at 60), I will have had about 29 years in by then and 19 by the time I turn 50.

Does that mean that I would get 3x19 or 3x29?

On a side note, do you find that most officers are happy to retire when the time comes? I mean 60 is still pretty young. Maybe this is an excited new guy talking but I don't think I would want to retire at 60. Maybe that attitude will change when I get close to that age :biggrin: but as for right now, I think I would be bored out of my mind. Unless of course I am married.

A couple of my college professors are retired CHP officers so maybe the college professor option would be cool. There is always governor. Then I could have a CHP security detail and then increase state funding to the CHP...... Ok I just pinched myself and woke up. HA :biggrin:

[14596]

at 50, you can service retire and collect 3% for every year of service. You can do this upto age 60. There is a 90% cap!

[Mac]

Is the 3% is multipied by the number of years you have earned at age 50 or do you accrue until age 60 when you are forced out?

In my case, I will be 31 this year and hopefully be at the Academy sometime during my 31st year. Assuming that the clock starts running when I enter the Academy and my career runs it's full course (retire at 60), I will have had about 29 years in by then and 19 by the time I turn 50.

Does that mean that I would get 3x19 or 3x29?
If you retired at 50 (the earliest you're eligible to start drawing retirement benefits), you'd get 3x19 = 57%. If you stayed on the job until mandatory retirement at 60, you'd get 3x29 = 87%.


On a side note, do you find that most officers are happy to retire when the time comes? I mean 60 is still pretty young. Maybe this is an excited new guy talking but I don't think I would want to retire at 60.
Most officers are ready to retire when the time comes....but there are those who stay on well beyond, and some who stay on until age 60 when they're forced out. I know several who stayed on and were dragged out the door kicking and screaming at age 60 (not literally, but you get my drift).