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NYPD Pension


BG2008
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http://www.nypdrecruit.com/benefits-salary/overview

 

*Newly hired NYPD officers can expect to receive nearly $2.2 million in pension payments and City paid health benefits over 32 years of retirement, based on the current average salary including overtime pay and other compensation; the average age of 26 for newly hired Police Officers; retirement at age 48 after 22 years of service, and assuming the average life expectancy of 80 years. Persons retiring above the rank of Police Officer will earn higher retirement payments based on their respective ranks.

 

Maybe we are in the wrong business

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I am SHOCKED that pension benefits are this low!

 

You guys don't know the half of it...I know a mortgage broker who had a retired cop from Long Island who was pulling in $97k a year in pension.  He retired at the ripe age of 48.  It was not a medical retirement...

 

What about pension "spiking"?  This has been going on since the mid 90's.

 

The level of pensions that municipal employees get are shocking.  I have no problem with anybody making a living, even a good living.  When you have people retiring in their 40's, making MORE in their pensions than most people ever make working, you've got a problem...

 

I think the next big economic downturn will result in wave after wave of Ch. 9 bankruptcies.  A lot of pensions are going to be cut back.

 

Heck, that is already happening in my hometown of Detroit.  It is SHOCKING the deterioration of services provided by the city.  Most streetlamps DO NOT WORK.  Snow plowing?  Not on side or secondary streets.  Parks & Rec?  Most parks are abandoned....Police calls?  Only for major felonies...Road repair?  You must be kidding!

 

I am afraid what has happened in Detroit will soon be coming to the rest of the USA.

 

I hope I am wrong.

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No amount of money would make me work as a police officer and certain other jobs.  My physical safety and desire not to see bad things means I just wouldn't do it.  So can I get upset about large pensions for police officers?  No.  In general they do a lot of good, and there are far worse inequities going on in the world than this.

 

Everyone knows that collapsing local government finances are coming.  Didn't Buffett say as much in his latest letter? But I smile when Americans say things like: "Hopefully my children/grandchildren will be smart enough to move another country before that happens."  I also continually read that America is turning communist because of Obamacare and because some people think banning guns is a good idea.

 

The fact is that pensions and state benefits are a problem everywhere.  You think things are better here in the UK?  You think things are better in France, in Spain, in Italy?  Why do you think they are in the trouble they are in?  And in places that don't have pension problems, that's probably because they don't look after their retired.  That's not necessarily a good thing or a sign of a developed economy.

 

What makes America relatively great (in my view) is the flexibility.  Debts will be restructured and pensions reduced in ways that just wouldn't happen in other countries.

 

 

 

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In about four years I will recieve a pension at the age of 38/39 from the military. If all goes well the pension will be about 2300 month and could go as high as 3000. I also attend college full time with tution assistance and won't have to come out of pocket until I begin a Masters degree in a year, or two. Furthermore, the medical benifits in retirement are also very good, between 400-800 a year to cover my 4 dependent family.

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In about four years I will recieve a pension at the age of 38/39 from the military. If all goes well the pension will be about 2300 month and could go as high as 3000. I also attend college full time with tution assistance and won't have to come out of pocket until I begin a Masters degree in a year, or two. Furthermore, the medical benifits in retirement are also very good, between 400-800 a year to cover my 4 dependent family.

 

I think you should get free medical care sethatk. Anyone who risks their life for their country shouldn't have to pay for medical care IMO. However, other than that, I think public pensions are getting out of hand.

 

Police/firefighters also risk their lives for their country... just saying

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Guest wellmont

I am SHOCKED that pension benefits are this low!

 

You guys don't know the half of it...I know a mortgage broker who had a retired cop from Long Island who was pulling in $97k a year in pension.  He retired at the ripe age of 48.  It was not a medical retirement...

 

What about pension "spiking"?  This has been going on since the mid 90's.

 

The level of pensions that municipal employees get are shocking.  I have no problem with anybody making a living, even a good living.  When you have people retiring in their 40's, making MORE in their pensions than most people ever make working, you've got a problem...

 

I think the next big economic downturn will result in wave after wave of Ch. 9 bankruptcies.  A lot of pensions are going to be cut back.

 

Heck, that is already happening in my hometown of Detroit.  It is SHOCKING the deterioration of services provided by the city.  Most streetlamps DO NOT WORK.  Snow plowing?  Not on side or secondary streets.  Parks & Rec?  Most parks are abandoned....Police calls?  Only for major felonies...Road repair?  You must be kidding!

 

I am afraid what has happened in Detroit will soon be coming to the rest of the USA.

 

I hope I am wrong.

 

the next crisis will feature pensions and student loans.  this will bring about reform in both areas. the question is do we print our way out once again? or face the issues head on.

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Guest wellmont

http://www.nypdrecruit.com/benefits-salary/overview

 

*Newly hired NYPD officers can expect to receive nearly $2.2 million in pension payments and City paid health benefits over 32 years of retirement, based on the current average salary including overtime pay and other compensation; the average age of 26 for newly hired Police Officers; retirement at age 48 after 22 years of service, and assuming the average life expectancy of 80 years. Persons retiring above the rank of Police Officer will earn higher retirement payments based on their respective ranks.

 

Maybe we are in the wrong business

 

lol based on what ASSumptions is the plan financed/solvent?

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http://www.nypdrecruit.com/benefits-salary/overview

 

*Newly hired NYPD officers can expect to receive nearly $2.2 million in pension payments and City paid health benefits over 32 years of retirement, based on the current average salary including overtime pay and other compensation; the average age of 26 for newly hired Police Officers; retirement at age 48 after 22 years of service, and assuming the average life expectancy of 80 years. Persons retiring above the rank of Police Officer will earn higher retirement payments based on their respective ranks.

 

Maybe we are in the wrong business

 

lol based on what ASSumptions is the plan financed/solvent?

Only if they dont make another drug bust very soon.

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I am SHOCKED that pension benefits are this low!

 

You guys don't know the half of it...I know a mortgage broker who had a retired cop from Long Island who was pulling in $97k a year in pension.  He retired at the ripe age of 48.  It was not a medical retirement...

 

 

 

Air traffic controller also can do this, my Dad retired at 50. Mandatory retirement for these guys is in their mid 50s. You want them hanging around longer? My guess is that locality pay plays a factor in Mr. retired cop getting 97k.

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Air traffic controller also can do this, my Dad retired at 50. Mandatory retirement for these guys is in their mid 50s. You want them hanging around longer? My guess is that locality pay plays a factor in Mr. retired cop getting 97k.

 

Unless you are a professional athlete, retirement (non-medical) at 48 is a joke.

 

You can have police in their 50's working evidence rooms, evidence analysis, traffic, desk jobs, etc.  Heck, if you take care of yourself, you can usually work into your 50's.  Police should be taking care of themselves.

 

Yes, this guy was in a better suburb.  Not the highest end, but certainly a nice one.

 

One of the problems is that you have politicians negotiating contracts who are not literate, and certainly not proficient at maths.  They probably have never heard of "net present value" or other basic financial concepts, yet they responsible for millions or billions of dollars.  Obviously not every politician is a cretin, but enough of them are...

 

It is not a problem with a pension.  It is a problem of retirement in the 40's.  It is a problem with municipal workers making MORE, (a lot more) than most people do during their regular jobs.  Average wage in the USA is something in the low 30's.  A shocking amount of these dudes are getting close to TRIPLE that in their retirement! (sometimes more) Some of them might be retired for WAY longer than they actually worked.  How can society pay for that?

 

You have a problem in my hometown of people with capital fleeing the city & state.  It then becomes a vicious circle.  Services are lowered, taxes are raised....thus more people leave...City needs more money so they continue to lower services, raise taxes.  Wash, rinse REPEAT.

 

These pensions are going to run into trouble, it is only a matter of time.

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