How is this any different than being an "at will" employee. My boss can fire me for wearing ugly socks tomorrow if he chooses. As long as it's not for any discriminatory reasons such as age, race, gender, etc.

How is this any different than being an "at will" employee. My boss can fire me for wearing ugly socks tomorrow if he chooses. As long as it's not for any discriminatory reasons such as age, race, gender, etc.

 

Can your boss take your retirement savings too?

Can your boss take your retirement savings too?

 

I'm asking because I don't know the answer. How exactly does this effect their retirement?

Can your boss take your retirement savings too?

 

How's he taking anyone's retirement?

I want to be clear, I have no issues with Mike, I have an issue with the process that allows this. I think there needs to be balance that includes, money, health benefits, and a letter of recommendation.

Sounds like you'd make a decent union organizer.

 

For what it's worth, $5 grand per year of service isn't realistic. For health benefits, there's COBRA. The let-go deputies also should be eligible for unemployment benefits, right?

Can your boss take your retirement savings too?

 

Like others, I'm not aware of how this can happen? Please explain.

I explained it somewhat it post #65.

 

In short, you invest in the state pension system your whole career. After roughly 25 years (depending on when you were hired) you get to retire and get an immediate pension and full family medical benefits. The only way to get the pension and the medical benefits is to work for 25 years. If you leave after 23 years and/or are fired after 23 years you don't get the pension or medical benefits unless you catch on with another police department to finish your last two years.

 

You do get your money back out of the pension (not sure on all the money your department puts into the system) system but that isn't the same thing as getting your pension. In short, it basically takes a lifetime pension and converts it into about a three year cash payout. Furthermore, you are totally screwed on your medical benefits.

 

Police departments promote these great benefits when they hire you because they don't pay you very well up front. In other words, the retirement is probably the biggest benefit police officers get and this process allows it to be taken away, even at the last minute. No way it should be allowed in this format, this system is broke.

Sounds like you'd make a decent union organizer.

 

For what it's worth, $5 grand per year of service isn't realistic. For health benefits, there's COBRA. The let-go deputies also should be eligible for unemployment benefits, right?

 

You are right, considering what is at stake, 5K a year isn't nearly enough.

I explained it somewhat it post #65.

 

In short, you invest in the state pension system your whole career. After roughly 25 years (depending on when you were hired) you get to retire and get an immediate pension and full family medical benefits. The only way to get the pension and the medical benefits is to work for 25 years. If you leave after 23 years and/or are fired after 23 years you don't get the pension or medical benefits unless you catch on with another police department to finish your last two years.

 

You do get your money back out of the pension (not sure on all the money your department puts into the system) system but that isn't the same thing as getting your pension. In short, it basically takes a lifetime pension and converts it into about a three year cash payout. Furthermore, you are totally screwed on your medical benefits.

 

Police departments promote these great benefits when they hire you because they don't pay you very well up front. In other words, the retirement is probably the biggest benefit police officers get and this process allows it to be taken away, even at the last minute. No way it should be allowed in this format, this system is broke.

 

But isn't this known when you take the job? If so, sorry, I don't feel sorry for them. It sucks, but they knew it was a possibility going in. That's why you plan accordingly and have another retirement account on the side.

My brother just left a state job. He gets to keep his pension for his years of service. Whether he can take it in a lump sum or wait till he retires I'm not sure. Is Ky an at "At will' employment state? Much like my brother chose to leave, if his employer choose to let him go he would receive the normal state package which I'm sure is not very lucrative.

Tough break for the folks that may get laid off. They are not entitled to work for the full 25 years just because they started the gig. What incentive is it to work hard if you feel they should get to work for 25 years just because the job they chose did not pay well so the benefits were a big influence in taking the job?

If I get whacked tomorrow, which has happened to several of my co workers recently, I am lucky enough to keep my 401K since I am fully vested. I would lose some shares of stock options which are not. But I would not be able to start a new job that matches my 401K as my company does now. They increase it over the years due to my years of service, so my tenure would be lost. Why should these unfortunate folks fair any differnet than the private sector?

I explained it somewhat it post #65.

 

In short, you invest in the state pension system your whole career. After roughly 25 years (depending on when you were hired) you get to retire and get an immediate pension and full family medical benefits. The only way to get the pension and the medical benefits is to work for 25 years. If you leave after 23 years and/or are fired after 23 years you don't get the pension or medical benefits unless you catch on with another police department to finish your last two years.

 

You do get your money back out of the pension (not sure on all the money your department puts into the system) system but that isn't the same thing as getting your pension. In short, it basically takes a lifetime pension and converts it into about a three year cash payout. Furthermore, you are totally screwed on your medical benefits.

 

Police departments promote these great benefits when they hire you because they don't pay you very well up front. In other words, the retirement is probably the biggest benefit police officers get and this process allows it to be taken away, even at the last minute. No way it should be allowed in this format, this system is broke.

Usually one becomes vested in a defined benefit pension plan after five or seven years of service. If it's a 401(k) plan that you're in, then it travels with you to your next job. As far as the $5 grand per month, most of the large private companies used to offer severance of two weeks' salary per year of employment, capped at 26 years of service. Some places also will pick up the COBRA tab for 26 weeks.

Sounds like you'd make a decent union organizer.

 

For what it's worth, $5 grand per year of service isn't realistic. For health benefits, there's COBRA. The let-go deputies also should be eligible for unemployment benefits, right?

 

My company used to offer the following formula if you were laid off.

1 weeks salary for every year you were employed.

1 weeks salary for every year you are over the age of 40.

1 weeks salary for every $10,000 per year you made.

 

So a person that had 10 years of service making $52,000 a year ($1,000 weekly) and got laid off at 45 would get;

10X$1,000 = 10k

5X $1,000= 5k

5X $1,000 = 5k

for a total of $20,000

 

The program is no longer that generous. And for the record, every time a new boss is hired in, he needs to make his changes and bodies start flying. Part of life in the working world.

My company used to offer the following formula if you were laid off.

1 weeks salary for every year you were employed.

1 weeks salary for every year you are over the age of 40.

1 weeks salary for every $10,000 per year you made.

 

So a person that had 10 years of service making $52,000 a year ($1,000 weekly) and got laid off at 45 would get;

10X$1,000 = 10k

5X $1,000= 5k

5X $1,000 = 5k

for a total of $20,000

 

The program is no longer that generous. And for the record, every time a new boss is hired in, he needs to make his changes and bodies start flying. Part of life in the working world.

 

Wow that is a nice deal....my buddy got whacked from a company after 21 yrs and a spotless record. He made over $100K at the time and was given 3 months severance. Pretty much, the old ....its been real. See ya.... He does keep his 401K and was vested obviously but still only 3 months salary?

I would agree that the State pension system is broken. Given that many of the traditional "pension" jobs have gone away from the pension plans, why haven't the states done this as well. I understand that some go into law enforcement with the expectation that after 25 they can retire, but therein lies the problem. Private sector doesn't support that kind of thinking and it's long overdue for an overhaul on the public side.

 

People get laid off all the time and have to start their careers over, sometimes very late in life and that's unfortunate, but certainly not a reason to create a public lifeline to support it. Individual and personal responsibility should be the driver behind retirement, no how many years you clocked in. Getting laid off in these cases would seem to be an assumed risk of the job that you accept when you sign up.

Wow that is a nice deal....my buddy got whacked from a company after 21 yrs and a spotless record. He made over $100K at the time and was given 3 months severance. Pretty much, the old ....its been real. See ya.... He does keep his 401K and was vested obviously but still only 3 months salary?

Last gal to go was 54. Had 30+ years and made well over $100K. She did end up with a year severance**. But what they did was only guaranteed her 6 months. If she found another job within a year she only got paid for the period of time she was out of work (after 6 months).