Unregistered
03-10-2017, 04:07 AM
Cobb County Police Department's Hybrid Pension Plan is a joke!!!!
It's half 401 and half pension which simply looks like this:
How is the annual retirement benefit calculated in the Hybrid Defined Benefit/Defined Contribution Plan?
For the Defined Benefit Component:The annual retirement benefit calculation formula uses the Final Average Earnings (defined as the average of the highest five (5) consecutive years, within the ten (10) years prior to the employee’s termination of employment) times a multiplier of 1% times the number of years and months of credited service.
Example: Final Average Earnings = $45,000 X 1.0% = $450 X 30 years of service = $13,500 Annual Benefit.
But let's pretend you could top out at $63,000 a year and average that for 5 consecutive year. It would look like this:
Fantasy Example: Final Average Earnings = $63,000 X 1.0% = $630 X 30 years of service = $18,900 Annual Benefit.
***And Overtime DOES NOT county towards your retirement.***
Check out the link: https://cobbcounty.org/index.php?opt...600&Itemid=532
Well worth being spit on, shot, stabbed, ran over by a car, sued, divorced, or targeted because your a cop. And those are just a list of things to look forward to from outside of the department.
I also hope that you are 21 years old when you start, so you can retire at 51 years old and start a second job/retirement and get 20 years in there to help supplement your retirement at 71 years old.
Your only other options are:
Be born into a wealthy family
Marry for money
Win the lottery or
Retire in a van down by the river.
It's half 401 and half pension which simply looks like this:
How is the annual retirement benefit calculated in the Hybrid Defined Benefit/Defined Contribution Plan?
For the Defined Benefit Component:The annual retirement benefit calculation formula uses the Final Average Earnings (defined as the average of the highest five (5) consecutive years, within the ten (10) years prior to the employee’s termination of employment) times a multiplier of 1% times the number of years and months of credited service.
Example: Final Average Earnings = $45,000 X 1.0% = $450 X 30 years of service = $13,500 Annual Benefit.
But let's pretend you could top out at $63,000 a year and average that for 5 consecutive year. It would look like this:
Fantasy Example: Final Average Earnings = $63,000 X 1.0% = $630 X 30 years of service = $18,900 Annual Benefit.
***And Overtime DOES NOT county towards your retirement.***
Check out the link: https://cobbcounty.org/index.php?opt...600&Itemid=532
Well worth being spit on, shot, stabbed, ran over by a car, sued, divorced, or targeted because your a cop. And those are just a list of things to look forward to from outside of the department.
I also hope that you are 21 years old when you start, so you can retire at 51 years old and start a second job/retirement and get 20 years in there to help supplement your retirement at 71 years old.
Your only other options are:
Be born into a wealthy family
Marry for money
Win the lottery or
Retire in a van down by the river.