FRS - no COLA for years earned since 2011 - how do you compensate?

[Unregistered]

Let's be honest, we will all be working a second career after we leave here, there is just no way around it. I came here at 22 in 1992 after '4 in the Corps' and cannot leave because I have children in college. I will not tell them to pay for it themselves because I want them to have better opportunities than I did. It is our responsibility to see to it that our children make out better than us; we should all want that for them.

Anyhow, I am fine working at Home Depot or some other place after I get the hell out of here to make that happen.

Off soap box!

[Unregistered]

To each his own but stats show that the average retired LEO enjoys about 8 years' worth of pension before passing away. Let's face, the stress of the job is not conducive to long retirements. I don't plan to spend my retirement at Home Depot or G4S making $13/hr to pay for my kids' college. That's what part time jobs, scholarships and student loans are for. I'd rather save enough while on duty to supplement the pension and hopefully make it to collect Social Security too. There comes a time to enjoy life after the job rather than working until you drop dead.

[Unregistered]

Another option is to not do drop and work 30 or 33 years to get more money from your pension. If the economy keeps booming, there will no excuse for the legislaters to bring back COLA. At least 2 percent.

[Unregistered]

Another option is to not do drop and work 30 or 33 years to get more money from your pension. If the economy keeps booming, there will no excuse for the legislaters to bring back COLA. At least 2 percent.

Newbies already have to work 30 years for traditional, penalty-free retirement (75% of highest 5 years). Feasible for those starting work in their twenties but a stretch for those who started later in life. The pension still sucks without a COLA unless you do not live long after you leave the agency.

The legislature has been ignoring every bill which would restore the 25 year high risk pension and pension COLA. Probably to make the pension less generous and shift newbies into the investment plan, which is already happening.

[Unregistered]

Newbies already have to work 30 years for traditional, penalty-free retirement (75% of highest 5 years). Feasible for those starting work in their twenties but a stretch for those who started later in life. The pension still sucks without a COLA unless you do not live long after you leave the agency.

The legislature has been ignoring every bill which would restore the 25 year high risk pension and pension COLA. Probably to make the pension less generous and shift newbies into the investment plan, which is already happening.

They can’t ignore it for too long if the economy keeps booming. Our union reps need to get on the ball to get this changed. I undersnd the recession of 2008, but this is unacceptable. Especially if they want to keep teachers, fire fighters and cops in the state of Florida.

[Unregistered]

Newbies already have to work 30 years for traditional, penalty-free retirement (75% of highest 5 years).

The second half is wrong. It is still 3% per year, which equals 90% by the end of your 30.

[Unregistered]

Your hire date is 1991 so you have 20 years from that time to 2011 @ 3% COLA earned. The years after 2011 do not have a pension COLA. Let's say you retire in 2021, then your pension would pay you a COLA for the 20 years ending in 2011 but the last 10 years would be straight pension with no COLA. You are probably looking at a pension COLA of 2% in this scenario. Unless the legislature changes something.

Thanks for this helpful info!

[Unregistered]

Hello, I'm a nurse at JMH. Now is the time to reinstate the FRS Cola. Police, Fire and Nurses should work together and get it done this year. Our Union is www.SEIU1991.org

[Unregistered]

They can’t ignore it for too long if the economy keeps booming. Our union reps need to get on the ball to get this changed. I undersnd the recession of 2008, but this is unacceptable. Especially if they want to keep teachers, fire fighters and cops in the state of Florida.

So much for booming economy.

[Unregistered]

Hello, I'm a nurse at JMH. Now is the time to reinstate the FRS Cola. Police, Fire and Nurses should work together and get it done this year. Our Union is www.SEIU1991.org

Not a chance of reinstalling the COLA especially with the stock market taking a crap lately reducing the FRS pension fund.

You will have to have about $300k - $400k in retirement savings to offset the COLA shortfall, depending how long you live in retirement.