Retirement

mimo2005 · 10-18-2008, 12:46 AM

IRS & US Treasury wants to make 50 years of age the minimum age that law enforcement officers can retire, regardless of years of service. Many thousands of officers are eligible to retire at age 40 because they started at age 20 and will complete their 20 years of service a little bit after 2011.
Most of the cops come in their 20's and most of them leave in their 40's. The IRS & US Treasury are saying no more. Their proposal is that the earliest that they can retire is at age 50, so if someone is right about to complete his 20 years a bit after they implement their decision, he is screwed, even though he was hired under a 20 year retirement system. They will not recognize years of service anymore. Age will be the bar for retirement. IRS's ruling will effect every local/state law enforcement officer, fire fighter and teacher.
Well, the IRS wants to implement their ruling on January 1, 2011. They originally wanted to implement the ruling on January 1, 2009 but gave pension systems around the country an extension to prepare for the change. So here's where it gets interesting. There is a significant amount of officers (at least 10,000 in NYC) that will be very close to retiring (over 15 years of service) right after that Jan 1, 2011 deadline. Once the deadline passes, they cannot retire until they are age 50 IF THEY WANT THEIR PENSION.

http://www.napo.org/legislative-upda...ormation08.htm

http://nycpba.org/tadam/tadam-081015-irs.html

There is a possibility of many will quit overnight.

**Drew1369** · 10-18-2008, 01:20 AM

wont happen... and if by some wierd small chance that they can implement it everyone in would be grandfathered.

The pentagon has thought of the same thing except they can retire after 20 years but wouldn't draw a pension until 65. That plan fell thru... as I believe this one will as well.

But one thing I find wierd is that the US Treasury would decide something that is at the state level. As the federal government doesn't pay state pensions.

mimo2005 · 10-18-2008, 09:56 AM

I mean no disrespect to those police, fire etc who do really good jobs, but what needs to change is a couple of things.

1) We need to get rid of a bunch of laws that criminalize stupidity that eat up a lot of police time.
2) We need to (at least in suburbia) stop putting so many police on speeding patrol and set them to responding to what most people consider crime - burglery, assault, etc. The next town where i live built a multi million $$ new facility for police training. Please - is that really necessary ? What have they been doing for the last say 50 years for training, and why does it need to be a Taj Mahal ?
3) Why should anyone be able to retire and get a pension for 40-50 years at the expense of the taxpayer, especially when you have a lot of useful years ahead of you in some other capacity ?

No one should be getting a free ride for 40+ years at the expense of the taxpayer. Pay 'em more while they're working and stop with the freebies.

This is what me think is happening ,we literally can no longer afford to pay pensions like theirs, and the covenants will be re-written to pay less for more years of service. The boomers got theirs and everyone else is screwed. We are broke, and the standard of living that we assumed was normal from 1940-2000 is a thing of the past. Social Security, Medicare, Medicaid, Subsidised prescription drugs, pensions - forget it.

DISNEYLAND is now closed!
REALITY is tough!

"All this stuff you take for granted, the life you know - It's not gonna last."
--John Connner

10-18-2008, 12:46 AM	#1 (permalink)
mimo2005 Manager, Emeritus Join Date: Oct 2004 Posts: 11,142 OS: xp	Retirement IRS & US Treasury wants to make 50 years of age the minimum age that law enforcement officers can retire, regardless of years of service. Many thousands of officers are eligible to retire at age 40 because they started at age 20 and will complete their 20 years of service a little bit after 2011. Most of the cops come in their 20's and most of them leave in their 40's. The IRS & US Treasury are saying no more. Their proposal is that the earliest that they can retire is at age 50, so if someone is right about to complete his 20 years a bit after they implement their decision, he is screwed, even though he was hired under a 20 year retirement system. They will not recognize years of service anymore. Age will be the bar for retirement. IRS's ruling will effect every local/state law enforcement officer, fire fighter and teacher. Well, the IRS wants to implement their ruling on January 1, 2011. They originally wanted to implement the ruling on January 1, 2009 but gave pension systems around the country an extension to prepare for the change. So here's where it gets interesting. There is a significant amount of officers (at least 10,000 in NYC) that will be very close to retiring (over 15 years of service) right after that Jan 1, 2011 deadline. Once the deadline passes, they cannot retire until they are age 50 IF THEY WANT THEIR PENSION. http://www.napo.org/legislative-upda...ormation08.htm http://nycpba.org/tadam/tadam-081015-irs.html There is a possibility of many will quit overnight. __________________ TSF has outgrown its server, again. Please help "Gutta cavat lapidem, non vi sed saepe cadendo" Last edited by mimo2005; 10-18-2008 at 12:50 AM.

10-18-2008, 01:20 AM	#2 (permalink)
Drew1369 Moderator Relaxation Room Join Date: Jan 2007 Location: Seattle, WA, USA Posts: 3,432 OS: Win7 Ultimate	Re: Retirement wont happen... and if by some wierd small chance that they can implement it everyone in would be grandfathered. The pentagon has thought of the same thing except they can retire after 20 years but wouldn't draw a pension until 65. That plan fell thru... as I believe this one will as well. But one thing I find wierd is that the US Treasury would decide something that is at the state level. As the federal government doesn't pay state pensions. __________________ We humans have a primal urge to kill because, thanks to natural selection, all the homo sapiens who didn't have a primal urge to kill, were themselves killed. http://obamaclock.org/

10-18-2008, 09:56 AM	#3 (permalink)
mimo2005 Manager, Emeritus Join Date: Oct 2004 Posts: 11,142 OS: xp	Re: Retirement I mean no disrespect to those police, fire etc who do really good jobs, but what needs to change is a couple of things. 1) We need to get rid of a bunch of laws that criminalize stupidity that eat up a lot of police time. 2) We need to (at least in suburbia) stop putting so many police on speeding patrol and set them to responding to what most people consider crime - burglery, assault, etc. The next town where i live built a multi million $$ new facility for police training. Please - is that really necessary ? What have they been doing for the last say 50 years for training, and why does it need to be a Taj Mahal ? 3) Why should anyone be able to retire and get a pension for 40-50 years at the expense of the taxpayer, especially when you have a lot of useful years ahead of you in some other capacity ? No one should be getting a free ride for 40+ years at the expense of the taxpayer. Pay 'em more while they're working and stop with the freebies. This is what me think is happening ,we literally can no longer afford to pay pensions like theirs, and the covenants will be re-written to pay less for more years of service. The boomers got theirs and everyone else is screwed. We are broke, and the standard of living that we assumed was normal from 1940-2000 is a thing of the past. Social Security, Medicare, Medicaid, Subsidised prescription drugs, pensions - forget it. DISNEYLAND is now closed! REALITY is tough! "All this stuff you take for granted, the life you know - It's not gonna last." --John Connner __________________ TSF has outgrown its server, again. Please help "Gutta cavat lapidem, non vi sed saepe cadendo"