America's Fastest-Growing Class of Millionaires

[smoking357]

The Millionaire Cop Next Door « Digital Rules - Forbes.com

"Who are America's fastest-growing class of millionaires? They are police officers, firefighters, teachers and federal bureaucrats who, unless things change drastically, will be paid something near their full salaries every year--until death--after retiring in their mid-50s. That is equivalent to a retirement sum worth millions of dollars."

 

[4sarge]

The Millionaire Cop Next Door « Digital Rules - Forbes.com

"Who are America's fastest-growing class of millionaires? They are police officers, firefighters, teachers and federal bureaucrats who, unless things change drastically, will be paid something near their full salaries every year--until death--after retiring in their mid-50s. That is equivalent to a retirement sum worth millions of dollars."

NOT TRUE in Indiana and the article seems to be quite California specific

That $2 million also happens to be the implied booty of your average California policeman who retires at age 55. Typical cities in California have a police officer's retirement plan that works as follows: 3% at 50. As the North County Times of Carlsbad, Calif., explains:
Carlsbad offers its police and firefighters a "3-percent-at-50" retirement plan, meaning that emergency services workers who retire at age 50 can get 3 percent of their highest salary times the number of years they have worked for the city.
City officials have said that in Carlsbad, the average firefighter or police officer typically retires at age 55 and has 28 years of service. Using the 3 percent salary calculation, that person would receive an annual city pension of $76,440.
That does not include health benefits, which might push real retirement compensation close to $100,000 a year.

Indiana PERF - I receive 3% on the money that was deducted from my payroll check and receive 0 in Medical or other Benefits. You can Retire with 30 years of service but must be at least 55 years of age (years of service and age must be equal to 85). I cannot comment on the Teacher's PERF because I'm Not Involved.

 

[Tryin']

Given the nature of 357's posts, I think he lives in California. . . He certainly is not "Mindin' My Own Business"

 

[smoking357]

Given the nature of 357's posts, I think he lives in California. . . He certainly is not "Mindin' My Own Business"

Wow, that was deep.

 

[VUPDblue]

We don't approve of drive-by posts of articles without the OP adding commentary or asking for discussion.... You wanna spam the board? Go spam someone else's board.