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To: Half Vast Conspiracy; Pining_4_TX

And in San Francisco, besides the over $100 grand, their pension is nearly 100 percent of pay at 50 years of age. They top off at 94 percent. But when overtime is factored in, they end up getting more in their pension than their regular pay. A lot of cops earn $150 grand a year with overtime pay. Formula was 3 percent times years of service times last year of pay including overtime, with a max at 94 percent, earliest to receive full retirement is 50 years of age. Formula may have been increased in recent years. They are extremely well paid. I don’t know if a college degree is required, that may be so now. But in years past a HS diploma was sufficient. I know SF cops who merely have a HS equivalency diploma, never having finished high school.


115 posted on 11/24/2014 10:42:01 AM PST by roadcat
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To: Half Vast Conspiracy; Pining_4_TX

They changed the retirement formula for new hires, downward. I looked it up. It’s now 90 percent at 58 years of age. It used to be higher, but with the increased salaries compared to 15 years ago, it’s still a lot of pension, especially calculated on pay with overtime. Hires from long ago are grandfathered into the old pension formula numbers.


123 posted on 11/24/2014 1:29:57 PM PST by roadcat
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