Prosecutor Eric Smith pension starts at 53?

[mjb3]

I wonder if anyone has knowledge of how his pension was set up so he could recieve it at only 53? My understanding was for all pensions[[teachers, govt employees, corporate, etc) you must wait until age 65 to recieve your benefit. Only exception cops and fireman who sometimes get it at 48,50 but even those I thought were in disability situations only. It does seem like a lot but lawyers in private practice can make >$200K so it may not be that outrageous. But is nothing us private sector working stiffs will ever see... thanks...

https://www.detroitnews.com/story/ne...st/7079524001/

[Bong-Man]

Using Michigan teachers & gov't employees as an example, their pensions are based on 30 years of service. If someone started at 25, they could retire with a pension & health care at 55 under the old MPSERS plan. That plan was eliminated almost 10 years ago. A State sponsored 401k plan is now provided.

Since he worked for Macomb County, Eric Smith may have been eligible for what they called, "the drop plan". This was a retirement plan [[scheme) dreamed up by Mark Hackel & others. It was approved as a supposed means to reduce pension costs. It took some outside actuaries to determine it was a scam on the County that rewarded a very few.

I am a former MI public school employee, and I've been retired since I was 55 with full health care. I also get a non-compounded 3% raise annually on my pension based on the original amount. I started at 19 and left with 36 years of service. I was eligible to leave at 49.

[jcole]

My husband is also a MPSERS and he retired at 54 with full pension. He came along at a time when the schools were trying to get rid of teachers who had been employed a long time and had Masters + so they bought him out a year or two early

...
I am a former MI public school employee, and I've been retired since I was 55 with full health care. I also get a non-compounded 3% raise annually on my pension based on the original amount. I started at 19 and left with 36 years of service. I was eligible to leave at 49.

[Henry Whalley]

My husband is also a MPSERS and he retired at 54 with full pension.

"At about 54, the average age of retirement in China is among the lowest in the world. This is a problem. Since standards were set, life expectancy has soared while the number of working adults—those whose labour, in effect, supports retirees—has begun to shrink. But persuading people that they should work longer is proving hard. In 2008 the government said it was mulling the idea of raising retirement ages, but backed away amid a public outcry."

[jcole]

Don't misunderstand me; he retired from teaching but then worked temp work for about a year until he found a full time job in Grocery in Produce. He worked in that field for another 24 yrs until he retired during Covid at the age of 79. He's substantially older than I and we had two teenagers when he retired the first time. I'm 66 and still working part time.

"At about 54, the average age of retirement in China is among the lowest in the world. This is a problem. Since standards were set, life expectancy has soared while the number of working adults—those whose labour, in effect, supports retirees—has begun to shrink. But persuading people that they should work longer is proving hard. In 2008 the government said it was mulling the idea of raising retirement ages, but backed away amid a public outcry."

[Henry Whalley]

"At about 54, the average age of retirement in China is among the lowest in the world. This is a problem...."

The quote is from an article in the right-leaning Economist magazine. I don't have a problem with retiring at 54. It seems that most Americas work till kingdom come, which is their right I suppose, but it's not my cup of tea.

[Zacha341]

^ I hear that! And why is there an assumption that after you retire you're not busy. You can go on to volunteer for things you like, spend more time with family and work part-time at something you want to do.

[mjb3]

Thanks Bongman, I knew you could leave early once you had your 30 yrs in, I just thought you had to wait to age 65 to start receiving pension. I know people in military it's 20 and out and they get out at 38 but don't recieve pension til 65. A lot of guys get second job and build second pension - they they have two pension payouts starting at age 65.
I agree the macomb county drop plan sounds fishy - dreamed up by some consultant who gives campaign $ to politicians. Thanks again for the clarification...

[leapfrog]

Thanks Bongman, I knew you could leave early once you had your 30 yrs in, I just thought you had to wait to age 65 to start receiving pension. I know people in military it's 20 and out and they get out at 38 but don't recieve pension til 65. A lot of guys get second job and build second pension - they they have two pension payouts starting at age 65.
I agree the macomb county drop plan sounds fishy - dreamed up by some consultant who gives campaign $ to politicians. Thanks again for the clarification...

I enlisted at 17, retired at 37 after 20 years and started drawing my military pension upon separating from the Army.
I went to work at another company and I am 2 years away from having 20 years in with my current employer.

But I started drawing my military pension immediately.

[Ray1936]

I retired from the Detroit PD in 1984 after 29 years. Do you really want a 55 year old person chasing the guy who just held you up? Some positions absolutely require a degree of youth.

On the other hand, I'm a freak, being still alive at 85. All my classmates from the Detroit Police Academy are all dead. Class of 50 candidates in 1959. I've traced them all. And, of course, if my wife catches me with my girl friend, I'll soon be dead also.

[canuck]

On the other hand, I'm a freak, being still alive at 85. All my classmates from the Detroit Police Academy are all dead. Class of 50 candidates in 1959. I've traced them all.

You must have been the only one to skip on the Dutch Girl donuts.

[Jimaz]

I retired from the Detroit PD in 1984 after 29 years. Do you really want a 55 year old person chasing the guy who just held you up? Some positions absolutely require a degree of youth.

On the other hand, I'm a freak, being still alive at 85. All my classmates from the Detroit Police Academy are all dead. Class of 50 candidates in 1959. I've traced them all. And, of course, if my wife catches me with my girl friend, I'll soon be dead also.

Just for kicks I went on another treasure hunt trying to spot your house in Google Street View.

You have figurines in your yard but they're kind of blurry. Is one of them a pig? Sounds just like your sense of humor. That's funny.

[Ray1936]

Just for kicks I went on another treasure hunt trying to spot your house in Google Street View.

You have figurines in your yard but they're kind of blurry. Is one of them a pig? Sounds just like your sense of humor. That's funny.

Yes, one is a fat little pig that I just gave a fresh coat of spray paint! If anyone else would like to take a look at my home punch in 2592 Solera Sky Drive, Henderson, NV on Google street view.

[Jimaz]

...If anyone else would like to take a look at my home punch in....

And if you want to see Ray waving at the Google car, hop around the area in June 2014. I could find only one photo that showed him.

[Ray1936]

And if you want to see Ray waving at the Google car, hop around the area in June 2014. I could find only one photo that showed him.

Yup, I was pulling into my garage and spotted the Google car across the street. Some folks like to hide from everything, but not me. I jumped up and down and waved! Had the Google driver stopped I'd of invited him for coffee and donuts!

[Smirnoff]

I retired from the Detroit PD in 1984 after 29 years. Do you really want a 55 year old person chasing the guy who just held you up? Some positions absolutely require a degree of youth.

On the other hand, I'm a freak, being still alive at 85. All my classmates from the Detroit Police Academy are all dead. Class of 50 candidates in 1959. I've traced them all. And, of course, if my wife catches me with my girl friend, I'll soon be dead also.

DPD officer Olsen retired around 85-years young. . . ...

[Ray1936]

DPD officer Olsen retired around 85-years young. . . ...

Yup, and over a half century in the DPD.

[Midnight Rambler]

I retired from the Detroit PD in 1984 after 29 years. Do you really want a 55 year old person chasing the guy who just held you up? Some positions absolutely require a degree of youth.

On the other hand, I'm a freak, being still alive at 85. All my classmates from the Detroit Police Academy are all dead. Class of 50 candidates in 1959. I've traced them all. And, of course, if my wife catches me with my girl friend, I'll soon be dead also.

Ray, I'm so glad you are still around. My Grandfather was a retired Detroit Police Officer with 25 years of service 1950-1975. He passed away at 80 just over 14 years ago. There are indeed very few Detroit Police Officers from the 1950s still alive, let alone actively posting on Detroit discussion forums.

[jcole]

My dad retired from DPD after 37 yrs at age 60 and collected his pension immediately which was a good thing because back in those days they didn't pay into Social Security at all. He made an error in judgment though and took a standard 3% per year increase instead of COLA because he didn't believe it would ever go above a couple of % per year.

[Eber Brock Ward]

Many city and county pension plans are managed by those cities and counties.

For example, Matt Schenk from Wayne County got nearly $100k/year at age 42: https://www.clickondetroit.com/news/...hief-of-staff/

For the longest time, if you were an exec at the County for 8 years, you got the "Amann benefit," which is health care for life: https://www.casemine.com/judgement/u...51411c3d2e/amp. Some folks got eligible for it in their 30s or 40s, if I remember it right.

[Henry Whalley]

For example, Matt Schenk from Wayne County got nearly $100k/year at age 42...

Isn't it true that the fund is teetering on bankruptcy?

[Cincinnati_Kid]

Many city and county pension plans are managed by those cities and counties.

For example, Matt Schenk from Wayne County got nearly $100k/year at age 42: https://www.clickondetroit.com/news/...hief-of-staff/

For the longest time, if you were an exec at the County for 8 years, you got the "Amann benefit," which is health care for life: https://www.casemine.com/judgement/u...51411c3d2e/amp. Some folks got eligible for it in their 30s or 40s, if I remember it right.

That's some BS. He doesn't deserve a pension like that when he didn't put in the time. He probably didn't do $hit his 8 years there. Government employees always get the best perks.

[Ray1936]

It just strikes me that those in an uproar over early retirements should have done some thinking in their early years about the future instead of getting ordinary employment and having fun.

That said, that was a true concern of mine after high school. Was planning on a military career, but the DPD grabbed me before that could happen and as a result had a pension check every month since September, 1984.

[401don]

It just strikes me that those in an uproar over early retirements should have done some thinking in their early years about the future instead of getting ordinary employment and having fun.

That said, that was a true concern of mine after high school. Was planning on a military career, but the DPD grabbed me before that could happen and as a result had a pension check every month since September, 1984.

You chose to work for a gov't that went bankrupt but your pension was bailed out out for you. Same happened with autoworkers. Most people aren't so lucky.

[Henry Whalley]

Most people aren't so lucky.

Yeah, IIRC Teamster retirees took a haircut to cover Godfather's bad debts.