Council approved a buyout of deputy chiefs who have 25 years of experience. Those deputy chiefs can retire early and get a $300,000 payout if they choose to.
“Currently, it is extremely difficult for retired first responders to utilize an existing benefit that helps cover certain health care expenses, which is why I introduced this legislation that would ensure these retirees can make tax-free withdrawals from their pension and direct those amounts to qualifying insurance premiums.”
With the program moving forward, there’s more concern during a time when the department is already understaffed. In 2021, 140 officers left the department with just 50 hired.
You may retire before you are eligible for Medicare and your healthcare benefits are subject to change, so you have to make plans for covering your medical expenses.
The PORAC Retiree Medical Trust is a tax-free funding vehicle that helps law enforcement members pay for medical expenses during retirement.
Regardless of where you are in your law enforcement career, there's no better time than the present to give at least a little bit of thought to the future—a future following your time in policing.
In interviews, some former Minnesota chiefs cited fatigue and anti-police sentiment as part of their rationale for leaving.
The lawsuit by Baltimore police and firefighters has been winding through the courts since a 2010 city council decision to change existing laws on when employees can retire and receive pension benefits.
“If an anti-police environment were driving separations, we would expect to see a large number of separations with years of service insufficient to retire,” Larry Hadfield, department spokesperson, said in an email. “So far, we have not seen that.”
As of Tuesday, 2,171 cops have left the department in 2020. That’s a 72% increase from the 1,262 who left during the same period of 2019.
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