Trust But Verify: Ensuring Your PERS Numbers Are Accurate
To all our members, active and retired, I hope this message finds you happy and healthy as we move toward the summer. As most of you know, I will be retiring on October 23 of this year. With that in mind, I wanted to share some information about the process for those who may be considering retirement.
A few years ago, I began planning my own retirement. I contacted PERS, obtained my estimates, discussed everything with my boss, also known as my wife, and determined that the projected income would be sufficient for our family. I often tell officers that while we service this profession with honor, we also work toward the goal of retiring comfortably, ideally without feeling the need to seek additional employment. I advise all officers to live within their means. Doing so makes the transition to retirement much easier, as your day-to-day expenses are much more manageable. Major lifestyle choices, such as buying a boat, a $100,000 vehicle, or maintaining a 6,000-square-foot home can significantly impact how much income you will need in retirement. These are all important considerations as you approach your target date.
Equally important, however, is ensuring that your PERS numbers are accurate. While PERS staff work hard and are reliable, they are human. Mistakes can happen. It is critical that you do not rely solely on the initial estimates provided. In my case, PERS mistakenly credited me with an additional three years of service, which significantly increased my projected retirement benefit. I must thank Scott Nicholas, our awesome VP, for catching that discrepancy. Since he and I started with the agency about a year apart, he questioned why my estimate was so much higher than his. After reviewing the details, he caught the error. Had this mistake gone unnoticed until after my retirement, the outcome could have been different. At that point, a correction would likely have come with little more than a "sorry." For this reason, I strongly encourage anyone considering retirement to take an extra step after receiving a PERS estimate. Reach out to Scott or Dan and review your numbers with them to ensure everything appears accurate. Scott, on several occasions, has even accompanied members to the PERS office to review figures directly with PERS staff.
The last thing you want is to retire and discover your income is not what you expected, unless, of course, it's more! The PPA is a valuable resource for every officer. We regularly navigate complex and nuanced issues involving LVMPD, the City of Las Vegas, and beyond. We are a wealth of knowledge and here to help serve as a resource whenever you need guidance. When it comes to one of the most important decisions of your career, retirement, please come and consult us to ensure there are no surprises when the time comes. Thank you all for your attention to this matter, stole that from President Trump, and please stay safe out there.