Federal employees who execute particular duties are categorized as law enforcement officers (LEOs) and are entitled to enhanced retirement benefits under the CSRS or Federal Employees Retirement System (FERS). So, for the third installment of the FERS episodes, Michael, Tommy, and John will be discussing the special provisions of law enforcement, specifically the differing factors between LEOs and normal FERS.
Listen in as they explain the FERS disability benefits, which is really disability retirement, as well as FERS in-service death benefits. You will learn what goes into a financial plan if you decide to retire early (before 50), the cost of living adjustments (COLAs), and what your family receives if you pass away in service.
Listen to the full episode here:
What you will learn:
- How law enforcement folks are incentivized with their pension. (2:39)
- When LEO can access their TSP. (5:00)
- What to be aware of if you plan on retiring early. (9:45)
- What tax benefit LEOs can receive for their health insurance. (11:00)
- Disability benefits for FERS. (15:30)
- The importance of having a financial advisor that specializes in federal employees. (21:00)
- What happens if you die in service. (24:45)
Ideas worth sharing:
“A lot goes into your financial plan if you are retiring pre-50 years old.” - Mason & Associates, LLC
“If you do qualify for an immediate unreduced retirement [and you get hurt], then that means you are not eligible for a disability retirement.” - Mason & Associates, LLC
"There are many people with good intentions that give bad advice.” - Mason & Associates, LLC
Resources from this episode:
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