Police, sheriffs and other law enforcement departments around Minnesota are seeking to shore up their ranks in preparation for a possible large-scale exodus of older, experienced veterans next spring when pension changes could result in a wave of early retirements.
Out of about 10,500 peace officers in the state, an estimated 10 percent could be eligible to retire early by May 31, 2014, after which pension reductions will increase for those who retire before they turn 55.
By May, there will be about 105 St. Paul officers age 50 or older and eligible for retirement, about 17 percent of the total active officers. In Minneapolis, 166 officers could retire now, out of 814 sworn officers. About 30 percent of sworn deputies working for the Ramsey County Sheriff's Office could be eligible for retirement.
Some fear that if a large number of those officers leave all at once, it could mean fewer cops on the street — or at least fewer with experience.
For the first time ever, the St. Paul Police Department hosted a job fair last month in search of men and women interested in wearing a badge. When St. Paul police hosted two seminars recently for people in the department who were thinking about retiring early, they completely filled up — raising red flags and fueling Chief Tom Smith's concerns.
"I'm worried about if we are losing a lot of people … a lot of experience can go out the door," Smith said.
The catalyst was an omnibus pension bill signed into law this year to strengthen the police and fire plan of the Public Employees Retirement Association of Minnesota (PERA), which has lost funding relative to its beneficiaries since 1999.
More retiring in their 50s
Among several provisions was an increase in early retirement reduction factors that will go from 1.2 percent per year to 5 percent per year for most members in 2019. That means that, after May 31, there will be a higher reduction in pensions for retiring early. The change will be phased in over five years. However, members also have to consider that the longer they work, the more their salary is likely to increase and the more service credits they earn.