LMPD :: Louisville Metro Police Department
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309 Comments

LMPD officer charged with official misconduct after ordering woman to strip

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RE: LMPD officer charged with official misconduct after ordering...

June 24th, 2013 @ 4:01PM (11 years ago)

It can slightly vary depending on your particular situation, but for the most part you can net as much income staying at home after 27 1/2 years.

RE: LMPD officer charged with official misconduct after ordering...

June 25th, 2013 @ 11:06AM (11 years ago)

Dear lord...you all should know you pension plan. Yes you get 100% at 40 years service. If you were under the old 20 year and out you get 50% at 20 years and 2.5% each year after that if you work 41 years you get 102.5%. SO the ones hires at 25 and out get 50% after 25 years and 100% after 45 years service. So if you are a old timer and retire with 40 years of service and your average high three is 75,000 the you would get 100(%)X75,000 divided by 12=$6250.00 a month for your pension. If that same officer stayed 27 years he/she would get 67.5% of their salary.... that would be 67.5 X 75000 divided by 12 = $4218.75 a month for your pension (approximately).

RE: LMPD officer charged with official misconduct after ordering...

June 26th, 2013 @ 9:28PM (11 years ago)

Bear in mind that in Kentucky, you do not pay SSI (social security tax), nor is the first $41,110 considered taxable income. KRS also uses a formula to determine how much they will pay towards your health benefit. At present, someone retiring with 240 actual months of hazardous duty credit would have to pay $29.40 monthly for family coverage in the best plan offered. With less than the 240 months, the state pays less of a benefit. There is a calculator on the KRS website if you're interested.

If you don't have 240 months of actual service, you cannot apply ghost years to receive this credit. Non-hazardous is figured at a much less generous rate.

So - the only deductions you will see from your pension is for health insurance and federal taxes. They do not deduct anything else. You will not be liable for any local income tax either.

That is how you end up netting the same amount you did while working, while only grossing 67% of your working pay.

At the end of the year, you will be responsible for state tax on any pension income in excess of $41,100. You will also be responsible for whatever tax rate your overall federal AGI allows for, so keep that in mind when KSR puts a default rate of 12%, and you should be withholding 24%. So, you get stuck with a big tax bill on April 15th. This big tax bill is easy to avoid simply by taking a pretty good guess at what your total annual income would be. Then, look up whatever tax bracket that income lands within, then tell KRS to withhold at that rate. It will give you enough of a buffer in case you fail to add in all your income during your estimate, and you may actually end up with a small refund.