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Pensions, DROP, and other retirement programs
My name is Micah Ethridge and I am a 14 year veteran of the Jacksonville Fire/Rescue Department in Jacksonville Florida. In addition to being a full-time firefighter I also work as a financial adviser for World Financial Group.
I’ve been helping other members of our fire department with planning for their retirement for the past 1 & ½ years and it’s been great! I help our members with all aspects of their financial lives. I help them with things such as retirement planning, saving for college, rolling over old 401(K)s, insurance needs, etc.
I’ve decided to start this discussion for two reasons.
The first is that I’d like to learn about what other departments are offering as their retirement options. In Jacksonville we are fortunate to have a pension program that allows us to retire at 60% of our pay after 20 years of service that steps up all the way to 80% after 30 years of service. We also have a five year D.R.O.P. program. We can leave our D.R.O.P. money in the pension fund where it accrues 8.4% annually. In addition to this we also have a 457 program available to us. Would you be willing to share the retirement options that your department is currently offering?
The second reason that I started this discussion is that I would like to offer to help other firefighters across the nation with their financial needs. Too often we as firefighters do not spend the necessary time planning for our financial futures. I would like to offer to help other firefighters by teaching them what I know about preparing for their financial future. In the past year and a half that I have been in this business I have dedicated a very large portion of my time learning about what we can do to make sure that we enjoy the retirement lifestyle that we all desire as well as what we need to do to protect our families in the event of our untimely death. I have studied for and received four licenses which qualify me to give the advice that is most beneficial to those that I’m helping. I never charge for my advice. Would you like for me to help you?
Replies to This Discussion
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Permalink Reply by Jonathan on
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Micah how's the weather in the sunshine state? My career dept. offers 80% pay after 25yrs or 100% after 30yrs and we have a 3yr drop. Everyone shoots for 30-and-3 but you also have those who just want to put in their 25 and get out. I'm 22, been fighting fire since my Sr. year in highschool. Been a vollie, contract/federal/arff, and for about 2yrs a career/municipal firefighter. So for the time being I just have the plain jane typical retirement set up. We also have plans set up through nationwide though I still have yet to talk with our REP and setup to have any other retirement as well.
Thanks for all that you do to help out your brothers & sisters.
-Jon
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Permalink Reply by Micah Ethridge on
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Hi Jon,
WOW! That’s impressive! 100% at 30 years and a 3 year DROP. That’s the best that I’ve heard of. Good for you. Where do you live? How big is your department? The weather here in Jax has been beautiful. High today is 68 and the sun is shining. It’s a great day to be alive! I’m working in my office right now though. I’ve got a retired firefighter that I’m helping with his finances. We’re actually setting up an annuity for him that will guarantee him income for the rest of his life regardless of what the stock market is doing. I’m looking forward to my daughter’s softball game this afternoon. The weather should be perfect.
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Micah,
Sorry for getting back with you so late, I'm in my last semester finishing up my Fire Science degree and classes have kept me busy. I live in Southwest Louisiana, Lake Charles to be exact. We have close to 200 firefighters, 3 shifts, 10 stations, 16trucks. Good to hear you've been having some great weather, hope the game went well too!
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Hi Jon,
I'd really like to learn more about your department's DROP and retirement program. Would you mind giving me a call sometime? My cell number is 904-210-5277 or if you would prefer I can call you.
Thanks!
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