Latest / Blue Grit Podcast: The Voice of Texas Law Enforcement / #023 "She Almost Walked Away From $680,000"

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#023 "She Almost Walked Away From $680,000" · Blue Grit Podcast: The Voice of Texas Law Enforcement

0:00
SPEAKER_03: She was walking away from$680,000.
0:03
SPEAKER_03: Um, she was after a lump sum payment.
0:05
SPEAKER_03: We could not talk her out of it.
0:07
SPEAKER_03: When we see things like that, we try our best to try to educate the member.
0:12
SPEAKER_02: I this cannot happen.
0:13
SPEAKER_02: If I have to drive to this town, I will drive to this town because this this is hurting my heart.
0:18
SPEAKER_02: What she is leaving on the table.
0:23
SPEAKER_05: Well, welcome back, listeners, viewers, watchers, voyeurs.
0:27
SPEAKER_05: It's Blue Grip Podcast.
0:28
SPEAKER_05: I'm Tyler Owen.
0:30
SPEAKER_04: Clint McNear.
0:32
SPEAKER_05: Well, welcome back, Clinton.
0:35
SPEAKER_05: You just got back to driving from the rain.
0:36
SPEAKER_04: I just drove in the rain this morning on 35, and I don't recommend that.
0:41
SPEAKER_05: Hey, I got my truck back.
0:43
SPEAKER_05: That's cool.
0:44
SPEAKER_05: How was it?
0:45
SPEAKER_05: I've got the beauty back.
0:47
SPEAKER_05: It's nice, man.
0:48
SPEAKER_05: It's uh shout out to Riotta Ford.
0:50
SPEAKER_05: Y'all uh y'all did great work.
0:52
SPEAKER_05: It's uh it's nice to have my my beautiful truck back and Travis County for for the return.
0:57
SPEAKER_04: For our guest, Tyler's truck got stolen in Austin.
1:00
SPEAKER_05: Oh yeah, yeah.
1:02
SPEAKER_05: I mean, it was my mistake.
1:03
SPEAKER_05: I left the keys in it.
1:04
SPEAKER_05: It was locked.
1:05
SPEAKER_05: It was locked.
1:06
SPEAKER_05: But uh, I got my stolen truck back yesterday.
1:09
SPEAKER_05: So it was reunited.
1:11
SPEAKER_05: It was actually uh the song played in the background, and there was like the the glow from the sunlight, and we kind of had a moment, so I got it back.
1:21
SPEAKER_04: Public service announcement don't leave your keys in your vehicle.
1:25
SPEAKER_05: But uh anyway, yeah.
1:27
SPEAKER_05: Welcome back, welcome back.
1:28
SPEAKER_05: Before we kind of dive into this episode, you guys hit the like button, download these podcast episodes, and uh got a got a pretty cool episode today.
1:36
SPEAKER_05: Got a pretty cool episode.
1:37
SPEAKER_05: Once you intro the death, the uh guest.
1:41
SPEAKER_04: So we have two guests, uh professionals from TMRS, Texas Municipal Retirement Systems.
1:48
SPEAKER_04: Um I didn't know till I was about 15 years in my career what retirement was or that I needed to be thinking about what life after the job looked like.
1:57
SPEAKER_04: Um so we've got two professionals to kind of chat up what it is, what it looks like, what you need to think about.
2:05
SPEAKER_04: Um if you're at the end, maybe some considerations.
2:08
SPEAKER_04: If you're early on or a young man or woman in the career, maybe some things to consider.
2:14
SPEAKER_04: Um to shoot that.
2:16
SPEAKER_04: So welcome, welcome, welcome.
2:18
SPEAKER_05: Yeah, welcome on.
2:19
SPEAKER_05: Thank y'all for coming and joining the Blue Grit Podcast.
2:21
SPEAKER_03: Absolutely.
2:22
SPEAKER_03: Shannon and Debbie?
2:23
SPEAKER_03: Yeah, we're thrilled to be here.
2:24
SPEAKER_05: Who actually actually came to our conference last year?
2:27
SPEAKER_05: Yes, we did.
2:28
SPEAKER_05: We did.
2:29
SPEAKER_05: And got got a lot of compliments.
2:30
SPEAKER_05: Got a lot of compliments.
2:31
SPEAKER_05: You and you YouTube ladies are a lot of fun and spunky and and engaging.
2:35
SPEAKER_05: Thank you.
2:36
SPEAKER_03: We are we we're spunky and engaging and passionate about retirement, but we're spunky and engage engaging even without retirement.
2:44
SPEAKER_03: That is true, that is true.
2:45
SPEAKER_05: Yeah, yeah.
2:46
SPEAKER_05: So so uh how did you guys get involved with TMRS and and uh really with with with with y'all's company and not not really company with with TMRS uh in a whole?
2:56
SPEAKER_03: Do you want me to go first?
2:57
SPEAKER_03: You want to go first, Shannon?
2:59
SPEAKER_02: I'll I'll go first.
3:00
SPEAKER_02: I was actually working for DPS, Department of Public Safety, and needed a career change, and I was taking classes at ACC, and I met our now legal um paralegal, Tish.
3:14
SPEAKER_02: I met her at the and in class one day, and a year later she emailed me and she goes, We have a position I think you would be perfect for, apply for it.
3:21
SPEAKER_02: And that was 22 years ago.
3:23
SPEAKER_02: 21 years ago.
3:24
SPEAKER_02: And I've been with TMRX for 21 years, and I love it.
3:28
SPEAKER_02: And I have on the advice of Debbie, probably 20 years ago, she said, You're great at this job, get in, learn everything you can, learn every aspect of this job, and you'll be awesome.
3:40
SPEAKER_02: And that's what I've done.
3:42
SPEAKER_05: Yeah.
3:42
SPEAKER_05: And so for our listeners that don't know what TMRS is, because we have a lot of listeners that uh may work for a county or for a state, TMRS uh is the Texas municipal retirement system.
3:52
SPEAKER_05: So for the listeners that may work for a county, uh, this is the equivalent to y'all's TCDRS or y'all's you know state retirement.
3:59
SPEAKER_05: So just wanted to kind of throw that out there to you.
4:01
SPEAKER_03: Absolutely.
4:03
SPEAKER_03: And I've been with TMRS for 25 years.
4:05
SPEAKER_03: Yes, I started when I was 10 years old.
4:09
SPEAKER_03: Um, I actually lucked into um the pension world.
4:14
SPEAKER_03: I um born and raised in San Antonio, moved to Austin to go to UT.
4:17
SPEAKER_03: I'm a longhorn.
4:18
SPEAKER_03: Um don't hold that against me.
4:19
SPEAKER_03: Or don't be don't be a hater.
4:21
SPEAKER_03: Um and um, you know, you graduate, you think the world's, you know, your oyster, and and then you find out you're overqualified because you have a degree, so nobody will hire you, or you have no experience because you were a student and nobody will hire you.
4:34
SPEAKER_03: So just working my way through um, you know, being a receptionist at a doctor's office, working where I worked in college at the Frank Irwin Center um for many years, and then just got lucky.
4:46
SPEAKER_03: The um supervisor I worked for at the Irwin Center um took a job at TCDRS, which is a Texas County and District Retirement System, and she um hired me and said, You need to be over here with me.
4:59
SPEAKER_03: And so I do have experience at TCDRS, worked there for about six and a half years.
5:04
SPEAKER_03: So much.
5:04
SPEAKER_03: Um yeah, and then um, you know, someone, a dear, a dear close friend of mine, um got hired at TMRS and he brought me on board to TMRS, and that was 25 years ago, this past January.
5:17
SPEAKER_03: Um, we're very passionate about pension, about retirement.
5:21
SPEAKER_03: I am very passionate about the people we serve, which includes our officers.
5:26
SPEAKER_03: Um, just for a little bit of background there.
5:28
SPEAKER_03: My daddy's a retired firefighter, San Antonio, Texas.
5:31
SPEAKER_03: My husband's retired APD here in Austin.
5:34
SPEAKER_03: Um, I have uncles, I have cousins that are in law enforcement, so um law enforcement's very dear, you know, to me.
5:41
SPEAKER_03: Um I do feel like I'm part of the thin blue line family.
5:45
SPEAKER_03: Um the stories are um heartfelt and amazing, and what you guys do is just amazing.
5:52
SPEAKER_03: And um before before I get emotional and start crying, um, it's just you know, thank you.
5:59
SPEAKER_03: Thank you for what you do because your job and your job and what you do for the public is often unappreciated.
6:08
SPEAKER_06: Yeah.
6:08
SPEAKER_03: Um, and especially in today's day and age.
6:11
SPEAKER_03: Um, so I can't say thank you enough.
6:14
SPEAKER_03: And I think um your job's people, unless people know it, they don't understand it, it's more than just going out and enforcing the law.
6:22
SPEAKER_03: You are counselors, teachers, babysitters, everything.
6:25
SPEAKER_03: Mental health providers, everything, peacekeepers, and just it's it's just a whole world.
6:30
SPEAKER_03: And so thank you.
6:31
SPEAKER_03: Thank you for having us here.
6:32
SPEAKER_03: And the pension is just one small part in the aspect of you know having a benefit for the future, and we'll get to that.
6:38
SPEAKER_03: But just want to start off by saying thank you.
6:40
SPEAKER_05: Well, hey, I we and we greatly appreciate you coming on.
6:42
SPEAKER_05: And so for the listener wondering, well, why the hell would Blue Grit Podcast, you know, really have you guys on?
6:47
SPEAKER_05: And so my my thought is uh the main reason why we wanted to have you guys on is to you're right.
6:53
SPEAKER_05: Cops go through so much working as cops.
6:56
SPEAKER_05: Uh the 22-year-old, 23-year-old, 24-year-old, or for the person like we had the other day that reached out, that's the explorer that is looking at getting into law enforcement.
7:06
SPEAKER_05: The main purpose is that you serve and protect and and go through this career uh for the main purpose of trying to have that afterlife for that retirement.
7:15
SPEAKER_05: Uh the reality is that so many of my colleagues, when I did work, they don't have the thought process of thinking what am I gonna do after?
7:23
SPEAKER_05: And so I can't tell you, I would say I would probably guess 90% of the cops out there that are 20, 30, maybe even 40 years old, really don't put any thought into what they're gonna do after retirement or what their retirement system even looks like.
7:40
SPEAKER_05: And so we thought it would be a really good opportunity for people to hear it from you guys uh firsthand because the reality is that even though they might be the county deputy right now listening to this uh episode, and that TMRS uh applies to the city retirement, this also applies to the county deputy.
8:00
SPEAKER_05: Uh, this also may apply to the uh state trooper listening.
8:03
SPEAKER_05: Uh so uh, you know, that's that's why we have you guys on.
8:06
SPEAKER_05: And so really concentrate and listen uh to how important retirement systems are and what this could mean to your retirement and plan.
8:14
SPEAKER_05: Planning is so important for your retirement because what you do now uh affects your future later on down the road.
8:21
SPEAKER_04: So well, and I I think the generation of employees that are being hired now are way different than when I was hired.
8:28
SPEAKER_04: They didn't require college when I got hired.
8:31
SPEAKER_04: We were all just kind of rednecks that wanted to be cops and and drive fast and carry guns.
8:38
SPEAKER_04: And like ten years later, I realized that I had a retirement plan and medical insurance, and there was other stuff that I found out about after I'd been there a long time.
8:46
SPEAKER_04: When you found that out, were you pretty excited?
8:48
SPEAKER_04: I mean, was it I didn't know what it was, but I was proud of it.
8:50
SPEAKER_04: They said I had more stuff in addition to a police car and a gun.
8:54
SPEAKER_04: Um But the younger folks now are educated, and when they're being hired, they don't ask what kind of gun do I get.
9:02
SPEAKER_04: Now they ask, you know, what are the medical benefits look like?
9:05
SPEAKER_04: Or that was stuff we never considered asking.
9:09
SPEAKER_04: And so I think it's important for for all of them to understand the differences in plans between agencies.
9:16
SPEAKER_04: Um and I thought everyone several years ago went to 20 and out and found there's still quite a few cities that are still 25 year systems.
9:26
SPEAKER_04: Uh so I think there's a lot of nuances that you guys can help educate on.
9:31
SPEAKER_04: The differences of the plan, understanding when you get in.
9:35
SPEAKER_04: I had a guy call a couple years ago and said, I thought everybody was 20 and out, and I now realize I work at a 25-year agency.
9:42
SPEAKER_04: Uh and that's that's things maybe somebody you ought to learn before you get hired.
9:46
SPEAKER_04: Sure.
9:47
SPEAKER_04: Um so there's a lot of nuances that I think are important, but acknowledging they're a whole lot more educated and in tune with all the details of benefits now than they've ever been.
10:00
SPEAKER_02: Absolutely.
10:02
SPEAKER_02: I'm not coming to how am I gonna do that?
10:05
SPEAKER_02: Clint does that a lot to people.
10:07
SPEAKER_02: I think the best part about my job is I get to travel the state and I get to go to all corners of the state of Texas and talk to employees face to face and I hear their stories and I can pick out what they don't know.
10:19
SPEAKER_02: I think there's um there's a skill in hearing the question they're not asking.
10:24
SPEAKER_04: Yeah, yeah.
10:25
SPEAKER_04: And that's a great point.
10:26
SPEAKER_02: I I get that.
10:28
SPEAKER_02: And I will tell you one story that really hit home with me when I first started at TMRS.
10:32
SPEAKER_02: Um, I'd been there maybe a year or two, and I was still trying to learn all the nuances, as you said.
10:37
SPEAKER_02: And I went to my then husband's family reunion, and a gentleman came up to me and he goes, I know you, I know you.
10:42
SPEAKER_02: And he's pointing at me and I go, I don't.
10:45
SPEAKER_02: I'm a born and raised New Mexican.
10:47
SPEAKER_02: I I grew up in New Mexico.
10:49
SPEAKER_02: I had only lived in Texas a couple of years, and this guy that I never met, a cousin of my husband's, my then husband's, come up and says, I know you, I know you.
10:57
SPEAKER_02: And I'm like, I no, you don't.
10:59
SPEAKER_02: And he goes, No, no, I saw your picture on a TMRS newsletter.
11:04
SPEAKER_02: And I go, Didn't you just say you worked for this other company, which was not a city, so it wasn't a TMRS?
11:09
SPEAKER_02: And he goes, Oh yeah, yeah, but I used to be a cop.
11:14
SPEAKER_02: I was with the city for seven years in his early 20s.
11:18
SPEAKER_02: He said, I realized police work was not my forte.
11:20
SPEAKER_02: It was not what I was not what I was built to do.
11:24
SPEAKER_02: So I left.
11:25
SPEAKER_02: He had seven years with the city, so he's vested.
11:27
SPEAKER_02: So he that meant he had already locked in that retirement.
11:30
SPEAKER_02: He had locked it in.
11:32
SPEAKER_02: He was 27 years old when he walked away from law enforcement.
11:36
SPEAKER_02: And he goes, I never saw the money.
11:38
SPEAKER_02: I didn't need the money, but I knew what vesting meant, so I left it in.
11:42
SPEAKER_02: At this point, he was in his 40s.
11:45
SPEAKER_02: So he had walked away.
11:46
SPEAKER_02: Well, vesting means he's locked in that right to that retirement.
11:49
SPEAKER_02: He just can't get in until he's at least 60 or older.
11:53
SPEAKER_02: He's locked in the benefit.
11:54
SPEAKER_02: He just has to exercise that right by not taking that money out of TMRS.
11:58
SPEAKER_02: And he goes, I never saw it.
12:00
SPEAKER_02: So I just left it in there.
12:01
SPEAKER_02: And I was like, Oh, well, great.
12:03
SPEAKER_02: Well, I'm nosy.
12:04
SPEAKER_02: So, you know, I got back to the office on Monday.
12:07
SPEAKER_02: I'm looking up cousin's account.
12:09
SPEAKER_02: And I was like, oh my gosh.
12:11
SPEAKER_02: And that was the aha moment for me when I realized just how valuable the TMRS benefit was.
12:17
SPEAKER_02: And I was like, Cousin has put this much money in, but beh and it's just been sitting there earning interest year in and year out.
12:25
SPEAKER_04: Nice little nest egg.
12:26
SPEAKER_02: Nice little nest egg.
12:27
SPEAKER_02: Well, come full circle.
12:29
SPEAKER_02: My former mother-in-law passed away, went to the funeral.
12:32
SPEAKER_02: I'm on good terms with my ex, no big deal.
12:34
SPEAKER_02: Cousin comes up to me and says, Are you still with TMRS?
12:37
SPEAKER_02: And I said, Yes, I am.
12:38
SPEAKER_02: And he goes, best financial move I ever made.
12:41
SPEAKER_02: I have now retired the account and I'm getting and it was gravy because he went on to have a whole other career with a whole other retirement.
12:48
SPEAKER_02: And he was like, That was the best financial move I have ever made in my life, was not taking that money out at the young age of 27.
12:55
SPEAKER_03: Yeah, and it's not just the interest that that's compounding on an account when somebody leaves their money, even if they never put a dime back in.
13:02
SPEAKER_03: It's it grows with interest, and then the city matches those dollars when they retire.
13:08
SPEAKER_03: So it's not if you had$10,000 in your account, and as in Shannon's example, her cousin left and he had$10,000 in there and he left, never puts a dime in, it's gonna grow with interest.
13:17
SPEAKER_03: The city doesn't match the$10,000.
13:19
SPEAKER_03: If that$10,000 grows to$50,000 or$100,000, which is possible if he was$20 when he left with compounding interest, the city's gonna match that$50,000 when that person goes to retire the account.
13:33
SPEAKER_03: And if the city's two to one, they're matching two dollars for every dollar in that account.
13:38
SPEAKER_03: So that's the power of vesting and leaving your money with TMRS for those that leave.
13:43
SPEAKER_03: And for our officers, um, what's really important is many of y'all tend to start and they may y'all may leave, but y'all also tend to go from city to city occasionally.
13:55
SPEAKER_03: Um, and what's important to know about TMRS is it's it's not that it's transferable.
13:59
SPEAKER_03: Um we have 928 cities in TMRS.
14:04
SPEAKER_03: And if you go from one city, if you go from Round Rock to Georgetown, you still have TMRS and it just adds to your account.
14:13
SPEAKER_03: And so you really, really want to think twice before taking your money out of TMRS for you young folks.
14:19
SPEAKER_03: Um you know, it it's just so important.
14:22
SPEAKER_03: Even if you're not vested, and vesting just means you've earned a right to retirement.
14:26
SPEAKER_03: Now you're vested in most cities with five years of service, and it just means you can leave your money alone, just leave it there, just forget about it.
14:32
SPEAKER_03: You it came out of your check, you don't know about it, just leave it there, don't touch it.
14:36
SPEAKER_03: Um, even if you're not vested, you can leave it in for five years and earn interest on that money.
14:41
SPEAKER_03: And so um it's really important that you understand the choices you make when you separate from service.
14:48
SPEAKER_04: So, question, because we dove right in the deep end.
14:52
SPEAKER_03: That's what we do.
14:54
SPEAKER_04: Most cities, most cities are five years vesting.
14:56
SPEAKER_03: Correct.
14:57
SPEAKER_04: So we answer legal calls a lot.
14:59
SPEAKER_04: Members call in with questions all the time.
15:01
SPEAKER_04: And sometimes all they see is TM and they call and think they're calling TMRS and they're calling TMPA.
15:08
SPEAKER_03: Yep.
15:09
SPEAKER_04: Um So I do five years, three months at Round Rock.
15:14
SPEAKER_04: I'm vested and I walk away.
15:19
SPEAKER_04: Does the city match if I don't retire, if I don't do 20 there at Georgetown, do I still get the matching funds, or is it just my money that sits there?
15:29
SPEAKER_02: And this is across the board.
15:31
SPEAKER_02: If you have become eligible for a retirement benefit and you're going to receive a monthly benefit, you are getting their match.
15:36
SPEAKER_06: Okay.
15:36
SPEAKER_02: So if you work for Georgetown for five and a half years, you walk away, you leave your money, you have to leave your money.
15:42
SPEAKER_06: Right.
15:42
SPEAKER_02: That money's can continue to grow and grow.
15:45
SPEAKER_02: And once you hit that eligible status, whether you go back to another city, because it's a portable plan, you can go from Georgetown to Round Rock to Leander to Liberty Hill, you can take that with you.
15:56
SPEAKER_02: Once you've hit the eligibility status, you will get matching from any city that you have money in TMRS with.
16:02
SPEAKER_02: So even if you had two years with Georgetown and you leave Georgetown and you go to Round Rock for 18 years, and they're both 20-year cities, you've hit your 20, you're going to get Georgetown's match that they didn't.
16:13
SPEAKER_04: So and I did two and a half at Plano before I went to Garland.
16:16
SPEAKER_04: Uh had 23 in TMRS, but two and a half at one and nineteen and a half the other.
16:22
SPEAKER_04: But for somebody that walked away at five and a half, never went to another city, and then turned 60, they would get Georgetown's matching funds also, not just what they contributed.
16:32
SPEAKER_03: Correct.
16:33
SPEAKER_03: Yes, yeah.
16:33
SPEAKER_03: But it's important to realize you only get the match if you choose to retire your account and draw a monthly benefit.
16:40
SPEAKER_03: So if you have if you have 40 years of service and you decide, I don't want retirement, and I actually had this happen to me early in my career.
16:49
SPEAKER_03: I had a person in San Antonio who tell me, I am going to take a refund of my money from TMRS and I'm going to move to Mexico and live like a king.
16:58
SPEAKER_03: And when I run out of money, I'll just I'll figure it out.
17:02
SPEAKER_03: And when you do that, when you walk away and you say, give me a refund and give me my money, we'll give it to you.
17:08
SPEAKER_03: It's yours as long as you're no longer working for a city.
17:10
SPEAKER_03: Um, but you walk away from all the city matching.
17:14
SPEAKER_04: No kidding.
17:15
SPEAKER_03: No kidding.
17:15
SPEAKER_03: One of the most egregious um examples we can give just happened um without giving names.
17:21
SPEAKER_03: Shannon, Shannon and I can both speak to this because we were so passionate about the money you leave on the table when you walk away and get a refund.
17:30
SPEAKER_03: Um we had a situation um with with a member who left employment um and she was eligible for retirement.
17:39
SPEAKER_03: So she could draw a benefit right now.
17:42
SPEAKER_03: Um and she was adamant she wanted a refund.
17:45
SPEAKER_03: And she was walking away literally, you're gonna don't pass out, this is a true number.
17:50
SPEAKER_03: She was walking away from$680,000 of matching dollars.
17:55
SPEAKER_03: And she was gonna get a monthly benefit of something like um$4,000 if she retired.
18:01
SPEAKER_03: Um, she was after a lump sum payment.
18:03
SPEAKER_03: We could not talk her out of it.
18:06
SPEAKER_03: When we see things like that, um TMRS employees, we try our best to try to educate the member.
18:12
SPEAKER_03: Ultimately, it's the member's decision.
18:15
SPEAKER_03: Um, but when we see something that egregious, we're like, do you really understand what you're doing?
18:20
SPEAKER_03: Because she wanted the 280,000 lump sum payment, which when you get ready to retire, you can draw a lump sum payment and still get a monthly benefit.
18:28
SPEAKER_03: That's a choice you have at retirement.
18:30
SPEAKER_03: She wanted that lump sum payment, and her account balance was slightly more than what that lump sum payment would have been in retirement.
18:37
SPEAKER_03: And help me, Shannon.
18:38
SPEAKER_03: I think her re refund was something like 220,000.
18:42
SPEAKER_03: Yeah, and her lump sum payment was like 180,000, something like that.
18:46
SPEAKER_03: So we're like, why are you re refund now?
18:49
SPEAKER_03: You're gonna take number one, 20% is gonna go straight to Uncle Sam.
18:52
SPEAKER_03: So you're only gonna draw a loan.
18:54
SPEAKER_03: Yeah, you're only gonna get 80% of it.
18:56
SPEAKER_03: And you can retire instead of refund and draw$180,000 instead of instead of the$220 or whatever the dollar amount was for refund, and then still draw a$4,000 a month benefit for the rest of your life.
19:11
SPEAKER_03: Like we were just we we I was dumbfounded.
19:15
SPEAKER_02: Yes.
19:16
SPEAKER_02: I this came into me through an online counseling session that we now offer.
19:20
SPEAKER_02: So anyone can go to our website, yeah, click online counseling session, and my team is the one who handles all these sessions.
19:27
SPEAKER_02: And I was counseling with this individual through Zoom, so face-to-face, like computer face to face, right?
19:35
SPEAKER_02: And she then texted me over the weekend, and I was like, please don't do this, please don't do this.
19:41
SPEAKER_02: And then I email, and so it was calls and emails and text, and I I went to the office on Monday and I went straight to my manager and I was like, This is hurting my heart.
19:51
SPEAKER_02: I this cannot happen.
19:53
SPEAKER_02: If I have to drive to this town, I will drive to this town because this it's just not coming through what she is leaving on the table, and then they took it up for Debbie to get involved, and Debbie finally, I think, sent the last letter that finally clicked and she and we were able to reverse her decision.
20:15
SPEAKER_05: Okay, that was like a cliffhanger.
20:16
SPEAKER_05: I was like, No.
20:18
SPEAKER_02: She was, but it hurts our heart when we see that um when we see those decisions being made.
20:24
SPEAKER_02: So anytime someone is saying, Oh, oh, I got 20 or 30 years in retirement or to go, like I'm 20, I'm 30, like you say, the young people, the the value of retirement is time.
20:36
SPEAKER_06: Yeah.
20:36
SPEAKER_02: Time, putting that money in and letting it grow and letting it grow because you do have the matching funds, that if you take this out, every time you refund your account, you are starting over from square one.
20:46
SPEAKER_02: And like Debbie said, you have a five-year window.
20:48
SPEAKER_02: Even if you say two years, you were two years in Plano, and you have a five-year window to get back into the system.
20:54
SPEAKER_02: So if you had stayed there for four years and said, Well, I'm not vested, so I'll just cash out my money.
20:59
SPEAKER_02: But three years later you find yourself in a different department, now you're starting over from zero.
21:04
SPEAKER_02: Whereas had you left your money, that's gonna all connect.
21:09
SPEAKER_05: I'm glad I'm glad he touched on the Plano uh aspect.
21:11
SPEAKER_05: If if if you guys want to talk about the five the 20-year to 25 year aspect because I started off with Jefferson, worked there for three years, and that actually negatively impacted my retirement future because I can't use Jefferson with my Marshall PD years of service because they are they are a 25-year city.
21:36
SPEAKER_05: So if you guys can touch on the 25 versus the 20 year aspect and talk about how that can negatively impact the years of service credit with that regard.
21:46
SPEAKER_05: Do you know about how many cities left or 25?
21:49
SPEAKER_02: I do have to there's not many.
21:52
SPEAKER_02: There's not that many.
21:53
SPEAKER_02: Now, the 20 year 25 is just the eligibility rule.
21:56
SPEAKER_04: Right.
21:57
SPEAKER_02: So if you worked for a 20 year, a 25 year city.
22:00
SPEAKER_02: You have to meet the higher of the two.
22:01
SPEAKER_02: So if you're using any time from that 25-year city to meet eligibility, you're gonna have to meet that 25-year mark.
22:08
SPEAKER_02: Right.
22:08
SPEAKER_02: Now, with that being said, it's just gonna push out your your date of eligibility, but it's not gonna reduce your monthly benefit.
22:16
SPEAKER_02: It's just pushing out your date of eligibility.
22:18
SPEAKER_03: Right.
22:18
SPEAKER_03: Yeah, I want to get back to what you just said as an example because I you lost me a little bit and I want to I wouldn't really understand.
22:23
SPEAKER_04: He loses me all the time.
22:24
SPEAKER_05: Yeah, it's quite a lot.
22:26
SPEAKER_05: So so my understanding was is that on my years of credit with Jefferson, um Jefferson County or Jeff.
22:35
SPEAKER_05: Jefferson City was that the years of service credit uh to meet the 20 years with Marshall, is that I couldn't use my Jefferson time because it's a 25 year city.
22:50
SPEAKER_03: Okay.
22:51
SPEAKER_05: Does that make sense?
22:52
SPEAKER_03: It does.
22:52
SPEAKER_03: So so just to clarify and restate what Shannon said, it's just for eligibility.
22:58
SPEAKER_03: So if you are in one city that's a 25-year city, and you're working in a second city that's a 20-year city, if all 20 years comes from the let's say you've worked for 28 years and three of those years are in the 25-year city, and 20, bad example, 20 of those years are from a 20-year city.
23:20
SPEAKER_03: Because you've met the 20-year requirement in the 20-year city, you can now retire in both cities, even the 25-year city, because you haven't used the time to make you eligible.
23:31
SPEAKER_03: So when you use the time from the 25-year city to meet your eligibility requirement, that's when you have to hit the 25 years.
23:39
SPEAKER_05: Right.
23:40
SPEAKER_03: Does that make sense?
23:41
SPEAKER_05: Yep.
23:41
SPEAKER_05: That's why it's so important.
23:43
SPEAKER_05: And that to make my point to the guys out there that are young in their career, that's why it's so important for them to look at the apartments and look do your research on departments that uh the benefit packages and departments for the 20 to 25 year.
24:00
SPEAKER_05: All departments are different with benefit packages, okay?
24:03
SPEAKER_05: But you need to do your research on benefit packages on who who has what with 20 to 25 year cities.
24:09
SPEAKER_05: Uh, and you can find that really, I think, on on y'all's website of who offers what.
24:13
SPEAKER_02: And on our public website, you go up there, you hit members, you hit city resources or city, there's two tabs.
24:19
SPEAKER_02: You can find it on either tab, and go down to plan provisions, pull up the city, hit the green plus button, and the entire city's plan pulls up, whether they are contributing at five, six, or seven percent, if they're matching one to one, one and a half to one, or two to one, if they're 20-year or 10-year vesting.
24:36
SPEAKER_02: You've you've kind of mentioned a few times, Clint, about 10-year vesting.
24:39
SPEAKER_02: It's the same thought process with 2025 is five to ten.
24:44
SPEAKER_02: Um, if you're in a 10-year city, you have to meet the higher of the two unless 10-year vesting.
24:50
SPEAKER_02: There are there's a handful of cities that are still 10-year vesting.
24:53
SPEAKER_02: So if you go to a city that's 10 years, you have to meet the higher of that rule unless you have met the vesting requirement already.
25:00
SPEAKER_02: So that goes across the board for 2025, five, or 10.
25:05
SPEAKER_02: If I am at a city that I am five-year vesting and I have five years in, and I've hit that vested status, and Team Rus has changed your status to vesting, and then I go and I turn around and go to a 10-year city, I walk in the door vested.
25:18
SPEAKER_02: I don't have to meet their tenure rule.
25:19
SPEAKER_02: So once you've already earned that status, it's yours.
25:22
SPEAKER_02: Yeah.
25:23
SPEAKER_03: I do want to talk, excuse me, just a little bit about the 2025-year thing though, because even though everything we said is absolutely factual, with TMRS, the more time you put in, the more money you put in, the longer you're in, the bigger the benefit.
25:41
SPEAKER_03: So for you young officers or for folks that are approaching 20 years, um, and it's you can run estimates for yourself and see this.
25:50
SPEAKER_03: Um, if you put in 20 years, if you wait for just another five years, and I don't mean wait as leave and don't put money in, I mean you actually work another five years.
26:00
SPEAKER_03: Your retirement in many cases almost doubles in that last five years because of compounding interest.
26:06
SPEAKER_03: So if you're thinking about leaving just because you hit your 20 years and I'm eligible, and congratulations, you can start walking in a little differently, like we like to joke around.
26:14
SPEAKER_03: Um, once you hit that eligibility, you're like, woo, now I can leave whenever I want.
26:18
SPEAKER_03: The fact is, if you just stick around five more years, your retirement is gonna increase exponentially.
26:23
SPEAKER_03: Exponentially.
26:24
SPEAKER_03: And you should run some estimates to make sure you're not making a mistake.
26:28
SPEAKER_03: Because look, if I've put in 20 years, five years is nothing.
26:31
SPEAKER_03: You put in another five years, no problem.
26:33
SPEAKER_03: Um, but just knowing you can leave, you have options.
26:36
SPEAKER_03: So look at your options.
26:37
SPEAKER_03: That's the best advice we can give our officers is look at your options before you do anything with your TMRS money.
26:44
SPEAKER_03: Look at your options before you jump employment, before you go from one um department to another.
26:49
SPEAKER_03: It's very important.
26:50
SPEAKER_05: Y'all do realize that when y'all send that letter out.
26:54
SPEAKER_02: Retirement eligibility?
26:55
SPEAKER_05: Oh, y'all do realize, and I'm sure it was like this at Garland, that it's framed.
27:01
SPEAKER_05: And everyone posted on social media.
27:03
SPEAKER_05: No, well, well, I mean, it was it was it's framed in every single in everybody's office, and it's it's it's quoted as the FU letter.
27:13
SPEAKER_05: Y'all do realize that, right?
27:15
SPEAKER_02: No, I had not heard that.
27:16
SPEAKER_02: I had not heard that either.
27:17
SPEAKER_02: I've seen a few framed ones.
27:18
SPEAKER_02: I have seen a few framed ones.
27:21
SPEAKER_05: I see it at every single department that I walk in, and every time they get jacked with, they just look.
27:26
SPEAKER_05: They give it the look and they just look at it.
27:28
SPEAKER_05: And if they get jacked with, it's it's it's own.
27:31
SPEAKER_05: Y'all shaman that Tim Morris says I can that's right.
27:36
SPEAKER_05: But y'all really didn't know that.
27:37
SPEAKER_05: Y'all didn't know that.
27:38
SPEAKER_02: I know they're frame because I want to frame my own because I already have my own letter.
27:42
SPEAKER_05: I'm like, I swear to God, I've seen that letter framed in so many offices.
27:47
SPEAKER_05: I could I I can't believe y'all didn't know that.
27:48
SPEAKER_05: You fun fact for the day.
27:50
SPEAKER_03: That's really good to know because sometimes we'll do letters like that.
27:53
SPEAKER_03: We're like, you you know, is this really important that we know that they're eligible?
27:56
SPEAKER_03: Absolutely.
27:57
SPEAKER_03: And that's really good feedback.
27:59
SPEAKER_05: That is, y'all, yeah, absolutely.
28:00
SPEAKER_05: That y'all have no idea the pride when that letter comes in the mail.
28:04
SPEAKER_05: The pride and the satisfaction people get.
28:07
SPEAKER_04: I was a little burned out when I got mine and it made it a little easier to get up and go back to work again.
28:12
SPEAKER_04: I was like, I don't have to go.
28:14
SPEAKER_04: I'm gonna I'm going because I want to go now.
28:16
SPEAKER_04: There you go.
28:17
SPEAKER_02: Yeah, it makes it.
28:18
SPEAKER_04: Yep.
28:18
SPEAKER_02: Run the estimates.
28:19
SPEAKER_02: Debbie and I always talk about that.
28:21
SPEAKER_02: The run the estimates on hopefully everyone's registered.
28:24
SPEAKER_02: Their account on my team rest.
28:25
SPEAKER_02: Hopefully, every every member has has um went on to our website and registered their account and has access because run all the numbers.
28:34
SPEAKER_02: Don't don't walk into it blind.
28:36
SPEAKER_04: Well, and I'm glad you guys brought that up because we talk a lot on on the show about the dynamics of law enforcement career.
28:46
SPEAKER_04: So my dad did 33 or 34 at Dallas PD.
28:50
SPEAKER_04: We had Greg Stevens on that killed the terrorist in Garland that had, I think, 36 or 40 years in.
29:00
SPEAKER_04: We're finding now, because of the focus on law enforcement, the negativity about around it, yeah, that nobody's doing 40, nobody's wanting to do 30.
29:10
SPEAKER_04: And we get phone calls every day, people saying, I'm not sure I'm gonna limp across the finish line at 20.
29:15
SPEAKER_04: I'm barely hanging on.
29:17
SPEAKER_04: And we try and tell them, and I and I had guys in my career at Garland that would, you know, they'd get pissed and leave at 18 years or 17 and a half years, and I'm like, Oh, yeah.
29:28
SPEAKER_04: What do you what do you please stick it out 18 more months or please stick it out two more years?
29:33
SPEAKER_04: But as law enforcement continues to be a profession that folks struggle in, get to the 20.
29:41
SPEAKER_04: And if you can stick it out, duke it out a couple of more years, because you know, a lot of guys say, Well, I I don't want to retire and go right back to work, you know, working 60 hours a week as a mall cop or then stay long enough that you can find something if you want to work afterwards, not retire, and then end up, you know, being beholden to go do something else again.
30:06
SPEAKER_04: Because if you're gonna go do that, you might as well have stuck it out and continue to compound that retirement.
30:12
SPEAKER_04: And so I I I like that you guys reiterated if you can duke it out a couple of more years at a time when our job is getting so hard to even make it to 20.
30:23
SPEAKER_05: I'm really glad he brought he he he actually makes a good point.
30:25
SPEAKER_05: Uh thank you.
30:27
SPEAKER_05: You don't ever say that, thank you.
30:28
SPEAKER_05: Yeah, well, he actually so when I got this job, I was promised that I was gonna get a really good partner.
30:34
SPEAKER_05: Uh a beautiful partner.
30:38
SPEAKER_05: She's the one running the computer.
30:41
SPEAKER_05: I got Natalie.
30:42
SPEAKER_05: Thank God for that.
30:43
SPEAKER_05: Uh Clinton actually just got back from DC, and there's a recruitment and retention crisis going on within law enforcement.
30:51
SPEAKER_05: So to make my point, there's 20-year eligibility within retirement systems.
30:59
SPEAKER_05: Clinton and me had a discussion about a month ago uh within military, we're seeing you know, certain eligibility and certain aspects with recruitment and sign-up.
31:13
SPEAKER_05: Do you is it is it y'all's opinion, strictly y'all's personal opinion, are y'all going to see a retirement aspect solely for law enforcement uh change to maybe increase the retention and recruitment to maybe boost uh the recruitment for law enforcement within TMRS.
31:37
SPEAKER_05: Maybe.
31:37
SPEAKER_05: Maybe like lower the uh eligibility years aspect.
31:42
SPEAKER_05: Has there been a scuttle bug?
31:44
SPEAKER_05: Are you hearing of that at all?
31:46
SPEAKER_03: No, really, I haven't heard of that.
31:48
SPEAKER_03: The closest I might I I can I can s what's come up in the past that could potentially come up in the future is this idea of having tiers, having tiered plans or having different plans for different groups.
32:00
SPEAKER_05: Yeah.
32:00
SPEAKER_03: Um, and so, but that's not something that has come up recently.
32:04
SPEAKER_05: Um and I'm certainly not saying that TMRS is is giving thought about that.
32:08
SPEAKER_05: I'm just saying are you seeing anything across in the training that you go to across the nation or s are you seeing different states do different things differently than what Texas is doing uh to maybe change that or nothing?
32:21
SPEAKER_03: I I have not.
32:22
SPEAKER_03: Not certainly not by way of pension benefits.
32:24
SPEAKER_03: I have not seen that.
32:25
SPEAKER_04: Well, in the discussion we had, um and he and I had talked about it and it it came up in DC at a round table.
32:34
SPEAKER_04: It is so difficult to hire right now that in in the the desire for service, people don't have a heart to serve in the military's experiencing it.
32:47
SPEAKER_04: But we were discussing at some point I could see where people would say, Well, I'll serve my community in law enforcement for four years or five years, like a military hitch.
32:59
SPEAKER_04: I'll do a little community service and then I'm done and I'm gonna go find a career in you know, banking or go be a lawyer or go do something.
33:07
SPEAKER_04: But uh that passion for service I could also I could almost see because we can't lower standards, or you're gonna have people coming into your home that you probably don't want coming into your house.
33:18
SPEAKER_03: Absolutely.
33:20
SPEAKER_04: At some point, uh I could almost see it being like the military.
33:23
SPEAKER_04: I'll do five years.
33:24
SPEAKER_04: I grew up in this town, I care about this town, I'll do five years, and then I'm gonna go you know, find a a career to go to the case.
33:31
SPEAKER_04: That's what I meant to say.
33:32
SPEAKER_04: He just he he said it better.
33:35
SPEAKER_04: Um You know, when I got this job, they said I was gonna get a good partner.
33:40
SPEAKER_03: I think the last time we saw a push, it was just it wasn't just law enforcement, it was agency agency-wide is when we pushed from 10 years to five-year vesting, it was a big deal.
33:49
SPEAKER_03: And I think it was because there was this movement of you know, people generally speaking are not working 30 years and 40 years, not just in law or you know, even 20 years.
33:58
SPEAKER_03: They're they're in and out, two years, three years.
34:00
SPEAKER_03: So we thought this lower the vesting to five years, so that folks can put in five years and then I'm out, and they can still take advantage of a retirement benefit.
34:09
SPEAKER_04: Um so we talked about vesting five and ten.
34:13
SPEAKER_04: We talked about retirement eligibility twenty and twenty-five.
34:20
SPEAKER_04: Let's talk about um matching, um percentages, and colas, some additional things to look for.
34:31
SPEAKER_04: So I thought everyone in the state was two to one.
34:34
SPEAKER_04: I learned after coming to work at TMPA.
34:36
SPEAKER_04: Nope.
34:37
SPEAKER_04: So there is one to one, one and a half to one, and two to one.
34:42
SPEAKER_06: That's correct.
34:42
SPEAKER_04: Or the three?
34:43
SPEAKER_04: Yes.
34:44
SPEAKER_04: Okay.
34:44
SPEAKER_04: And so what that means is if I put in fifty bucks throughout my career, at some point, Garland would put in fifty bucks.
34:53
SPEAKER_04: Well, no, they'd put in a hundred bucks.
34:54
SPEAKER_04: If I put in fifty, they would match two to one.
34:57
SPEAKER_04: Yes.
34:57
SPEAKER_04: They would put in a hundred bucks if I put in fifty bucks.
35:00
SPEAKER_04: Is that the dumb dumbed to down?
35:02
SPEAKER_02: Sort of, because you got to account for the interest.
35:04
SPEAKER_04: Okay.
35:05
SPEAKER_02: So when it's whatever your account balance is at retirement, when you apply for that retirement, whatever that account balance is, that is what is matched.
35:12
unknown: Okay.
35:13
SPEAKER_02: Not your contributions, contributions and interest.
35:16
SPEAKER_02: So they're matching it from day one, and that's a misconception I hear all the time.
35:21
SPEAKER_02: Oh, they're gonna start matching that vesting or matching that retirement eligibility.
35:25
SPEAKER_02: Your city is sending, they're funding your retirement from day one, whether you ever retire or not.
35:29
SPEAKER_02: They're putting the money aside for it from day one.
35:32
SPEAKER_02: So the matching funds, it's an actual actually determined number.
35:38
SPEAKER_02: They're they're sending it in every month to TMRS to fund your retirement.
35:42
SPEAKER_02: And so at the end of the day, if you have a hundred thousand and your city has been two to one the whole time, and that hundred thousand is contributions from your paychecks and the interest earned, then yes, we're pulling two hundred thousand from Garland's account to calculate your retirement benefit.
35:56
SPEAKER_04: And so, again, for a young man or woman looking, they can get on your website, they could go down to city of Greenville, city of Garland, City of wherever, and click on there and see that that's a two to one city, one-to-one city, one and a half to one.
36:10
SPEAKER_03: Absolutely.
36:11
SPEAKER_03: They can do that.
36:12
SPEAKER_04: Okay.
36:13
SPEAKER_04: So that's match percentage.
36:16
SPEAKER_04: Um, Garland was seven.
36:18
SPEAKER_04: What are the various options for that that you see across the state?
36:22
SPEAKER_03: Five, six, and seven percent.
36:24
SPEAKER_03: Um there's at least one city, um, a pu a water work system that's a three percent.
36:31
SPEAKER_03: They've been in the system forever.
36:33
SPEAKER_03: I don't know if there's anybody else that's at three percent, but everybody else is either five, six, or seven.
36:38
SPEAKER_03: And I will say that most of our larger cities, especially um in the Dallas Metroplex or even here in Central Texas, they tend to be the seven, two to one um plan.
36:47
SPEAKER_03: So that's the the quote unquote Cadillac plan that yeah, people refer to the Cadillac plan because they're putting in the most they can put in, which is seven percent, and their cities matching the most, which is two to one.
36:57
SPEAKER_04: And for folks like me that didn't do well in math, seven percent, six percent.
37:06
SPEAKER_04: Explain what that looks like.
37:08
SPEAKER_04: What what does that mean?
37:09
SPEAKER_04: That the employee is contributing seven percent of their check?
37:14
SPEAKER_02: Yes, seven percent of their gross compensation.
37:16
SPEAKER_02: So overtime, um, pay increases, promotion, so seven percent of that gross check that they earned in that month.
37:23
SPEAKER_02: So if you earn five thousand, we're gonna and you're seven percent city, your city's gonna send us three hundred and fifty dollars on your behalf from out of your paycheck, and then the city's gonna send in their matching.
37:33
SPEAKER_04: Okay.
37:34
SPEAKER_02: So your account balance looks if you go to your account, looks like a bank account deposit, deposit.
37:39
SPEAKER_02: You you went every month and made a deposit in TMRS, and every December 31st, that interest is gonna show up.
37:46
SPEAKER_05: Did Garland pay social security?
37:47
SPEAKER_05: Did y'all pay Social Security at Garland?
37:50
SPEAKER_04: Do you remember?
37:51
SPEAKER_04: I don't know.
37:51
SPEAKER_04: They gave me a fast car and a gun.
37:55
SPEAKER_04: So what did they pay Social Security at Garland?
37:57
SPEAKER_02: I'm not 100% Garland Plano, you did not.
38:00
SPEAKER_02: I don't believe Plano is.
38:02
SPEAKER_02: But don't quote me on that.
38:03
SPEAKER_05: Why why do cities choose not to pay Social Security and why Oh gosh.
38:08
SPEAKER_02: Oh, that was something from the 80s that they could opt out of Social Security or not.
38:13
SPEAKER_05: What what allows them to do that and why why would that be a benefit?
38:18
SPEAKER_05: That's what I think.
38:19
SPEAKER_02: I'm gonna look like a deer in the headlights because I don't know what allows them to do that or what would be a benefit.
38:24
SPEAKER_02: I know a few of the cities that do, um, I can speak for the city of Louisville, they do not pay into Social Security, but they have TMRS, and then they um contribute to another retirement plan on behalf of their employees in lieu of Social Security.
38:37
SPEAKER_04: Okay.
38:38
SPEAKER_04: Oh, nice.
38:38
SPEAKER_03: Yeah, the the federal government allowed, I believe it was in the 80s, so can't speak factually to it, but the federal government allowed employers to opt out of paying into social security, and I think some employers chose to do that because they had another pension plan or some other form of saving for their employees.
38:57
SPEAKER_03: Um, and so they can't do that anymore, to the best of my knowledge.
39:01
SPEAKER_03: I don't think employers can can no longer opt out of social security.
39:04
SPEAKER_05: I thought it had something to do with with uh civil service, but I could be wrong on that.
39:08
SPEAKER_05: So I don't think so.
39:09
SPEAKER_05: No, no quick, no.
39:10
SPEAKER_03: Yep, don't know about that.
39:11
SPEAKER_05: Okay, I don't think so.
39:12
SPEAKER_05: Clint McNear told me that.
39:14
SPEAKER_03: Yeah, and so for those don't listen to that guy, he's not sure.
39:17
SPEAKER_04: He is not right.
39:18
SPEAKER_03: So for those officers who are listening who may be working for a city, um many of the cities in the Dallas Metroplex are not in Social Security.
39:27
SPEAKER_03: Um, and so it's even more important that you pay attention to your retirement from TMRS or TCDRS um if you're at the county or even with the state at ERS or if you're a teacher, because you're not in Social Security.
39:40
SPEAKER_03: So um people say, oh, don't care about Social Security, it's not gonna be around when I'm there.
39:44
SPEAKER_03: And one of the things I learned many years ago from listening to a Social Security expert is that social security, if you think about it, Social Security pays benefits to millions of people and it fuels the economy.
39:56
SPEAKER_03: So social security is not going away.
39:58
SPEAKER_03: It's gonna look different by the time I turn 70.
40:01
SPEAKER_03: It's gonna look different, but it's not going away.
40:05
SPEAKER_03: Yes, exactly.
40:06
SPEAKER_03: At least, you know, 40 or so.
40:08
SPEAKER_04: Yeah.
40:09
SPEAKER_04: Well, and an officer that is in a city that does not pay in Social Security can do things outside or part-time employment to earn the quarters, is that right?
40:17
SPEAKER_04: Because like Tyler worked at LeBaire for a while trying to earn outside employment.
40:22
SPEAKER_02: Right.
40:22
SPEAKER_02: The substantial years of earnings.
40:26
SPEAKER_02: That was a part-time job.
40:27
SPEAKER_05: I didn't work security.
40:32
SPEAKER_04: You can do things to earn quarters, is that right?
40:34
SPEAKER_04: Right.
40:34
SPEAKER_02: You can outside employment as long as it's social security.
40:37
SPEAKER_02: Um, I do want to bring up one thing because I know we're kind of getting there, but I have a story that I want to talk about because it does involve an um an officer who contacted me recently.
40:48
SPEAKER_02: Debbie and I both know our cards get out there, they get passed around, and then they call and you call.
40:53
SPEAKER_02: And this is in regards to service credits.
40:56
SPEAKER_02: So service credits are the path to get to eligibility.
41:00
SPEAKER_02: We talk about that officer you said who's 18 years in and he's just gonna leave.
41:04
SPEAKER_02: But when they call and they ask the question, sometimes we can go digging for time that they didn't know that they can get a service credit for.
41:10
SPEAKER_02: So a lot of our cities, it's an optional provision called restricted prior service credit that you if you had prior public service, if you were a public servant prior to coming to your current city, including military.
41:22
SPEAKER_02: Including military, any anywhere in the United States, you can add that time to your account if your city has that provision.
41:28
SPEAKER_02: And again, most of our cities have that.
41:30
SPEAKER_02: And so I did have an officer call me just two weeks ago, and him and I were going back and forth, and he's like, Look, I need to get out.
41:37
SPEAKER_02: And he's literally like four months shy of being eligible.
41:42
SPEAKER_02: And he's like, I my plan is to stay till this month, but I don't think I'm gonna make it.
41:47
SPEAKER_02: So I started asking the questions, what'd you do before?
41:50
SPEAKER_02: When did you start?
41:51
SPEAKER_02: And I found four months of time that he had never applied for.
41:55
SPEAKER_02: And I said, Well, this is how easy it is.
41:57
SPEAKER_02: Go to our website, get the form, apply, fill it out, go to your prior city, go to your current city, get their signature.
42:04
SPEAKER_02: And he called me last week and said, That was the easiest thing ever.
42:07
SPEAKER_02: And I did it, and my status is now eligible.
42:10
SPEAKER_02: So now he has this option because he found out about this.
42:13
SPEAKER_02: He called and asked the question.
42:15
SPEAKER_04: So I love that.
42:17
SPEAKER_04: At Garland, we didn't know what the term was, we called it military buyback.
42:21
SPEAKER_02: That's another provision that that is a term.
42:24
SPEAKER_02: It is a term, it is a term.
42:26
SPEAKER_04: So the way he did it, he didn't contribute any money to pay for those four months, correct?
42:32
SPEAKER_02: Correct.
42:32
SPEAKER_02: He could not put the money in.
42:34
SPEAKER_02: Um, but it's just a time credit for any full-time public service that you had before you were hired.
42:39
SPEAKER_02: So it's called restricted because it's there's no monetary value.
42:42
SPEAKER_06: Okay.
42:43
SPEAKER_02: But it got him to that status of being eligible.
42:45
SPEAKER_02: So it can get you to that vested status or that eligible status.
42:48
SPEAKER_02: So an officer or any city employee whose city has this provision, and maybe they got hired after being in the military for 10 years.
42:57
SPEAKER_02: They after a month of employment, they can apply for their 10 years military service credit.
43:02
SPEAKER_02: But it's under restricted prior service credit.
43:05
SPEAKER_04: So technically they could do 10 years at the PD and have 20 service credit, 20 year service credits.
43:11
SPEAKER_04: They just don't have the finances that equate to a 20 years of service.
43:15
SPEAKER_03: Correct.
43:15
SPEAKER_03: Yeah, that's a very good point.
43:17
SPEAKER_03: Um, you can have someone who walks in the door retirement eligible.
43:21
SPEAKER_03: With TMRS, your retirement's based on how much money you have in the plan and what the city's gonna fund for you.
43:27
SPEAKER_03: So if I if I'm an officer and I'm retired military, got 20 years in the military, and I take on a job with the city.
43:34
SPEAKER_03: Um, city hires them day one, they apply for that service through the restricted provision.
43:40
SPEAKER_03: And so they've got 20 years in the book.
43:42
SPEAKER_03: They they they're eligible to retire right now.
43:44
SPEAKER_03: But how much money are they gonna get?
43:46
SPEAKER_03: Zero.
43:46
SPEAKER_03: They have they haven't put any money in the plan.
43:48
SPEAKER_03: So the time is just for TMRS purposes, time just gets you there faster.
43:53
SPEAKER_03: Okay.
43:53
SPEAKER_03: It gives you the time to to meet eligibility requirements.
43:56
SPEAKER_03: The money is the retirement's based on how much money you put in.
43:59
SPEAKER_03: So of course.
44:00
SPEAKER_03: More money, more time, the bigger benefit.
44:03
SPEAKER_04: Okay.
44:04
SPEAKER_04: And is there, open my big mouth, is there a military buyback?
44:09
SPEAKER_02: Yes.
44:10
SPEAKER_02: There is a military buyback.
44:12
SPEAKER_02: However, back in 2003, we made some changes to the statute to say you had to, you have to grandfather in, basically.
44:19
SPEAKER_02: You had to be an employee of that city that adopted the provision on December 31st, 2003, in order to put the money back in.
44:27
SPEAKER_02: Now you can always get the military time, but because there are certain restrictions under the military service credit provision, it the restricted service credit does the exact same thing.
44:36
SPEAKER_02: So just go under the restricted service credit if your city has that.
44:39
SPEAKER_03: Yeah, I want to add to that though, because you're absolutely right.
44:42
SPEAKER_03: It didn't just go away.
44:43
SPEAKER_03: The military purchased in under that provision of the law, it allowed you to put in um uh$15.
44:49
SPEAKER_03: I'm not forgetting$15.
44:50
SPEAKER_03: $15.
44:51
SPEAKER_03: $15 a month for up to 60 months.
44:53
SPEAKER_03: So the most a person could put in would be$900.
44:56
SPEAKER_03: Um, and if you didn't do it early in your career, I would tell people go buy a TV in retirement because that's putting$900 in at the end of your career is not gonna not, it's not gonna move the needle.
45:05
SPEAKER_03: Your money your benefit might go up by a dollar for the rest, you know, take$900, spread it out over the rest of your life.
45:11
SPEAKER_03: It's not not gonna result in a big benefit.
45:13
SPEAKER_03: So that part is still there for folks that were um employed prior to 2003, I believe, is a date.
45:20
SPEAKER_03: But the other part of military is a provision under it's called um um UCERA, and that's for um folks that leave city employment to go serve in the military, active duty, and then return back to the city from where they left within 90 days of discharge.
45:37
SPEAKER_03: Because there's a gap in their employment and in their service with TMRS.
45:41
SPEAKER_03: Um, the federal government didn't want to penalize folks for going to serve in the military.
45:45
SPEAKER_03: If there was a break in employment for going to go serve and they come back, the the the government and TMRS, we allow you to put in and get credit, first of all, for all the time that you were out.
45:57
SPEAKER_03: Um, but you can also put in the amount of money you would have put in had you never left employment.
46:02
SPEAKER_03: So that is a a really nice benefit for our folks, especially um law enforcement who tend to serve in the military, um, knowing that you can do that, I think, is really beneficial.
46:13
SPEAKER_04: Yeah.
46:14
SPEAKER_04: Shout out to all the Marines out there.
46:16
SPEAKER_03: Absolutely.
46:18
SPEAKER_04: So we hit on service credits matching, percent contribution.
46:26
SPEAKER_04: Talk about cola.
46:27
SPEAKER_04: So they'll so young folks would understand the importance of a cola.
46:32
SPEAKER_04: I struggled at times when I was the president of our association to get younger folks to care about a colour or understand what a cola is.
46:40
SPEAKER_04: And now that I'm fat and fifty, a cola is really important where it wasn't 30 years ago.
46:45
SPEAKER_03: Right.
46:46
SPEAKER_03: Um, Shannon, I don't know if you have my I just had a little like light bulb of how to explain.
46:50
SPEAKER_03: If if you're if you're employed like we are, it's kind of nice knowing that you're gonna get a raise every once in a while, pay for performance, you get a bear, you get a bump in pay, you get a merit.
47:00
SPEAKER_03: If you're 20 years old, 30 years old, you might get promoted, work, work your way up through the ranks.
47:04
SPEAKER_03: That's nice.
47:05
SPEAKER_03: Once you go through your career, you're getting those raises.
47:07
SPEAKER_03: You're like, woo-hoo, yes, I'm finally getting there.
47:10
SPEAKER_03: Um, when you retire, think about this: no more raises.
47:14
SPEAKER_03: You get what you get, the rest of your life.
47:16
SPEAKER_03: So without a cola, that's exactly it.
47:18
SPEAKER_03: The cola gives you kind of a little bit of a raise that represents the inflation that's going on.
47:24
SPEAKER_03: So it allows you to pay for the same loaf of bread without it impacting your retirement benefit.
47:30
SPEAKER_03: The cola just gives you that little bump to allow you to do that.
47:34
SPEAKER_03: So, yes, a cola is important for retirees in your retirement years because it it combats inflation.
47:40
SPEAKER_04: Yeah, cola for our listeners is cost of living adjustment.
47:43
SPEAKER_04: That's correct.
47:44
SPEAKER_04: Um retired from Garland, we lost our, I retired 10 years ago, we lost our cola like 12 years ago.
47:51
SPEAKER_04: And it wasn't even really important to me when I retired because I didn't understand it.
47:55
SPEAKER_04: And right after I retired, a fireman buddy called and said, Have you ever put pen to pencil?
48:00
SPEAKER_04: I said, No, I don't do that because I failed math too many times.
48:03
SPEAKER_04: But he said, You can quickly amorize out without a cola.
48:09
SPEAKER_04: And it's scary how quick you can be out a million dollars if I were to live long enough, which I may not do, but if I were to get in good shape and make myself live long enough, you can amorize it out where you you could lose a million dollars.
48:22
SPEAKER_04: I retired at 42.
48:25
SPEAKER_04: Um, so I hope to live a couple more years.
48:29
SPEAKER_04: Um but when he showed me how fast you can because I will all my my retirement check will always look like this.
48:38
SPEAKER_04: A cola check would have looked like this.
48:40
SPEAKER_04: Well, that gap gets really far apart.
48:43
SPEAKER_04: That's that's that's something a young person when they're going to look at an agency really, really should look at.
48:51
SPEAKER_03: Yeah, the colas are are important, um, and they are expensive, I will add.
48:55
SPEAKER_03: So it's not just a freebie, it's not just because uh they they c it costs money.
49:00
SPEAKER_03: With TMRS, um the benefits are advanced funded by the city.
49:05
SPEAKER_03: And so when the city decides they're gonna um increase their benefit by let's say they're a uh a 5% or a 6% city and they want to improve the benefits for their employees, um, and they go to 7%.
49:17
SPEAKER_03: Well, they've got to match the money in that employee's account when they retire.
49:22
SPEAKER_03: So if they go from 6 to 7%, even though the money's being funded by the employee because it's coming out of the employee's paycheck, and the interest is is coming off of the investments that TMRS is in um um invested in, at some point the city's gonna anti up and go, okay, now I gotta pay the two-to-one match on that.
49:38
SPEAKER_03: So if you increase the employee's deposit rate, it's gonna cost the city more money.
49:43
SPEAKER_03: And so same thing with a cola.
49:44
SPEAKER_03: If a city is gonna adopt a cola for its retirees, it's gonna cost the city money, and they have to fund that cola for its existing retirees.
49:52
SPEAKER_03: But wait a minute, they also got to advance fund for every employee because even though the employees aren't retired, we got to assume at some point they're going to retire.
50:00
SPEAKER_03: And so the city has to fund that.
50:02
SPEAKER_03: So it is very expensive for the city to do so.
50:04
SPEAKER_04: Do you know about how many cities in Texas don't have a cola, roughly?
50:10
SPEAKER_03: That I do not have I I want to say there were 400 and some, there's about there's about half, maybe a little less than half of our cities.
50:23
SPEAKER_04: Really that high?
50:24
SPEAKER_04: Wow.
50:25
SPEAKER_03: That's but that also but take that in.
50:29
SPEAKER_03: The cities that do have a cola represent the bigger cities, and most of the bigger cities, probably more like 70% of our membership, have colas because they work for bigger cities.
50:39
SPEAKER_06: Okay.
50:39
SPEAKER_03: So many of those 400 and some odd cities are smaller cities.
50:43
SPEAKER_03: They might be the 5% one-to-one.
50:44
SPEAKER_03: Not that they shouldn't have it, they I should absolutely look at at um um having a cola, but um, yeah, most of our membership, most of our retirees do have a cola.
50:53
SPEAKER_03: Um, and I don't have the exact numbers, but okay, yeah, yeah.
51:00
SPEAKER_03: Um there was one thing that I wanted to mention and it just left me.
51:05
SPEAKER_02: I I have one thing I want to mention before because I those of you, those people who have heard me talk across the state will hear me say this over and over again and twice on Sunday is when we when you get on your My Teamerist account, update your beneficiary.
51:21
SPEAKER_02: Yes.
51:21
SPEAKER_03: Oh, please.
51:22
SPEAKER_02: Update your beneficiary.
51:24
SPEAKER_02: I'm begging everyone who hears this to even if because when you become vested, and we've talked about vested a lot, you have to redesignate your beneficiary even if you're designating the exact same person.
51:35
SPEAKER_02: Great idea.
51:36
SPEAKER_05: In fact, you can update it to Tyler Owen.
51:39
SPEAKER_02: Hey, wait, that's my line.
51:40
SPEAKER_02: That's my line.
51:40
SPEAKER_03: Shannon Lucero, I have a name tag, I wear I have a story for that, and is actually a law enforcement officer who tragically was killed in the line of duty.
51:49
SPEAKER_03: Um, and he was um going through divorce.
51:55
SPEAKER_03: It hadn't quite happened.
51:57
SPEAKER_04: Um and um police officers get divorced as I'm giving us a lot of shotguns first and first.
52:03
SPEAKER_03: Uh without telling him I don't my uh you know, I'm wife number one uh what my husband retired APD.
52:09
SPEAKER_03: Um anyway, um this officer tragically was killed, and um he had not changed his beneficiary going through divorce, and my understanding it was a really um bad divorce.
52:19
SPEAKER_03: Um, and had they had kids together, the funds were one supposedly he had filled out a beneficiary form that was going to be submitted that never got submitted to change a beneficiary to the kids.
52:32
SPEAKER_03: Well, the wife, when he passed away, who was still legally the wife, received the benefit.
52:38
SPEAKER_03: And so you gotta take care of your business.
52:40
SPEAKER_03: You never know what's gonna happen.
52:41
SPEAKER_03: And so take care of your business, update your beneficiaries, keep them updated.
52:45
SPEAKER_03: If you're going through divorce, if you have a marriage, if you've got the birth of a child, um, think about your beneficiaries because it's gonna be a lot easier for TMRS to turn that money around and pay the person you want us to pay, as opposed to us going through the court systems waiting for a a will to probate.
53:02
SPEAKER_03: Um, it takes time and money.
53:03
SPEAKER_03: So it is a it's a hot button for us.
53:06
SPEAKER_04: So don't list your wife and girlfriend as a beneficiary.
53:11
SPEAKER_03: Yeah, yeah, that's a good idea.
53:13
SPEAKER_03: Um, I did think of one other thing, and I know we're running out of time.
53:16
SPEAKER_03: Um when we're talking about retirement, especially for you young folks out there, especially if you're in a city that's not in Social Security, you're looking at other, you should be looking at other ways to save for your future.
53:26
SPEAKER_03: And I know when you're young and even when you're old, you tend to think I need every dime out of my paycheck.
53:32
SPEAKER_03: But do you really?
53:33
SPEAKER_03: What I mean by that is many employers that I know of, at least in the in the city industry, municipalities, they provide 457 plans.
53:41
SPEAKER_03: And if your city has a 457 plan, the best thing you can do is to put just a tiny bit of money away out of every paycheck.
53:49
SPEAKER_03: You're not gonna miss it.
53:50
SPEAKER_03: You spend six bucks at Starbucks on a cup of coffee.
53:54
SPEAKER_03: Um, put a little bit out of your paycheck into that account because with those 457 plans, time is your friend.
54:01
SPEAKER_03: And over time you'll be amazed what that 457 plan will do for you.
54:04
SPEAKER_03: And so I tend to tell our young um employees that I run into out in the field if you have the ability to opt into a 457 plan, you should do so.
54:12
SPEAKER_03: It's just another way to fund your benefit because at some point you will retire and you will be relying on the money that you have put away.
54:21
SPEAKER_03: So that's my little segment for 457 plans.
54:24
SPEAKER_02: I will tell you, at every fair that I'm sitting at, people will come up to me and they're closer, they're close to retirement.
54:30
SPEAKER_02: Now they're thinking they're like, oh man, I wish I would have put more money away.
54:33
SPEAKER_02: And they're like, hey, can we put more money in?
54:35
SPEAKER_02: No, unfortunately, you're locked in at that five, six, or seven percent.
54:38
SPEAKER_02: But that table over there, that's your avenue to save more money for retirement.
54:42
SPEAKER_02: And no one has ever said, I have too much money in retirement.
54:46
SPEAKER_02: I have never heard that in 21 years.
54:48
SPEAKER_02: I have never heard I have too much money.
54:53
SPEAKER_04: So two things.
54:55
SPEAKER_04: I want to reiterate your point.
54:58
SPEAKER_04: If you go to your city HR to update your beneficiary, do not assume that that updates TMRS, TMPA, your legal plan, your health insurance, your health insurance, it does not.
55:13
SPEAKER_04: And we've been involved with several officers um tragically killed in the line of duty and their beneficiaries like two ex-wives ago.
55:22
SPEAKER_04: And it compounds a tragic situation worse when you face those issues.
55:29
SPEAKER_04: So once a year, do a self-evaluation and assess have I updated my beneficiaries?
55:35
SPEAKER_04: Have my kids aged out or look at all of that.
55:40
SPEAKER_04: But when you change your beneficiary, change it with everyone.
55:43
SPEAKER_04: Call your your 457 provider, your legal provider, TMRS.
55:49
SPEAKER_04: Update it with all of those.
55:50
SPEAKER_04: Don't assume if HR calls and says it's time to update, that TM that your local agency is gonna update everyone that you need to.
55:58
SPEAKER_04: The second thing I want to be sure listeners understand the last couple of years and it's calmed down now, there's been a lot of pension crisis around the country.
56:08
SPEAKER_04: And I'm super proud because I never had to sweat because TMRS is very well funded, very well managed, and should not be considered in those same conversations.
56:21
SPEAKER_04: And again, it's died down now, but I was always proud the last couple of years that thank God I'm in TMRS and we're not on the brink of a bubble or a mass run on money and they're about to go belly up, or uh and so thank you guys for being a part of that in in the professional way that TMRS is ran because it was hugely important to me because if if y'all went under I'm I'm back to laying brick or doing something that um it was really comforting the last couple of years.
56:54
SPEAKER_04: Yep.
56:54
SPEAKER_04: So thank you.
56:55
SPEAKER_03: We appreciate that.
56:56
SPEAKER_03: Yep, absolutely appreciate it.
56:57
SPEAKER_03: And you know, it is all about you guys, it's about our members and officers are a big part of it.
57:03
SPEAKER_03: Um, and it does, it is we we are passionate about it.
57:06
SPEAKER_03: Um giving back, serving our members, providing that retirement benefit.
57:12
SPEAKER_03: And for you um city folks that might be listening, especially your finance folks, I like to talk about that dollar is a revolving dollar.
57:18
SPEAKER_03: So you may be paying more for a benefit for your employees or your retirees with a cola, but guess what?
57:24
SPEAKER_03: Most of our folks, when they retire, they they say they're gonna move to Florida or move out of the country, and some do, but the majority don't.
57:31
SPEAKER_03: And so what do they do with their pension when they get it?
57:33
SPEAKER_03: They're going to Walmart, they're going to Target, they're buying, they're eating at restaurants.
57:37
SPEAKER_03: So that dollar that you invested in your employee is turning it, you're turning it around and investing it in the economy right there where you live.
57:44
SPEAKER_03: And so, um, you know, I love TMRS.
57:48
SPEAKER_03: I love what we do for our members and what we do for the economies in the state of Texas.
57:52
SPEAKER_03: It's just it's just amazing.
57:53
SPEAKER_03: And so thank you for that.
57:54
SPEAKER_04: And that's I'm so glad y'all came on because most people would assume that you call TMRS, you're gonna get some robot person that's just gonna tell you, turn in your paperwork, and this is how you retire, dummy.
58:07
SPEAKER_04: And to hear y'all tell stories about it personally affected you that somebody was gonna make a bad decision for themselves.
58:15
SPEAKER_04: That's clearly y'all have a passion, not just for TMRS, but for people.
58:20
SPEAKER_04: And that goes a lot, that says a whole lot versus it'd be easy for y'all to just go, sure, you want to do that, dummy?
58:28
SPEAKER_04: Fill out, sign this paper and go ahead and make your stupid decision.
58:32
SPEAKER_04: Sign here.
58:33
SPEAKER_03: Yeah, we're we are um we're very passionate about our customer service and what we provide for our members.
58:39
SPEAKER_03: And you know, occasionally you'll get a complaint here and there, and I'll tell you, um, I'm over the service division and I am very passionate about what we do for our members and pro providing that superior service.
58:49
SPEAKER_03: If anybody listening to this, if you receive bad service, you need to pick up the phone and call and ask for me because it will get fixed.
58:56
SPEAKER_03: We are that passionate about it.
58:57
SPEAKER_03: Um, when we started our call center, now called our member service center many years ago.
59:02
SPEAKER_03: Yes, I was around when we didn't have a call center.
59:05
SPEAKER_03: Um, I was adamant about having a live voice.
59:09
SPEAKER_03: I didn't want one of those what they call the IVR.
59:11
SPEAKER_03: And I'm I can go into lots of talking about that, but you know, dot dial one for this, press two for that.
59:16
SPEAKER_03: You're gonna get a live voice almost immediately.
59:20
SPEAKER_03: Um, and nine times out of ten, they're gonna be able to help you on the spot.
59:24
SPEAKER_03: Very rarely they'll transfer you, but they will transfer you to um someone else if they need to, if they can't help you.
59:30
SPEAKER_03: But our member service center, they're all very helpful.
59:32
SPEAKER_03: They're there to help our members and to answer questions.
59:34
SPEAKER_03: So we are very passionate about it.
59:36
SPEAKER_03: So thanks for that shout out.
59:37
unknown: Yep.
59:38
unknown: Yep.
59:39
SPEAKER_02: And we we are now providing other platforms of education.
59:42
SPEAKER_02: So we webinars.
59:43
SPEAKER_02: I did a webinar yesterday or Monday, and we had another one yesterday.
59:47
SPEAKER_02: So now we have monthly webinars to go on in 30, 45 minutes to hear about whether it's retirement information or basic information or city training for HR personnel.
59:57
SPEAKER_03: We're we're watching scheduler.
1:00:00
SPEAKER_02: Online scheduler.
1:00:01
SPEAKER_02: Um, you can do Zoom or schedule a phone call.
1:00:03
SPEAKER_02: And I know we do after hours.
1:00:05
SPEAKER_02: We start at 7, we go all the way to 6, and we're at your cities.
1:00:09
SPEAKER_02: So we are there, we're at your cities at your benefit fairs.
1:00:12
SPEAKER_02: If a city calls and says, Hey, we we're doing our annual retirement meeting, we need you to come up.
1:00:17
SPEAKER_02: And I'm there and I'm talking in front, face to face.
1:00:20
SPEAKER_02: Um, and sometimes there's no, and I know with law enforcement, you guys don't like the phone, you don't like Zoom because you want to look in our eyes and know that what we're saying is truth.
1:00:31
SPEAKER_02: And and you've learned how to to trust people and how whether or not they're telling you the truth.
1:00:37
SPEAKER_02: And um I love when people come up and say, I just I know you've said it, but I need to hear you, I need to see you say it.
1:00:44
SPEAKER_02: So we're we have all these different platforms, and the entire goal is to educate and educate so that when they do go make a life decision whether they're leaving law enforcement, leaving a city, retiring, that they're going in eyes wide open and they're making an informed decision.
1:01:00
SPEAKER_04: Yeah, yeah.
1:01:01
SPEAKER_04: And we hope you all be at conference to do that same thing.
1:01:03
SPEAKER_02: We will be.
1:01:04
SPEAKER_02: We will be perfect.
1:01:05
SPEAKER_02: Absolutely.
1:01:06
SPEAKER_02: Yeah, we look forward to meeting meeting.
1:01:08
SPEAKER_02: Yeah, I hope anyone who hears this comes and says hi to us.
1:01:10
SPEAKER_02: Yeah.
1:01:10
SPEAKER_02: Say hi.
1:01:11
SPEAKER_05: Well, I know they they uh they thoroughly enjoyed you guys being there because they they got to see down and and or sit down and see the you know, the long goal, the the uh you know the retirement goals, and and uh they enjoyed y'all being there.
1:01:22
SPEAKER_05: So you got anything else?
1:01:24
SPEAKER_05: I don't think so.
1:01:25
SPEAKER_05: Well, we enjoyed y'all coming on.
1:01:27
SPEAKER_05: Um as usual.
1:01:28
SPEAKER_05: Y'all were bubbly and and engaging.
1:01:32
SPEAKER_05: Spunky.
1:01:32
SPEAKER_05: You liked that, didn't you?
1:01:34
SPEAKER_05: I came up with that my own.
1:01:35
SPEAKER_05: I'm pretty proud.
1:01:36
SPEAKER_05: I'm pretty proud of myself.
1:01:37
SPEAKER_05: Bubbly.
1:01:38
SPEAKER_05: Bubbly.
1:01:38
SPEAKER_03: Bubbly.
1:01:39
SPEAKER_05: Well, this uh this wraps up everything.
1:01:41
SPEAKER_05: We usually end every episode with uh rapid fire questions.
1:01:45
SPEAKER_05: I'll let Clint do it because I always mess up the first question.
1:01:48
SPEAKER_05: All right.
1:01:52
SPEAKER_04: Favorite cop movie or line from a cop movie?
1:02:01
SPEAKER_02: Can I just say Die Hard is a Christmas movie?
1:02:03
SPEAKER_02: Yeah.
1:02:04
SPEAKER_04: That's fair enough.
1:02:05
SPEAKER_04: Die Hard, I think, has been an answer a couple times.
1:02:08
SPEAKER_03: The Beverly Hills, um, Eddie Murphy was a very good thing.
1:02:10
SPEAKER_04: Beverly Hills copied.
1:02:11
SPEAKER_04: That's a good one.
1:02:12
SPEAKER_04: That was an answer.
1:02:12
SPEAKER_03: One of my favorites.
1:02:14
SPEAKER_04: That was an episode.
1:02:15
SPEAKER_04: That was uh last couple of shows, somebody Beverly Hills Cop.
1:02:20
SPEAKER_04: Um favorite police car, or if you're not don't don't can't think of a police car, your favorite car.
1:02:29
SPEAKER_04: Best car.
1:02:30
SPEAKER_03: Oh, well, you know, I'm married to a retired cop, so Crown Vic, he will tell you, is the best car ever.
1:02:37
SPEAKER_05: That's interesting.
1:02:39
SPEAKER_02: You know, I was not my favorite car, but yeah.
1:02:44
SPEAKER_02: I well, I haven't said it.
1:02:46
SPEAKER_02: My brother's actually a state trooper, 25 years.
1:02:49
SPEAKER_02: He's retired.
1:02:50
SPEAKER_02: Um, and I loved when he first started and he had the crown victory.
1:02:53
SPEAKER_06: Wow, that's two for two.
1:02:54
SPEAKER_02: But he called the black his black and white, and you said crown victim vic.
1:03:00
SPEAKER_04: Okay, Chevy Caprice, if you'd like to be a sponsor of the podcast, as you can.
1:03:05
SPEAKER_05: The Crown Vic, the work, the workhorse.
1:03:07
SPEAKER_05: Uh, that's two for two.
1:03:09
SPEAKER_04: Last one.
1:03:10
SPEAKER_04: Uh favorite adult beverage.
1:03:13
SPEAKER_04: And if you don't do adult beverages, your favorite drink to relax and upload?
1:03:18
SPEAKER_02: Crown and water.
1:03:19
SPEAKER_02: It's my go-to.
1:03:21
SPEAKER_02: Vodka soda.
1:03:22
SPEAKER_04: Any particular vodka?
1:03:24
SPEAKER_02: Lately it's been uh Great Goose.
1:03:27
SPEAKER_04: Okay.
1:03:27
SPEAKER_04: Oh, wow.
1:03:29
SPEAKER_04: Great goose.
1:03:30
SPEAKER_04: Oh, Angel's Envy.
1:03:31
SPEAKER_02: I just tend to be an expensive date.
1:03:33
SPEAKER_04: Oh, okay.
1:03:34
SPEAKER_04: I understand.
1:03:35
SPEAKER_04: I understand.
1:03:39
SPEAKER_02: Oh, you didn't answer the question.
1:03:41
SPEAKER_05: It's not Angel's Envy, I promise you.
1:03:44
SPEAKER_02: There's a story there.
1:03:45
SPEAKER_02: I'm sure there's a story there.
1:03:46
SPEAKER_04: Oh, yeah, there is a story.
1:03:47
SPEAKER_04: I'll have to save that one for later.
1:03:48
SPEAKER_04: Tombstone, Chevy Caprice, and Basil Hayden.
1:03:52
SPEAKER_03: Oh.
1:03:53
SPEAKER_03: Okay.
1:03:54
SPEAKER_03: I don't know what basil Hayden is.
1:03:56
SPEAKER_04: It's a bourbon.
1:03:57
SPEAKER_03: Oh, all right.
1:03:58
SPEAKER_03: Do you drink straight up?
1:03:59
SPEAKER_04: Uh just over a piece of ice.
1:04:03
SPEAKER_02: One one one rock.
1:04:04
SPEAKER_02: Yeah.
1:04:05
SPEAKER_02: All right.
1:04:06
SPEAKER_03: Nice.
1:04:07
SPEAKER_05: Tombstone, absolute crown Vic.
1:04:09
SPEAKER_05: 110% Nicolobult.
1:04:11
SPEAKER_05: 100% crown Vic.
1:04:12
SPEAKER_05: All right, all right.
1:04:13
SPEAKER_05: Yeah.
1:04:13
SPEAKER_05: Yeah.
1:04:14
SPEAKER_03: Oh, Crown Vic, that's three.
1:04:15
SPEAKER_05: Yeah, Crown Vic.
1:04:17
SPEAKER_05: Yeah.
1:04:17
SPEAKER_05: That's it.
1:04:18
SPEAKER_05: We're well, hey, we uh we greatly appreciate y'all coming on.
1:04:22
SPEAKER_05: It's uh this is just great, great information that I think uh everyone needs to listen and uh apply to.
1:04:28
SPEAKER_03: Yeah.
1:04:29
SPEAKER_04: Thank you for having us.
1:04:30
SPEAKER_03: Yeah, absolutely.
1:04:31
SPEAKER_04: I hope folks, even not in the law enforcement industry, because you guys apply to all municipal employees.
1:04:38
SPEAKER_04: I hope folks will take some time to uh tune out Tyler and I speaking during this and really listen with you guys because it's it's huge information that a lot of young folks just don't know about.
1:04:51
SPEAKER_03: Yep.
1:04:51
SPEAKER_03: Yep.
1:04:51
SPEAKER_03: Run those estimates.
1:04:52
SPEAKER_03: Best advice we can give, run those estimates.
1:04:54
SPEAKER_03: They will tell you what you need to know.
1:04:56
SPEAKER_05: So well, this uh this wraps it up.
1:04:59
SPEAKER_05: You guys uh hit that subscribe button and again download these podcast episodes.
1:05:03
SPEAKER_05: Stay safe out there.
1:05:05
SPEAKER_05: Uh God bless you, and as always, may God bless Texas.