Many police deptartments offer a deferred compensation plan to help with retirement. These plans are usually under the section of the tax code of 457, or possibly 403B if you are working for a Universtiy Police Department. The 457 plan is similar to a 401K plan in the private sector.

If you are not in one of these plans you need to look into one. The advantage of these plans is that it allows you to contribute money to your retirement tax deferred. The money you put in usually goes into a mutual fund of your choice. The big advantage is that the money is taken out of your paycheck before taxes. This money can then hopefully grow in this tax shelter and can be taken out upon separation of service.

I found the services of ING to be very good, but Ohio Deferred Comp, Prudential and Blue Line 457 also offer the same service to most City Departments in the Columbus area. The Blue Line 457 plan also has the advantage of being able to borrow from the plan and is sponsored by the Fraternal Order of Police.

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