The report recommends police forces move away from a final salary to a career - average system, the raising
of standard retirement age to 60 and, in the longer term, the design of a whole new scheme for dealing with police pensions.
Hawaii's pension plan is commended for utilizing a constant benefit multiplier of 2 percent; however, teachers may retire before
standard retirement age based on years of service without a reduction in benefits.
Withdrawal of funds is not allowed before retirement as 58 years is
the standard retirement age is taken by the mutual fund scheme.
While I agree in principle that this may be a potential problem in some cases, I am in my early 40's, so if I follow the typical path of working until
the standard retirement age (which will surely be higher than 65 by the time I get there), I've got quite a bit of time to build my portfolio.
What I haven't done yet though is write a comprehensive post about all the ways you can access the money in retirement accounts prior to
standard retirement age.