NYPD Pension - Early, Pro-rated

[BarXone]

So I was looking around, even off of this site..

I've been trying to figure out how the NYPD pension works. I went on the pension site, but it was pretty hard to navigate.

I gather the 20 years gives half pay with benefits, but what about earlier retirement? ex. 5, 10, 15 years? If anyone knows I'd appreciate it.

Let's assume you fall under PBA, SBA or LTA (different unions with different benefits, right?) Any information from someone in the know would be appreciated.

Thanks guys

[bkny27]

you can retire after 5 10 and 15 years and i believe its called vesting but you still do not collect your pention till the 20th year.

[bluelieu]

You can vest after 5 years and collect 1/8 of your final salary (25% of the 1/2 pension). You do, however, have to wait until your 20th anniversary to start collecting.

[BarXone]

Great

Are there specific percentages to each of 5, 10, 15 year retirements?

Thanks for the info

If I'd have to guess for 5 years you said 25% of 1/2 pension.. so 10 years would be 50% of that.. and 15 years would be 75% respectively?

[nyballer31]

Great

Are there specific percentages to each of 5, 10, 15 year retirements?

Thanks for the info

If I'd have to guess for 5 years you said 25% of 1/2 pension.. so 10 years would be 50% of that.. and 15 years would be 75% respectively?

It's 2.5 % per year, can start to vest out at 5 years can't collect to you hit 20 years. This could all change if they create a new tier.

[bluelieu]

Great

Are there specific percentages to each of 5, 10, 15 year retirements?

Thanks for the info

If I'd have to guess for 5 years you said 25% of 1/2 pension.. so 10 years would be 50% of that.. and 15 years would be 75% respectively?

Right, and pro-rate until 1/2 pay at 20 yrs.

[bkny27]

you do lose out on the so called holiday bounus of 12,000 a year if you do not stay till your 20th year.