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  • ISP Pension

    Does anyone know if the Down State Pension Program that serves municipal officers transfers to the ISP pension ??

  • #2
    I am also wondering the same thing. I currently have Down State Pension, but I may be transfering to another department that also has the same Down State Pension program.
    From what I was told, you need to have an actuarial hired to calculate the difference in pay if you had been with the new agency for the number of years of service, and you have to make up the difference in contributions. (There is some kind of formula to it). I was also told there is no penalty, and you dont have to make up any interest if you make the transfer right away. However, if you wait, the amount owed grows quickly.
    Down State Pension contributions are 9.91% of your base pay. I do not know how the ISP pension works since they are different.
    Last edited by corysheets104; 09-27-2007, 05:45 AM.

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