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Does the NYPD tier III pension plateau at 50%? Even if you stay past 22 years, does the percentage not increase?
This is what it says on the website, I'm having a hard time fully understanding it.
2.1% of the final average salary x years of credited service
(for first 20 years)
-plus-
1/3% of the final average salary for each month in excess of 20 years
[total benefit not in excess of 50% of the final average salary]
The way it's worded makes it seem like you can get a higher percentage, but then the "total benefit not in excess of 50% of the final average salary" line makes it seem like the opposite.
I apologize if this seems like a stupid question, I'm just trying to understand everything fully.
And just a little bonus question here: Why does NYPD list their total pay? Is it to make it seem better than it is, or is that actually what should be compared to other department's "base salary"? For example, the LAPD has a max base salary of $88,427, the NYPD has a max base salary of $76,448, but total pay would be $90,829. So, in the grand scheme of things here, which is the better paying agency? I've never seen "total pay" listed on any PD's site except NYPD, that's why I'm asking.
This is what it says on the website, I'm having a hard time fully understanding it.
2.1% of the final average salary x years of credited service
(for first 20 years)
-plus-
1/3% of the final average salary for each month in excess of 20 years
[total benefit not in excess of 50% of the final average salary]
The way it's worded makes it seem like you can get a higher percentage, but then the "total benefit not in excess of 50% of the final average salary" line makes it seem like the opposite.
I apologize if this seems like a stupid question, I'm just trying to understand everything fully.
And just a little bonus question here: Why does NYPD list their total pay? Is it to make it seem better than it is, or is that actually what should be compared to other department's "base salary"? For example, the LAPD has a max base salary of $88,427, the NYPD has a max base salary of $76,448, but total pay would be $90,829. So, in the grand scheme of things here, which is the better paying agency? I've never seen "total pay" listed on any PD's site except NYPD, that's why I'm asking.
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