The Detectives’ Endowment Association, Inc. — Michael J. Palladino, President

Pension Option Cost Changes

March 20, 2019

On March 13, 2019, the Police Pension Fund Trustees voted to reduce the cost of pension options for members who retire after April first of 2019. For example —

50-year-old Retiree

50-year-old Beneficiary/Spouse

20-year service retirement

Final average salary of $160,000

Full pension of approximately $80,000 (without final withdrawal)

Maximum withdrawal is $166,000

Under Option #2, the Beneficiary will receive 100% of pension

 

Old Cost                                                        New Cost (post April 1st)

$69,091 (total pension with withdrawal)  $69,960 (total pension with withdrawal)

$58,852                                                          $64,636

$10,239                                                          $5324

$853 per month                                            $443 per month

Savings to the member of approximately $410 per month.