New York City Police Pension Fund
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Tier 3 - Vested Retirement

After five years of uniformed service a member is eligible for vested retirement benefits. Vested retirees are not entitled to terminal leave before separation from service, nor eligible for Variable Supplement Fund payments.

A member may elect to receive the Vested benefit early, if the member attains age 55 prior to reaching the 20th anniversary; otherwise the member must wait until the 20th anniversary to begin collecting the Vested retirement benefit. Should the member receive the Vested benefit before attaining the 20th anniversary, the benefit will be reduced by 1/30th for each year the benefit commenced before the 20th anniversary.

A member may decide to defer payment of the vested pension benefit until 22 years and one month or more, up to 25 years, to be eligible for annual escalation.

The vested pension benefit is as follows:
2.1% of the final average salary   x   years of credited service
-minus-
50% of primary Social Security Retirement benefit commencing at 62