It's not too late! Order your 2023 Lieutenant Exam "Just the Questions" for only $349 Visit www.RisingStarPromotion.com to order over 1400 questions specifically designed for maximum retention of the Patrol Guide--plus full-length exams!

Members Login
Username 
 
Password 
    Remember Me  
Post Info TOPIC: Can anyone explain Inspector pension vs Deputy Chief pension


Senior Member

Status: Offline
Posts: 231
Date:
Can anyone explain Inspector pension vs Deputy Chief pension


Does anyone know the specifics and time in rank requirements? Thanks 



__________________


Guru

Status: Offline
Posts: 502
Date:

From my understanding for every five years you spend in the rank of captain you get the assimilated retirement numbers of the next higher rank. Another little known fact is that as a captain, the city puts substantially more into your annuity fund approximately $30 per day.

__________________


Senior Member

Status: Offline
Posts: 231
Date:

Thanks, sounds great!



__________________


Guru

Status: Offline
Posts: 1397
Date:

Leslie wrote:

From my understanding for every five years you spend in the rank of captain you get the assimilated retirement numbers of the next higher rank. Another little known fact is that as a captain, the city puts substantially more into your annuity fund approximately $30 per day.


 That comes out to 10k per year.  Don't think that's accurate.  Up to $3300 per year.  



__________________


Guru

Status: Offline
Posts: 1397
Date:

Cathetel wrote:

Does anyone know the specifics and time in rank requirements? Thanks 


 Captain for 5 years gets a DI pension.  Captain for 10 years full bird pension and 15 years Deputy Chief pension.  The difference in pay between each rank is roughly 10k more annually.



__________________


Guru

Status: Offline
Posts: 502
Date:

wereinbacklog wrote:
Leslie wrote:

From my understanding for every five years you spend in the rank of captain you get the assimilated retirement numbers of the next higher rank. Another little known fact is that as a captain, the city puts substantially more into your annuity fund approximately $30 per day.


 That comes out to 10k per year.  Don't think that's accurate.  Up to $3300 per year.  


 Passing along the information that was given to me. I was told 30-35 bucks per work day which adds up to roughly 7,500 bucks a year. If anyone can confirm please do update us with the correct figures





-- Edited by Leslie on Wednesday 2nd of November 2022 06:12:45 PM

__________________


Guru

Status: Offline
Posts: 1397
Date:

Leslie wrote:
wereinbacklog wrote:
Leslie wrote:

From my understanding for every five years you spend in the rank of captain you get the assimilated retirement numbers of the next higher rank. Another little known fact is that as a captain, the city puts substantially more into your annuity fund approximately $30 per day.


 That comes out to 10k per year.  Don't think that's accurate.  Up to $3300 per year.  


 Passing along the information that was given to me. I was told 30-35 bucks per work day which adds up to roughly 7,500 bucks a year. If anyone can confirm please do update us with the correct figures





-- Edited by Leslie on Wednesday 2nd of November 2022 06:12:45 PM


 Got it, the correct figure is approximately $3300 per year.  Captains don't get that amount til 5 years in rank.



__________________


Senior Member

Status: Offline
Posts: 154
Date:

Wereinbacklog - I know youre a straight shooter with accurate information but I was told from a retired Cpt he got 5500 added to his pension for having 5 years in rank as a cpt

__________________


Guru

Status: Offline
Posts: 502
Date:

Tommy Salami wrote:

Wereinbacklog - I know youre a straight shooter with accurate information but I was told from a retired Cpt he got 5500 added to his pension for having 5 years in rank as a cpt


That is on point. Remember depending on time in rank and time on the job you're still only getting a percentage of that 10k between salary difference. Wereinbacklog is still correct with the 10k approximation.



__________________


Guru

Status: Offline
Posts: 1397
Date:

Tommy Salami wrote:

Wereinbacklog - I know youre a straight shooter with accurate information but I was told from a retired Cpt he got 5500 added to his pension for having 5 years in rank as a cpt


 Two different things.  To pension yes to annuity no.  



__________________


Guru

Status: Offline
Posts: 1397
Date:

Leslie wrote:
Tommy Salami wrote:

Wereinbacklog - I know youre a straight shooter with accurate information but I was told from a retired Cpt he got 5500 added to his pension for having 5 years in rank as a cpt


That is on point. Remember depending on time in rank and time on the job you're still only getting a percentage of that 10k between salary difference. Wereinbacklog is still correct with the 10k approximation.


 I think we're arguing different points.  The 3300 I'm alluding  to is to annuity not pension.  If you do 5 years as a Captain and retire you'll get a DI pension. A DI makes roughly 10k more than a top pay captain.  50% of that 10k is 5k which is added to your pension. 



__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us