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22 and a half and out · Member

Tier 3 getting 20 and out

Tier3scum · Senior Member

They introduced a bill for it. But havent heard anything. Its like the social security offset. Theyve been introducing a bill every year for the last 3-4 years to get rid of it. And it just dies on the floor. Id imagine this is the same thing. All smoke and mirrors, hey look were trying to help city workers. Knowing damn well its never going to pass

NauseousPBBN · Senior Member

Majority of benefits this job has gone through many many bill submissions. Its part of the process.

Xchris176 · Senior Member

Any updates?

sgt4eva · Member

Tier 3 can retire at 20 years, but if they do their pension is roughly 44% not 50 %.
Several people in my command are planning to take that option.

NYTIMES · Veteran Member

Tier 3 can also retire at 20 and not collect your pension until what would have been your 22nd year. If you do that, you get the full 50% but you dont get the $12,000 variable supplement.

Xchris176 · Senior Member

Thank you

PD2FD · Guru

NYTIMES wrote:
Tier 3 can also retire at 20 and not collect your pension until what would have been your 22nd year. If you do that, you get the full 50% but you dont get the $12,000 variable supplement.

So essentially, you would be foolish to not complete the 22 years. $12,000 per year is a decent amount to leave on the table.

Testtakertastetester · Member

NYTIMES wrote:
Tier 3 can also retire at 20 and not collect your pension until what would have been your 22nd year. If you do that, you get the full 50% but you dont get the $12,000 variable supplement.

Where did you get this from? I don't see that in the pension fund's plan description. That pdf is really detailed:

https://www.nyc.gov/assets/nycppf/downloads/pdf/Tier%203%20SPD%2020241029.pdf

VetteCop · Senior Member

NYTIMES wrote:
Tier 3 can also retire at 20 and not collect your pension until what would have been your 22nd year. If you do that, you get the full 50% but you dont get the $12,000 variable supplement.

you get variable supplement once you hit 20 years... when you hit 22 years youll have 24k banked.

22andOut · Veteran Member

There are two versions of the bill, once was introduced in state senate and one in Assembly.

Google NY State Senate bill S2710 and Assembly Bill A3968. You can also subscribe to get updates on both.

Hopefully one of the passes finally.

Asmfish · Veteran Member

It looks as if the bill has been added to the 2025/2026 budget, as well as the 5% increase for every 5 years of service after 20 years. And they should hopefully be signed by the gov next week. The way it was explained to me if she does not sign it the entire budget would have to go back to committee which would just piss everyone off during an election year is unheard of. But hey anything could happen.