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.
