5 year retirement?

[Fetusinfetu]

is it true that you can retire from the nypd after 5 years, with 25 % of the last year you worked as pension?

if not wat are the retirement options?

[Joeyd6]

You can retire after five.......but no money till your 60 something. And the amount vaires....would depend on a few factors. To get your variable annunity you must do at least 10 years. To get it all youmust do 20. At 20 you can leave with immediate pension and the variable annunity. The amount varies depening on what option you take (IE- take it all or take some and leave some for your wife in case you pre-decease her, etc...)

[Fetusinfetu]

wats does variable annutiy mean?
and what is the penision for a 5 year retirement?

[GMan26]

a variable annuity is a retirement fund. you put money into this fund and then you can "play" with it by investing in many different funds (not stocks and not mutual funds). You can gain money or lose money each day - its kind of like stocks but it is not. I had one and I lost quite a bit of money three years ago. I transfered it to another account, can not touch it until you are 55 1/2 yrs of age or else you'll owe uncle sam a penalty of 10% and then tax. The money that goes into these annuities are before tax.

I just received a pension plan for working where I am at (5yrs) but when I did the calculation it is not much at all. The longer you work the better the pension will be...