The money that
isn't your pension

If you leave the NYPD in or after the year you turn 50, you can take money out of your union annuity fund before 59½ without the 10% federal penalty. Roll that same money into an IRA first and the penalty comes back. Rules like that one get decided in your last few weeks, and none of them is part of your pension.

William Harrison, our Chief Investment Officer, will go through them from the plan documents and contracts themselves:

• What your union annuity fund lets you do at retirement. The PBA, SBA, DEA and Superior Officers Council funds don't all offer the same options.
• What New York taxes if you move the money to an IRA. The amount you move stays exempt. The growth after the move doesn't.
• Terminal leave as time off, or as the one-time lump sum your contract now allows.
• How unused FLSA comp time is paid when you leave.