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Retirement Benefits:
After 20 years of service, a retired Police Officer will receive:
- Estimated earnings of $46,000 per year, comprised of 50% of salary, longevity, night shift differential, overtime and an annual $12,000 payment from a Variable Supplement Fund.
- A retired Police Officer could receive approximately $1.75 million when retired assuming a life expectancy of 80 years. This figure is based on the age of appointment of 22 and the age of retirement of 42.
- The dollar amount of $1.75 million is estimated on 2003 salaries and is not adjusted for inflation or for future raises.
- This dollar amount will be higher for uniformed members that retire above the rank of Police Officer.
- Full health benefits
- Annuity Fund and Deferred Compensation Plan.
- The amount of the funds depends on the market value of the portfolio that the officer has chosen while active.
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