By Joanna Putman
Police1
NEW YORK — In an effort to curb the high turnover rate among NYPD officers, a new incentive has been introduced that offers a significant pension increase to top-rated cops who defer retirement beyond their eligible 20 years, the New York Post reported.
This provision, part of a recently signed Albany budget bill, aims to retain seasoned officers amidst ongoing retention challenges within the NYPD, according to the report. The bill stipulates that first-grade officers who extend their service to 25 years will see their retirement salary increase from $105,000 to $112,000, which is part of the two-year aggregate salary used to calculate retirement benefits. This amount rises to $125,000 for those staying on for 30 years.
“We’re very happy that Albany has taken up our appeal to help out long-term serving members of the police department,” said NYC Councilmember Keith Powers. “As we’ve seen the last few years, it’s been a challenge to maintain long-term, high-quality officers, and I’m grateful for Albany to include this measure in the budget that had broad support from the NYC council.”
The change is expected to lead to a $700,000 increase in the pension fund next year, with annual increases anticipated thereafter, according to the report. The pension increase has been well-received by the NYPD’s top union.
“We have lost far too many of our most talented, experienced police officers to retirement or other policing jobs with better benefits and a better quality of life,” PBA President Patrick Hendry stated. “However, we still have a long way to go to get NYC police officers the competitive benefits and working conditions they deserve.”
[Next: 5 steps that will improve law enforcement retention]
In the video below, Gordon Graham outlines five actionable steps that leaders can implement to improve law enforcement retention.