Move the sliders and see what retiring at 20 years instead of 23 (FDNY) or 25 (NYPD), your overtime years and the yearly increase do to your pension.
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The full plan is open below.
Book a free 15-minute callA walk-through of the pension decisions for an FDNY member: when to retire, your best three years, the survivor option and the 457. Move the sliders and the plan updates.
Every figure here is made up. The member, the family and every dollar amount are examples, chosen to show how a plan works. None of it is a real person's data. The real rules on the page are the state laws on the Tier 3 pension (half the final average pay at 20 years), when its yearly increase starts, and how the final average pay is limited each year.
Years past 20 don't raise a Tier 3 pension. They decide the yearly increase below. Rank-based additions at 25 years are not shown. Tier 2 works differently: it adds 1/60 of the pay earned after year 20, roughly 1.67% of the final average for each extra year if pay stays level. That percentage is an approximation.
| Years | Retire at | Monthly at start | Yearly increase | At age 75 |
|---|
A figure in today's dollars buys what that many dollars buy now. Future dollars are the larger numbers you'd see printed on a statement.
| Year | Pay earned | Limit | Pay that counts |
|---|---|---|---|
| 2 years before | None | Sets the limit | |
| 1 year before | None | Sets the limit | |
| Year 1 | |||
| Year 2 | |||
| Year 3 (last) |
This is an estimate. The Fund makes the final number when you retire, using its own payroll records.
When you file for the pension, you choose an option on the Fund's form. The choice decides what your spouse receives if you die first. Pick one below.
Example: $150,000 in the 457 at retirement, compared over 20 years. The 457 costs an example 0.03% a year. Money in a governmental 457 has no 10% early-withdrawal penalty before 59½; moved to an IRA, it loses that.
This sample shows the decisions and what moves them. A full plan answers each one with your own figures.
This sample runs on made-up figures and simplified rules. A plan with us runs on yours.
| This sample | Your plan with us | |
|---|---|---|
| Figures | Made-up examples | Your Fund estimate letter and your 457, IRA and Social Security statements |
| Pension rules | A simplified example formula | Your tier, your increase date and your offset, from the Fund's numbers |
| Review | You read it alone | A one-on-one review with our team, with time for your questions |
| Updates | Fixed as of October 2026 | Updated every year with new Fund and account figures |
| Accounts | Not included | Help opening the IRA, if you decide to move money |
| Paperwork | Not included | Help with the rollover paperwork, step by step |
Contents
The rest works through the pension choices you only get to make once: your best three years, the survivor option and what to do with the 457.
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If you move the 457 to an IRA we manage, we are paid on it. If you leave it in the 457, we are not.
Sirmium Capital LLC is a New York state-registered investment adviser and is not registered with the SEC. Every figure in this document describes odds under a set of assumptions; a projection is not a promise and nobody can promise an investment outcome. Nothing here is an offer or a solicitation in any jurisdiction where we are not registered or exempt, and nothing here creates an advisory relationship; ongoing advisory services are provided only under a signed advisory agreement. Your accountant and your attorney are the right people for tax and legal questions, and their answers beat ours.
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