Important NYC Police Pension Fund Board Meeting Video

2-25-2019 Update. From the NYCPPF Facebook page:  On Friday, March 1, 2019, there will be a special Board of Trustees meeting pertaining to a pending resolution for the actuarial assumptions and methods and the actuarial option factors. The meeting will be at 2:30 PM at the Police Pension Fund’s office.

2-13-2019 Update. As per the NYCPPF Board Meeting on February 13th, 2019, the option issue was again “tabled” by the PBA.

Active NYPD members close to retirement should carefully listen to the most recent NYCPPF Board meeting video posted to the NYCPPF website.  The discussion regarding option cost factors begins at the 12:10 mark.  All active police union members (PBA, DEA, SBA, LBA, & CEA) should strongly request their union board members support and approve this favorable resolution.  As noted in the video; the PBA representative “tabled” the resolution.

As shown below, IF these option cost factors are implemented it will greatly decrease the cost.

1985 Basis vs. Proposed 2019 Basis Police Pension Example

50-year-old Service retiree and 50-year-old beneficiary

Item

1985 Basis

Proposed 2019 Basis

Maximum pension

$80,000

$80,000

100% to beneficiary
(option #2) cost

$11,856

$5,800

Percentage option cost reduction

51.07%

Adjusted pension

$68,144

$74,200

11 replies
  1. Tony Favara
    Tony Favara says:

    Thats practally half the cost,.. what brought this revelation on??.. would retirees be able to take advantage of that if they are not finalized yet?,.. also, why do you suppose the PBA rep wanted it shelved?… seems to be a positive proposal for all members.

  2. Dominick
    Dominick says:

    Would such a proposal if approved just happen or would it be part of the next contract? I am asking because I retired in December 2018 and my contract expired in November 2018. Can I assume if it’s in the next contract I would still be eligable?

    • Matt
      Matt says:

      I hope that Pete chimes in here, but I don’t believe this has anything to do with contractual issues. Changes to our pensions are independent of the collective bargaining contracts. It would probably only matter if they make the changes retroactively, or not.

  3. Jarrod
    Jarrod says:

    Would this fix the inequality of PD/FD option cost mentioned in previous post or simply further reduce FD cost lower than PD?

Comments are closed.