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RECENT PENSION DEVELOPMENTS

Relocation of the Police Pension Fund

Allowable Retiree Income Increased (212 Waiver)

Retiree Income Limitation

Death Gamble for Tier II Members

Variable Supplement Fund (VSF) “DROP”

Transferred Prior Service Settlement

Chapter 571 of the Laws of 2000 — Amendment

Chapter 646 of the Laws of 1999— Amendment

Chapter 552 of the Laws of 2000— Amendment

 

Relocation of the Police Pension Fund

As of September 9, 2002, the Police Pension Fund relocated all services to our members from our previous work location at 1 Police Plaza to our current one at 233 Broadway (Woolworth Building), 19 floor, across from City Hall Park.

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Allowable Retiree Income Increased (212 Waiver)

Effective January, 2003, retirees can earn up to $25,000 a year in the New
York State public employment while still collecting their full pension.
This has been increased from $20,000 a year.

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Retiree Income Limitation

This law allows retirees, aged 65 or older, who have public employment in New York State, to forgo any earnings limitation. The previous age criteria was 70 years of age.

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Death Gamble for Tier II Members

As of December 3, 2002, Tier II members (hired on/after 7/1/73) with a minimum period of allowable police service (20 years) are now covered by the death gamble coverage while in active service. Designated beneficiaries will receive the actuarial value of the pension reserve in a lump sum or in periodic payments.

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Variable Supplement Fund (VSF) “DROP”

In addition to the pension VSF payment, there will now be an active VSF payment for members who qualify. This is VSF money that a member would have gotten if he or she had retired after twenty years of allowable police service. Active members will have the VSF banked for them with a 20th anniversary date of January 1, 2002 or after. This money will be sent out December 15 if you retire prior to November 1 of the same year. If
a member retires in the month of November, their check will be mailed December 31. In those cases when a retiree retires in the month of December he/she will receive their VSF in December of the following year.

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Transferred Prior Service Settlement

Former members of the New York City Employees Retirement System (NYCERS) as Housing or Transit Police Officers who properly transferred prior state time to NYCERS, and were active members of NYPD on May 1, 1995 will now receive up front service credit for that time.

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Chapter 571 of the Laws of 2000 — Amendment

Also referred to as the " Bowden Bill", Former Housing or Transit Police Officers who were members of the New York City Employees Retirement System (NYCERS) before June 30, 1992, and were active members of the NYPD on December 8, 2000, will have the opportunity to transfer and purchase service credit not previously transferred, due to misinformation provided by the retirement system at the time of hire.

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Chapter 646 of the Laws of 1999— Amendment

Any member, who purchases service credit under this law and where the previous retirement system membership is based on certain designated law enforcement service, such service shall be credited as “allowable” up front police service. For this purpose, such service shall include:

I. Uniformed service including police department, fire department, corrections department or sanitation department of the City of New York or the State of New York or any agency or political subdivision thereof (including NYCERS, Police and Fire); or

ii. Service as a peace officer as specified in §2.10 of the CPL; or

iii. Service in the title of sheriff, deputy sheriff, marshal, district attorney investigator or other State law enforcement positions.

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Chapter 552 of the Laws of 2000— Amendment

Any member, who purchases service credit under this law and where the previous retirement system membership is based on certain designated law enforcement service, shall have such service credited as “allowable” up front police service. For this purpose, such service shall include:

i. Uniformed service including police department, fire department, corrections department or sanitation department of the City of New York or the State of New York or any agency or political subdivision thereof (including NYCERS, Police and Fire); or

ii. Service as a peace officer as specified in §2.10 of the CPL; or

iii. Service in the title of sheriff, deputy sheriff, marshal, district attorney investigator or other State law enforcement positions.

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