Tier 3 Shortages
Tier 3 members may have noticed a shortage on their annual statement. While there are several ways to incur a shortage, a majority of members will see a shortage because the Fund is usually unable to capture contributions from the first paycheck. In April, the Fund will be auto-enrolling all Tier 3 members with a shortage of $20 or more in bi-weekly payroll deductions to remedy the shortage. Any member with a shortage may elect to make a lump sum payment by check or money order in lieu of salary deductions. Questions may be directed to Membership Services at (212) 693-5850.
Contract Settlements and Finalization
As most members are aware, the City has settled the contracts with the CEA, LBA, and DEA. Currently, there are approximately 5,700 retired members of the Police Pension Fund (PPF) that have not been finalized. The finalization process includes calculating pensionable earnings and adjusting retirement allowances based on the pay increases collectively bargained for in the union contracts. This process cannot begin until new payroll information is downloaded from the NYPD, at which point PPF can begin the calculations required for finalization. Members should expect to wait 12-18 months from the ratification of their respective contracts for the finalization process to be completed.
WTC Notice of Participation Update
Chapter 472 of the Laws of 2014 was enacted on November 21, 2014. This law extends the Notice of Participation filing deadline to September 11, 2015 for Service and Disability retirees, as well as active members to file a sworn statement indicating participation in the Rescue, Recovery, and Clean-up Operations.
Members who are in possession of verifying information are also encouraged to submit copies of such documentation to the Fund to be imaged into the member’s file.
To file a Notice of Participation, please download the form here, complete the form and have your signature notarized. Notice must be received by the Fund by September 11, 2015. Please mail Notices to the Police Pension Fund, to the attention of Calendar Prep, at 233 Broadway, 25th Floor, New York, New York 10279.
To check if the Fund has a Notice of Participation on file, please click here and search for your tax identification number.
The settlement agreement reached between the City of New York and the United States Attorney’s Office in Goodman, et al. v. City of New York, et al. becomes effective March 17, 2014. At issue was the calculation of pensionable earnings for members on active duty military leaves from the NYPD. For more information regarding this settlement, please click here.