What's New - New York City Police Pension Fund

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	June 07, 2023 Retirees can find an updated guide to pension finalizations here. June 7 2023 Tier 3 Loans The Governor signed the state’s budget, which partially provides for Tier 3 members of the Police Pension Fund to take loans. We are currently working out the logistics to facilitate the issuance and repayment of those loans. Please continue to look for updates on our website, Facebook, and webCOPS. October 6, 2014 Deferred Compensation Has Relocated Please be advised that the Deferred Compensation Plan's Customer Service Center has moved to 22 Cortlandt Street, 12th Floor. By subway: take the A, C, J, Z,#2, #3, #4 or #5 to Fulton Street; E to World Trade Center/Church Street; or R to Cortlandt Street. The Center is located in the Century 21 Building. The Plan's phone number remains the same: (212) 306-7760. Please continue to direct all written inquiries/correspondence to the following mailing address: New York City Deferred Compensation Plan, Bowling Green Station, P. O. Box 93, New York, New York 10274-0093. June 26, 2013 Notice to Members Who Served in the Military since September 11, 2001 Please be advised the City of New York has reached a settlement agreement with the U.S. Attorney’s Office regarding the calculation of pension contributions for members who took military leaves since September 11, 2001. The U.S. Attorney's Office has asked the Court to certify a class of retired NYPD Uniformed Members of Service who performed active military service on or after September 11, 2001. If the Court approves the settlement, affected members will receive notices about the lawsuit. For further information click here May 17, 2013 Tier 3 ITHP Decision On May 16, 2013, the Supreme Court, Appellate Division, First Department, issued its decision in Lynch, et al. v. City of New York, et al., regarding the applicability of an increased-take-home-pay (ITHP) benefit to Tier 3 Police and Fire members. The Court found that New York State Retirement and Social Security Law (RSSL) § 440, the ITHP provision, applies to Tier 3 Police and Fire members. Accordingly, Tier 3 members are entitled to ITHP and are not required to contribute 3% of earnings to their pension. Please be advised that there is period of time in which the City make seek leave to appeal; therefore, the Fund will not be ceasing pension contributions for Tier 3 member pending the appeal period. Should the decision not be appealed, the Fund will be contacting the members affected. January 14, 2013 Retroactive Military Seniority Retroactive Military Seniority (RMS) is awarded to a member after being appointed to the NYPD from a special list, retroactive to the date the member would have been appointed had the member not been serving in the military. Members who receive RMS from the Department of Citywide Administrative Services (DCAS) receive pension credit retroactive to the date awarded by DCAS. For further information, please click here December 21, 2012 Notice to Alternate Payees Receiving a Marital Share of an ADR Pension Pursuant to a DRO For Retiree Health Inquiries: Please be advised that beginning in January 2013 the Fund will withhold taxes from the marital portion of an Accidental Disability Retirement (ADR) pension paid to Alternate Payees pursuant to a Domestic Relations Order (DRO) in accordance with the recent Tax Court decision in Fernandez v Commissioner of Internal Revenue. For further information please click here. September 18, 2012 Final Rollover Alert- Effective: November 9, 2012 Please be advised the Police Pension Fund is now offering members the opportunity to choose a direct rollover for the final withdrawal of funds. Accordingly, effective November 9, 2012, you will now have the option of choosing a direct rollover for your final withdrawal. If you choose a direct rollover, the Fund will make the payment of your final withdrawal directly to the IRA or employer’s plan you select. Part of the payment can be made to an IRA or employer’s plan with the remainder paid directly to you. You also have the option of receiving the entire payment directly. If any taxable money is paid directly to you, starting November 9th, the Fund will withhold 20% of the taxable amount as federal withholding taxes. You may want to consult a professional tax adviser to assist you in making this decision. If you have any questions about this change please contact the Retirement Counseling Unit at (212) 693-5733 September 11, 2012 Chapter 552 of the Laws 2000 Members of the Cadet Corps, past or present, may make application to buy back any prior Cadet Service in any retirement system in which they are currently enrolled. Tier 2 Members of the Police Pension Fund may purchase prior Cadet Service, but the Cadet Service is not uniform time and does not count toward the eligibility requirements for Vesting or Service Retirement. The prior service would, however, provide an additional monetary benefit upon retirement. Tier 3 Members of the PPF may utilize Chapter 552 to purchase any prior service, including Cadet Service rendered after May 31, 1988, but there is no monetary benefit to doing so. The only benefit of buying back prior service under this provision is to meet the eligibility requirements necessary for Ordinary Disability Benefits and Ordinary Death Benefits, which require 5 years of service credit and 90 days of service credit, respectively. July 12, 2012 ALERT FOR TIER 3 MEMBERS WITH PRIOR CITY OR STATE SERVICE New York City Police Officers appointed on or after July 1, 2009 are members of the Tier 3 retirement plan. Effective immediately, the legal interpretation regarding the Transfer of Prior Service has been revised by the Corporation Counsel’s Office. Anyone with prior City or State service who has a membership date prior to July 1, 2009 and properly transfers that service to the Police Pension Fund will become Tier 2 members of the PPF. However, there still may not be a benefit to purchasing or transferring service that did not commence prior to July 1, 2009. Members with prior City or State service are welcome to contact the Fund for advice or with questions. Please direct written correspondence to the New York City Police Pension Fund, attention Membership Services, 233 Broadway, 19th Floor, New York, New York 10279. July 3, 2012 PBA Pension Seminar: For more info September 18, 2009 Power of Attorney Information: Chapter 644 of the Laws of 2008, signed into law January 27, 2009, amends various provisions of Title 15 of Article 5 of the General Obligations Law. For more info June 15, 2009 Chapter 173 of the Laws of 2008: Chapter 173 of the Laws of 2008 revokes a member's prior designation of a spouse as beneficiary of certain death benefits, such as ... For more info January 22, 2008 Pension Protection Act 2006: Passed Legislation that relates to a tax exemption for NYPD retirees that have a Health Insurance premium being deducted from their monthly pension check. (Medicare recipients are not eligible.) For more info NYPD Operations Order #12, issued 3/20/08 OPERATIONS ORDER SUBJECT: Change to the Police Pension Fund’s loan procedures The Police Pension Fund has launched a new pension management system; Comprehensive Officer Pension System (C.O.P.S.). In conjunction with the system’s rollout, the Police Pension Fund has updated its loan procedures to comply with existing IRS regulations regarding loan tracking and taxability. Effective immediately, all new loans with a repayment schedule of five years (130 payments) or less will be treated as separate loans for purposes of repayment, tax liability and tracking. The minimum repayment for all new loans will be subject to a minimum repayment of 2% of the member’s bi-weekly gross salary. In the case where a member takes out more than one loan, each individual loan will be subject to a minimum repayment of 2% of their bi-weekly gross. Members will be limited to a total of ten outstanding loans at any given time with no more than two loans given in any 12 month period. Loans repaid with a term greater than five years (130 payments) will be combined together and the member will be subject to only one loan repayment. Existing loans will not be combined with any new loans and will continue with the minimum repayment at the time the loan was originally taken. Taxability calculations for pension loans stay the same. Outstanding principal is now calculated as the total outstanding principal of all active loans, including any loans taken from the Deferred Compensation Plan. LOAN EXAMPLE: A member with a prior outstanding loan of $34,997 requests a new loan of $15,000 to be repaid in 5 years. This new loan (Loan #2) will have a term of 130 payments of $ 127.15 to cover interest and principal on this $15,000. Upon the start of the repayment of the second loan this member will now have two outstanding pension loans and will be making the following two bi-weekly loan payments: Loan #1: $135.98 with 326 payments remaining and an outstanding principal of $34,997 Loan #2: $127.15 with 130 payments remaining and an outstanding principal of $15,000 The sum of the bi-weekly loan payments is $263.13 and the cumulative outstanding loan principal is $49,997. * Note: It is recommended that members consult with a Police Pension Fund Loan Counselor as to the taxability of any particular loan. It is also recommended that members consult with their professional tax advisor on issues of income taxability. See the Police Pension Fund Web site for more information: http://www.nyc.gov/html/nycppf/home.html ___________________________________________________ Allowable Retiree Income Increased (212 Waiver) Effective January, 2007, retirees can earn up to $30,000 a year in the New York State public employment while still collecting their full pension. This has been increased from $27,500 a year. 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. 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. 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. 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. 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. 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 Chapter 173 of the Laws of 2008— Chapter 173 of the Laws of 2008 revokes a member's prior designation of a spouse as beneficiary of certain death benefits, such as the pre-retirement death benefit, lump sum options and guarantee period options upon the entry of a final judgment or decree of divorce, annulment or judicial separation, except as provided by the express terms of a domestic relations order. Please contact the System's Legal Department for further information. 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.