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Fire Department Pension Fund - NYC

Fire Department Pension FundSubchapter IISummary Plan DescriptionFIRE Department Pension FUNDSUBCHAPTER II9 METROTECH CENTERBROOKLYN, 11201(718) 999-2300 Dear Member:I am pleased to present to you an updated Summary Plan Description for the FireDepartment Pension Fund, Subchapter II. In this Pension Manual, you will finddetailed descriptions of retirement benefits and other valuable informationpertaining to our members. The manual will also be made available to you on theDepartment's Pension Manual exemplifies the Department 's commitment to improvingpension-related services to our Uniformed force.

subject to state and local income taxation. Thus, upon retirement or termination, withdrawal of these contributions and interest earnings will be subject to federal taxation only. Excess contributions may be withdrawn at retirement or after completing 20 years of service. Consideration will be given to

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Transcription of Fire Department Pension Fund - NYC

1 Fire Department Pension FundSubchapter IISummary Plan DescriptionFIRE Department Pension FUNDSUBCHAPTER II9 METROTECH CENTERBROOKLYN, 11201(718) 999-2300 Dear Member:I am pleased to present to you an updated Summary Plan Description for the FireDepartment Pension Fund, Subchapter II. In this Pension Manual, you will finddetailed descriptions of retirement benefits and other valuable informationpertaining to our members. The manual will also be made available to you on theDepartment's Pension Manual exemplifies the Department 's commitment to improvingpension-related services to our Uniformed force.

2 I would like to thank the Bureau of Uniformed Payroll and Pension for their efforts in compiling this manual,furthering our goal to provide our members with the best possible service. In thecurrent fiscal year, we have also increased staffing for the Bureau of UniformedPayroll and Pension to better address your needs and those of the more than 18,000 Uniformed retirees. We will strive to continue to provide the best and most effectiveservice to our ,Nicholas ScoppettaFIRE DEPARTMENT9 METROTECHCENTERBROOKLYN, 11201-3857 NICHOL AS SCOPPETTAFire CommissionerDear Member,The Bureau of Uniformed Payroll and Pension is charged with the mission ofadministering payroll and retirement benefits to its members.

3 The mission includesproviding our members with the most current, accurate information on which criticaldecisions that have lifelong impact are made. As such, it is with great pleasure that Iintroduce to you this Summary Plan Description for the Fire Department PensionFund, Subchapter Pension Manual has been updated to include a wealth of new of recently passed legislation such as the Variable Supplement Fund(VSF) Drop and Military Buyback are included. A summary of all recently passedlegislation is included in the appendix, as well as a glossary of terms and frequentlyasked questions.

4 Timely updates to the manual will also be made via the Department sintranet. The Bureau of Uniformed Payroll and Pension is dedicated to makingsignificant strides in providing our members with enhanced services in the near would like to thank the staff of the Bureau of Uniformed Payroll and Pension whoworked with me on this project. I would also like to extend my thanks to the UFOA,UFA, Office of the Actuary and the NYC Law Department for their review and input. Yours truly,Mary E. BassoFIRE DEPARTMENT9 METROTECHCENTERBROOKLYN, 11201-3857 MARY E.

5 BASSOD irectorBureau of Uniformed Payroll & PensionRoom 6W-8 FIRE Department Pension FUND110/01/04 FIRE Department Pension FUNDSUBCHAPTER II9 METROTECH CENTERBROOKLYN, 11201(718) 999-2300 Nicholas ScoppettaFire CommissionerStephen G. RushAssistant CommissionerMary E. BassoDirectorAlbert ConnollyDeputy DirectorFIRE Department Pension FUNDSUBCHAPTER IIBOARD OF TRUSTEESN icholas ScoppettaFire CommissionerWilliam C. Thompson, E. StarkFinance CommissionerStephen J. CassidyPresident, SlevinVice President, StraubTreasurer, KellyChairperson, J. ViscontiChiefs Rep.

6 , GormanCaptains Rep., CarboneLieutenants Rep., Description .. 7 Membership .. 8 Tiers .. 8 Original Plan - Pre-July 1, 1981 Members .. 8 Improved Benefit Plan (IBP) - Post-June 30, 1981 Members .. 8 Summary.. 8 Kingston Law Limitations .. 8 Contributions .. 9 Required Employee Contributions .. 9 Taxation .. 9 Voluntary Employee Contributions .. 950% Indicator .. 9 ITHP Waiver .. 9 How To Reduce Payroll Deductions (138-B Regulation) .. 10 Excess Contributions .. 10 Credited Service .. 11 Allowable Fire Service .. 11 Buyback Credit.. 11 Other Credited Service.

7 12 retirement Process .. 13 Service retirement .. 13 Withdrawal of Service retirement Application .. 13 Disability retirement .. 13 Step I: Submission of Application .. 13 Step II: Review of Application by the 1-B Medical Board .. 14 Step III: Review by the Board of Trustees .. 15 Withdrawal of Disability retirement Application .. 15 retirement Procedures for All Retirees.. 16 FIRE Department Pension FUND310/01/04 Tier I: Service retirement Allowance .. 17 Original Plan .. 17 Improved Benefits Plan .. 17 Tier I: Disability retirement Allowance.

8 19 Ordinary Disability retirement .. 19 Original Plan.. 19 Improved Benefits Plan .. 19 Accidental Disability retirement .. 20 Original Plan.. 20 Improved Benefits Plan .. 20 Tier I: Options .. 21 Maximum retirement Allowance (No Option) .. 21 Options .. 21 Option 1 .. 21 Option 2 .. 21 Option 3 .. 21 Option 4 .. 21 Pop-Up Option Modifications .. 22 Notes .. 22 Tier I: Survivor Benefits .. 23 Death Gamble Benefit .. 23 Accidental (Line-of-Duty) Death Benefit .. 23 Beneficiary Designation .. 24 Tier II: Service retirement Allowance .. 25 Original Plan.

9 25 Improved Benefits Plan .. 25 Tier II: Vesting.. 27 Improved Benefits Plan .. 27 Tier II: Disability retirement Allowance.. 28 Ordinary Disability retirement .. 28 Original Plan.. 28 Improved Benefits Plan .. 28 Accidental Disability retirement .. 29 Original Plan.. 29 Improved Benefits Plan .. 30 FIRE Department Pension FUND410/01/04 Tier II: Options .. 31 Maximum retirement Allowance (No Option) .. 31 Options .. 31 Five-Year or Ten-Year Certain .. 31 Option 1 .. 31 Option 2 .. 31 Option 3 .. 31 Option 4 .. 32 Pop-Up Option Modification.

10 32 Notes .. 32 Tier II: Survivor Benefits .. 33 Ordinary Death Benefit.. 33 Death Gamble Benefit .. 33 Accidental (Line-of-Duty) Death Benefit .. 33 Beneficiary Designation .. 34 Cost-of-Living Adjustment (COLA) .. 35 COLA Offset.. 35 Variable Supplements Fund (VSF).. 36 Variable Supplements Fund (VSF) DROP .. 36 Pension Payments .. 37 Partial Payments .. 37 Where Pension Checks Will Be Sent .. 37 Option Selection.. 37 Loans .. 38 Pension Loans at retirement .. 40 Return to Service after Leaving Employment .. 41 Maintaining Membership Rights.


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