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SUMMARY PLAN DESCRIPTION - New York City

SSUUMMMMAARRYY PPLLAANN DDEESSCCRRIIPPTTIIOONN New york city Police Pension Fund Tier 2 MembersNew york city Police Pension Fund Board of Trustees Bill de Blasio Mayor James P. O Neill Police Commissioner Jacques Jiha Commissioner of Finance Scott M. Stringer Comptroller Patrick J. Lynch President PBA John Puglissi 1st Vice President PBA Mubarak Abdul-Jabbar 2nd Vice President PBA Corey Grable Chairman, Board of Trustees PBA Michael J. Palladino President DEA Edward Mullins President SBA Lou Turco President LBA Roy T. Richter President CEA Kevin Holloran Executive Director Robert Sens-Castet Deputy Executive Director Tier 2 SPD September 2016 Page 1 Table of Contents Introduction .. 4 About PPF .. 4 How to Contact PPF .. 4 Serving the Finest Online .. 5 Membership .. 5 Credited Service .. 5 Allowable Police Service .. 5 Other Credited Service .. 6 Retroactive Military Seniority (RMS) .. 7 Prior Transit and Housing Service.

Tier 2 SPD September 2016—Page 4 Introduction This booklet is called the Tier 2 Summary Plan Description (SPD). It is published by the New

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Transcription of SUMMARY PLAN DESCRIPTION - New York City

1 SSUUMMMMAARRYY PPLLAANN DDEESSCCRRIIPPTTIIOONN New york city Police Pension Fund Tier 2 MembersNew york city Police Pension Fund Board of Trustees Bill de Blasio Mayor James P. O Neill Police Commissioner Jacques Jiha Commissioner of Finance Scott M. Stringer Comptroller Patrick J. Lynch President PBA John Puglissi 1st Vice President PBA Mubarak Abdul-Jabbar 2nd Vice President PBA Corey Grable Chairman, Board of Trustees PBA Michael J. Palladino President DEA Edward Mullins President SBA Lou Turco President LBA Roy T. Richter President CEA Kevin Holloran Executive Director Robert Sens-Castet Deputy Executive Director Tier 2 SPD September 2016 Page 1 Table of Contents Introduction .. 4 About PPF .. 4 How to Contact PPF .. 4 Serving the Finest Online .. 5 Membership .. 5 Credited Service .. 5 Allowable Police Service .. 5 Other Credited Service .. 6 Retroactive Military Seniority (RMS) .. 7 Prior Transit and Housing Service.

2 8 Transfer of Service .. 8 Buyback Information .. 9 Prior Service, Chapter 646, Laws of 1999 .. 9 Military Service, RSSL 1000 .. 9 Prior Service, Chapter 552, Laws of 2000 .. 10 Child Care, Chapter 594, Laws of 2000 .. 10 Bosnia Bill, Chapter 606, Laws of 2000 .. 10 Contributions .. 10 Essential Contributions .. 11 Contribution 11 Voluntary Employee Contributions .. 12 Waive ITHP .. 12 50% Additional .. 12 Stop or Reinstate Member Contributions .. 12 Member Contributions While on Military Leaves .. 13 Who is Affected by this Settlement Agreement? .. 13 What Does the Calculation Entail? .. 14 Individuals Whose Membership with PPF Has Ceased .. 14 Excess Contributions/Refund of Excess .. 14 Refund of Contributions upon Separation From The Fund .. 15 Loans .. 15 Overview .. 15 Why Pension Loans Cause Shortages .. 16 Loan Repayment and Insurance .. 16 Deferred Compensation plan Loans .. 17 Loan Taxability .. 17 Principal Residence Exception .. 18 Taxability of the Final Withdrawal.

3 18 Pension Shortages .. 19 Shortage Causes .. 19 Effects of a Shortage .. 20 Reducing a Shortage .. 20 Effect of the Final Withdrawal .. 21 Retirement .. 21 Procedures for all members applying for retirement .. 21 Property Receipt Discontinuance of Service (PD 520 013) .. 21 Tier 2 SPD September 2016 Page 2 Firearms .. 22 Health Insurance Information .. 22 Counseling Process .. 23 Estimate of Final Pension .. 23 Terminal Leave .. 23 Application Withdrawal .. 23 Final Average 24 Pensionable Earnings .. 24 Vested Retirement .. 24 Service Retirement .. 25 Termination .. 27 Variable Supplements Fund .. 27 VSF DROP (Deferred Retirement Option plan ) .. 27 VSF Payment Schedule .. 27 Disability Retirement .. 28 Ordinary Disability Retirement (ODR) .. 28 Accident Disability Retirement (ADR) .. 30 World Trade Center Disability Law .. 31 2009 Taxability Change .. 31 Cost of Living Adjustments (COLA) .. 31 Pension Options .. 32 Maximum Retirement Allowance .. 32 Option Two 100% Joint and Survivor.

4 32 Option Three 50% Joint and Survivor .. 32 Option 4 Lump Sum .. 33 Option 4 Annuity .. 33 Option 4 2 100% Joint and Survivor with Pop Up .. 33 Option 4 3 50% Joint and Survivor with Pop Up .. 33 Option 4 4 Annuity with Pop Up .. 33 Option 5 Five Year Certain .. 34 Option 6 Ten Year Certain .. 34 Pre finalization Pension .. 34 Finalization Requirement .. 34 Reinstatement to the NYPD .. 35 Before the 20th Anniversary .. 35 After the 20th Anniversary .. 35 Retiree Employment Restrictions .. 35 Service and Vested Retirees Under 65 .. 36 Section 211: Waiver Required .. 36 Section 212: Earnings Cap .. 36 Retirees Age 65 and Over .. 37 Public Benefit Corporations .. 37 Safeguards .. 37 Before the 20th Anniversary .. 37 After the 20th Anniversary .. 38 Second Retirement System Membership .. 38 Active Member Death Benefits .. 39 Payments for All Deaths .. 39 Ordinary Death Benefit (non line of duty, under 20) .. 39 Death Gamble Benefit (non line of duty, over 20).

5 39 Tier 2 SPD September 2016 Page 3 Accidental Death Benefit .. 39 Vested Death Benefit .. 40 Beneficiaries .. 41 Checking Your Beneficiary .. 41 Changing Line Organization Beneficiaries .. 41 Changing Beneficiaries .. 41 Changing Health Insurance Dependents (Active Members) .. 42 Changing Deferred Compensation plan Beneficiaries .. 42 Guide for Surviving Beneficiaries .. 42 Tier 2 SPD September 2016 Page 4 Introduction This booklet is called the Tier 2 SUMMARY plan DESCRIPTION (SPD). It is published by the New york city Police Pension Fund (NYCPPF, PPF, Fund), and is intended to summarize all of the provisions relating to the retirement plan , programs and other benefits offered to members employed by the New york city Police Department (NYPD), whose membership date is between July 1, 1973 and June 30, 2009. Laws affecting the plan can be enacted in any given year, which may result in inaccuracies within this SPD. In the event of a conflict between the contents of this booklet and any applicable law and/or rules, including, but not limited to, the Administrative Code of the city of New york (NYCAC), the New york State Retirement and Social Security Law (RSSL), and the Rules of NYCPPF, the applicable Law or Rule will govern.

6 About PPF In 2001, legislation provided Corpus Funding for the Pension Fund to begin operations in September, 2002 at its new location at 233 Broadway in New york city . The PPF is governed by the Board of Trustees. The Comptroller of the city of New york is Custodian of the funds of the System, and by delegation of the Board of Trustees, has the power to invest those funds. The Executive Director is the chief administrative officer of the agency. The Chief Actuary for the city of New york provides actuarial services to the PPF. The Office of Corporation Counsel provides legal services to the Fund. NYCPPF is a defined benefit plan . PPF manages the Fund s invested assets and pays out benefits according to formulas set forth in New york State and New york city laws. In general, Tier 2 members are governed by Title 13 of the NYCAC, the Rules of the Fund and certain other applicable statutes. How to Contact PPF At PPF, protecting and securing the privacy of member data is a top priority.

7 That is why before taking action on private and confidential pension matters, a personal visit to our office, a written and signed (in some cases notarized) communication, or a judicial subpoena is required. PPF staff does not respond to telephone or e-mail inquiries relating to private member information because the identity of the caller or e-mail writer cannot be confirmed. To communicate with PPF by fax, members are advised to identify a specific staff member in advance and to send the fax directly to the staff member using the fax number specified. Always retain copies of the fax and fax receipt. Tier 2 SPD September 2016 Page 5 For answers to questions of a general nature concerning retirement and pensions, please call PPF at (212) 693-5100; or visit the Pension Fund at 233 Broadway, 19th Floor, New york , New york 10279. The Fund will respond promptly and completely to pension questions. PPF s ongoing mission is to provide excellent service to every member.

8 Serving the Finest Online Members can also find the answers to many questions quickly and conveniently by visiting the PPF website: A host of information can be found there regarding benefits, recent pension legislation, and frequently asked questions. In the Forms and Publications area, forms may be downloaded for most changes members wish to make, such as beneficiary, guardian, and buyback applications for active members and retiree forms for change of address, direct deposit and Municipal Credit Union deduction actions, among others. The Fund is also now on Facebook! Members, their beneficiaries, and fans of the Fund can like us on Facebook at In person and online, PPF is proud to be serving the FINEST. Membership Uniformed members of the New york city Police Department with membership dates between July 1, 1973 and June 30, 2009 are considered Tier 2 members. Contributions to the Fund are made while employed with the NYPD in accordance with the Contributions section.

9 Membership in the Fund ceases upon withdrawal of contributions. Credited Service Credited service is classified as Allowable Police Service or other credited service. Members may buy back any missing service under Chapter 552, as described below. Allowable Police Service Twenty years of Allowable Police Service are required for Service Retirement. Allowable Police Service includes: Tier 2 SPD September 2016 Page 6 All service rendered as a uniformed member of the NYC Police Department. Credit for service rendered as a uniformed member of the NYC Fire Department. Credit for service rendered while a member of the New york city Employees Retirement System uniformed force service immediately preceding appointment as a uniformed member of the New york city Police Department. Such uniformed service includes: service in the Housing Police Department, Transit Police Department, Department of Correction, Sanitation Department, and as an Emergency Medical Technician (EMT).

10 Credit for uniformed service rendered while a member of the New york State Employees Retirement System or New york State Police and Fire Retirement System. Credit for service as a Peace Officer in accordance with New york State Criminal Procedure Law Service in the United States Military o Members may be entitled to receive up to five years of credited service for military service. To be eligible, the member must have been a member of a city retirement system upon entering military service and immediately returned to city service upon discharge. Upon request, the Police Pension Fund will provide members with information about other circumstances that may be eligible for military service credit. o Under RSSL 1000, members may purchase up to three (3) years of certain wartime military service performed prior to appointment. o Under Chapter 606 of the Laws of 2000, members may purchase up to four years of combined military service and service as a police officer in a foreign country for the United States Government.


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