New York City Police Pension Fund
The New York City Police Pension Fund, Subchapter 2, was incorporated
on March 1, 1940 and started business on March 29, 1940. On
January 30, 1940 the Fund operated on an actuarial basis covering
persons appointed to the police force after June 1, 1940.
The Fund succeeded Subchapter 1 (Article1) pension fund established
for New York City Police prior to 1940.
In 1995, legislation was enacted merging Subchapter 1 with Subchapter
2. In addition, during 1995, legislation was passed allowing
the New York City Transit Authority and Housing Authority Policy
Officers to transfer out of New York City Employees Retirement System
(NYCERS) and merge with the Fund. Three different police departments
became one unified police force under the direct control of the
Police Commissioner.
The New York City Police Pension Fund, Subchapter 2 was arranged
primarily to provide retirement and disability benefits for all
members of the service of the New
York City Police Department. Also, death benefits are
provided for the dependents of slain police officers. This
purpose is sustained by the members and employers contributions
and returns realized from investments of those contributions.
Excerpted from: New York City Police Pension Fund,
Subchapter 2 Comprehensive Annual Financial Report,
June 30, 1999.
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