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.