To All Delegates and Members

November 1, 2001

We have recently been advised that effective 1/1/2002 a provision of the new tax law will allow our members to transfer monies from their Deferred Compensation accounts to the Police Pension Fund, without taxes or penalty, to purchase service credit under any buyback legislation.  Members with Deferred Compensation accounts who desire to utilize those funds to pay for a pension buyback, this includes members who have not yet taken advantage of Chapters 571 and 594 of the Laws of 2000, should notify the Pension Fund upon making application to purchase prior pension credit.

Fraternally,

Patrick J. Lynch
President