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PBA Shield

CONTACT:
Albert O’Leary 212-298-9190
Joseph Mancini: 212-298-9150
John Nuthall: 212-298-9187


PRESS RELEASE

January 19, 2011


PBA reacts to State of the City pension changes

In response to the Mayor's call for an end to the VSF benefit that he erroneously calls a "holiday bonus," PBA president Patrick J. Lynch said: 

“The Variable Supplement Fund benefit — what the Mayor refers to as a holiday bonus — was bought and paid for by New York City Police Officers, having been derived from a collective bargaining agreement that benefited both the City and our members.  Police officers gave over $75 million up front and in excess of a billion dollars of surplus pension earnings over the years to the City’s coffers while a small portion was shared with our members in a defined benefit.  Having realized billions in benefits, the City now wants to renege on the agreement.  We intend to hold them to it.”

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