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Pious Perverts
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Title: Is the NYCPD Pension a Socialist Redistribution Scheme?
Source: Comprehensive Annual Financial Report of the NYCPPF
URL Source: http://www.nyc.gov/html/nycppf/pdf/cafr2007.pdf
Published: May 20, 2008
Author: Liberal New York City Dwellers
Post Date: 2008-05-20 19:54:53 by Arator
Keywords: RNYCPD, Socialist, Parasites?
Views: 681
Comments: 38

On page 172 and 173 of the source document linked above are tables showing the revenue sources and expenses of the New York City Police Pension Fund.

In 2007, member contributions to the fund totaled $132 million. That sounds respectable, until you look at the contributions made by the City (ie NYC taxpayers):

$1,544,341,000!

That's $1.544 BILLION, folks. Overall, NYC taxpayers chipped in 55.8% of annual covered payroll into the NYC Police Pension Fund in 2007. Members? Only 4.78%.

Holy Obama-style socialism, Batman! That's a MASSIVE redistribution of wealth from the taxpayers of NYC to the boys in blue.

Poster Comment:

Damn, if I were a retired NYC police officer, I'd be more careful summarily condemning socialism, socialists or libertarians who plan on voting for a socialist in the fall in order to expedite the demolition of the GOP's fascist freakshow. ;^)

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Begin Trace Mode for Comment # 9.

#2. To: a vast rightwing conspirator, Jethro Tull (#0)

The conversation continues...

Arator  posted on  2008-05-20   19:58:51 ET  Reply   Untrace   Trace   Private Reply  

Do you know the number of NYC police and do you know the State laws under which their pension system is structured?

Cynicom  posted on  2008-05-20   20:07:54 ET  Reply   Untrace   Trace   Private Reply  

Do you know the number of NYC police and do you know the State laws under which their pension system is structured?

If you check the source tables, you'll see that taxpayer contributions have consistently dwarfed member contributions. Over the last 10 years, taxpayer contributions to the NYCPPF have exceeded member contributions by a factor of 8!

Arator  posted on  2008-05-20   20:19:08 ET  Reply   Untrace   Trace   Private Reply  

Here Liberace

As a Tier I (Article II) or Tier II (Article IIA) member, you contribute a percentage of yearly earnings through payroll deductions to the 20-year plan. In order to receive maximum pension benefits, contributions are required for the first 20 years of allowable police service. Contributions may be made thereafter on a voluntary basis. The amount one contributes is based on age at appointment. Employee contributions and interest earnings on them are referred to as "accumulated deductions.61; The amount of accumulated deductions including interest earned on those contributions that should be in the Fund at the member's 20th Anniversary is referred to as your required contributions. Since December, 1989, your regular contributions are not subject to current federal income taxation as per section 414h of the IRS Code, but are subject to current state and local income taxation. Contributions made before December, 1989, were subject to federal taxation. However, all interest earned is federally taxable.

VOLUNTARY EMPLOYEE CONTRIBUTIONS

Members may make additional employee contributions on a voluntary basis equal to 50% of the certified rate of the required employee contributions. These contributions are not covered by section 414h of the IRS code and therefore are subject to federal income taxation. If withdrawn at retirement, these funds are not subject to taxation (tax- free) because they have already been taxed. If these additional contributions are not withdrawn at or prior to retirement, they will provide you with an additional annuity at retirement, provided you do not have a shortage in your account.

ITHP CONTRIBUTIONS

Along with making employer contributions to the Police Pension Fund, the City of New York also contributes toward a portion of your employee contributions. These contributions called--Increased-Take-Home-Pay or -ITHP- currently are equivalent to 5% of your gross salary. For example, let's assume your full employee contribution rate would ordinarily be calculated as 7.5% of pay. With ITHP in effect, you contribute 2.5% and the City of New York contributes 5%. (Effective October 1, 2000, the 2.5% amount represents the required contributions.) You may elect to waive the ITHP reduction and contribute an additional 5% of your gross salary. These contributions are in addition to your normal pension contributions and would not be subject to federal taxation as per Section 414h of the IRS code. Election of this waiver would not reduce the ITHP contributions of the City of New York. View information that will aid you in understanding ITHP a little better*.

HOW CAN YOU REDUCE YOUR PAYROLL DEDUCTIONS

If you desire to increase your take home pay, you may elect to reduce your required employee contributions by the amount required for federal Social Security (FICA) contributions. Should your required employee contributions are less than your FICA contributions, by electing this option; you will not be making any contributions to the Police Pension Fund.

For example, let's assume you are normally required to contribute 2.5% to your retirement plan, and you are required to pay 7.65% of your salary to Social Security (FICA), by electing this option, you would no longer be making employee contributions because they are less than your FICA contributions. Should your employee contribution rate is greater than the FICA rate; you would be contributing the difference to the retirement plan.

Should you elect this option, your Social Security benefits will not be affected. However, the value of your retirement allowance will be reduced because it is based in part on your required employee contributions and the associated interest.

During any calendar year after maximum Social Security (FICA) contributions have been matched, pension contributions will resume until the end of the year.

To reach the maximum benefits, contributions are required for the first twenty (20) years. They are voluntary thereafter.

EXCESS CONTRIBUTIONS IN POLICE PENSION FUND TIER I AND TIER II (ARTICLE II AND IIA)

If a member has twenty (20) years of service or more and no shortage, an application may be made for a refund of any excess funds in the member's pension fund account. Should no request be made by the time of retirement, the excess will be multiplied by the member's actuarial factor and the pension allowance will be increased for life by the actuarial value of the excess. Shortages result from: (1) discontinuing employee contributions and/or (2) borrowing from your account at 4% loan rate versus the 8.25% interest rate paid by the Fund. Members considering requesting a refund of excess are reminded that this can only be used for tax-free monies.

Jethro Tull  posted on  2008-05-20   20:20:48 ET  Reply   Untrace   Trace   Private Reply  

#20. To: Jethro Tull (#9)

These redistribution schemes are very super-complicated but, in the end, all you get comes from moneys the city and the state extorts from the peaceful citizens.

Like alcoholism, the first step should be admitting that you are a beneficiary of wealth redistributions. Like I said, I was one for a while, when I lived in a rent-controlled apartment in Bay Ridge, New York. That redistribution was very good for me. Maybe it wasn't fair but I've paid back the governments, maybe close to a million in mandatory taxes since and maybe some of that was redistributed back to the landlord.

a vast rightwing conspirator  posted on  2008-05-20 20:41:07 ET  Reply   Untrace   Trace   Private Reply  

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