Contact: Albert O'Leary
PBA Communications Director
212-298-9190

or Joseph Mancini
212-298-9150

January 19, 2011
For Immediate Release




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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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