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.”