PRELIMINARY BUDGET FOCUS: A number of changes have been proposed that would affect how the city’s annual contribution to its pension funds are calculated. We explain the changes and their implications for the city’s budget:
This Report presents the results of the June 30, 2018 (Lag) actuarial valuation of the benefits under both the New York City Police Pension Fund (POLICE) and Group Life Insurance Plan (collectively, the Plan).
NYCERS has made temporary operational changes in order to continue serving our members while keeping our staff safe in the midst of the COVID-19 pandemic. This PDF contains FAQs about conducting business with NYCERS during the pandemic, CARES Act, COVID-19 Accidental Benefits and IRS Notice 2020-23.
The tumbling stock market has inevitably taken a toll on the value of the city’s pension funds. That means the city may have to increase its contributions to the funds by tens of million—if not hundreds of millions--of dollars in the coming years. We look at a few scenarios.