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History of why cops/fireman receive "christmas bonus"
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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History of why cops/fireman receive "christmas bonus"
May 1970: Mayor Lindsay approves of the Collective Bargaining Agreement (“CBA”) between the City and Police/Fire Unions to create the Variable Supplement Fund (“VSF”) in exchange for permission to invest Pension Fund assets in the stock market.
May 1988: Mayor Koch approves of the CBA between the City and the Patrolmens Benevolent Association to transfer the VSF into a “defined benefit” in exchange for a $75 million payment and other “value” that includes agreement to increase the steps to top salary from 3 years to 5 years. Defined payments began at $2,500 and increased to a maximum of $12,000 per year in 2007.
June 1993: Mayor Dinkins approves of the CBA between the City and Police “Superior Officer” unions to transfer the Superior Officer VSF into a “defined benefit” in exchange for $51.75 million payment, and other “value” that includes reduced entry base wage for new promotees, lengthened term of the contract and increased steps to top salary.
September 2002: Mayor Bloomberg approves of “Deferred Retirement Option Plan” legislation under which officers who continued working after marking their 20th year on the job could “bank” the VSF payment for each year they would have received it had they retired
NOT BONUS MONEY GIVEN TO WORKERS BUT MONEY GIVEN CITY TO INVEST
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Posted 2/18/11 6:23 AM  |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: History of why cops/fireman receive "christmas bonus"
It disgusts me that Bloomberg calls it a "christmas bonus" and even more so went so far in the press release to say if the police didn't receive it then he wouldn't have to "fire teachers". That is NOT why he is talking about/will fire teachers.
Don't use rhetoric to try and pit one union city employee against another. It's irresponsible.
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| Posted 2/18/11 10:59 AM |
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ttcc
LIF Toddler
Member since 7/09 453 total posts
Name:
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Re: History of why cops/fireman receive "christmas bonus"
Posted by hanna7636
May 1970: Mayor Lindsay approves of the Collective Bargaining Agreement (“CBA”) between the City and Police/Fire Unions to create the Variable Supplement Fund (“VSF”) in exchange for permission to invest Pension Fund assets in the stock market.
May 1988: Mayor Koch approves of the CBA between the City and the Patrolmens Benevolent Association to transfer the VSF into a “defined benefit” in exchange for a $75 million payment and other “value” that includes agreement to increase the steps to top salary from 3 years to 5 years. Defined payments began at $2,500 and increased to a maximum of $12,000 per year in 2007.
June 1993: Mayor Dinkins approves of the CBA between the City and Police “Superior Officer” unions to transfer the Superior Officer VSF into a “defined benefit” in exchange for $51.75 million payment, and other “value” that includes reduced entry base wage for new promotees, lengthened term of the contract and increased steps to top salary.
September 2002: Mayor Bloomberg approves of “Deferred Retirement Option Plan” legislation under which officers who continued working after marking their 20th year on the job could “bank” the VSF payment for each year they would have received it had they retired
NOT BONUS MONEY GIVEN TO WORKERS BUT MONEY GIVEN CITY TO INVEST
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| Posted 2/18/11 9:25 PM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: History of why cops/fireman receive "christmas bonus"
In all of my 13+ years otj, I have never received a Christmas bonus! I may get my uniform allowance that I have to use to buy all of my equipment since we are not like other PDs that have it issued to them, but bonus? Helll no! And it's taxed along with our salary for that pay period. Bonus my asss! 
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| Posted 2/18/11 9:35 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: History of why cops/fireman receive "christmas bonus"
Posted by IrishLass
It disgusts me that Bloomberg calls it a "christmas bonus" and even more so went so far in the press release to say if the police didn't receive it then he wouldn't have to "fire teachers". That is NOT why he is talking about/will fire teachers.
Don't use rhetoric to try and pit one union city employee against another. It's irresponsible.
I agree. And unfortunately as I mentioned in the other post, most people dont realize the reason for the variable supplement payment.
God forbid the news/papers EVER be on the cops side and blow up Bloombergs spot or that puppy dog of a Commissioner defends the cops.
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| Posted 2/18/11 9:44 PM |
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