Originally Posted by 27145

If they hadn't raided SSI funds starting 40 years ago, it would have been bullet proof. Both political parties have done it. I believe the cost of the 1st Gulf War came from SSI funds. How is that working out for us? Unfortunately SSI is a ponzi scheme/ slush fund.

On NYPD cops pay into their pension and have since the inception of the Police pension. It built up with so much money that we had a skim of the funds called the "variable supplement" the disbursement was based on the stock market.

A retiree would get a pension and the VS. Sometimes the VS was $250 a month, back in the 80's. The City was in dire financial straits and wanted to dip into that fund. So they worked out with the PBA that the PBA would give up 100 million (circa 1987) of this fund in exchange for a defined benifit. That benefit would eventually reach 12,000 a year payable in December.

A few months ago Mayor Bloomburg wanted to stop paying this benefit to those cops who already retired. Our pension system is so massive and has so much money it just accrues money. Our PBA got the city out of a jamb and this creep called it the "Christmas Bonus" and wanted to cut it out. Fox news brought up our "lucrative pensions" stating cop's did not pay into it. I was a bit pissed.

I remember when I started NYPD was well paid, then over time we were one of the worst paid taking cost of living into account. This was mainly due to Giuliani, who I hate to this day.