Local police officers say they’re furious about Mayor Michael Bloomberg’s recent campaign to eliminate the Variable Supplement Fund, which provides $12,000 a year to retired police officers and firefighters.
The mayor’s office says that due to the economic recession and lack of funding, the city must do away with unnecessary costs and funnel all possible financial resources to its central programs and services.
"The reasoning is very simple: We can’t afford it anymore,” Marc LaVorgna, Bloomberg spokesman, said. “We do not have the resources to pay for this. It’s money that would otherwise go to pay for services the city needs.”
However, many police unions disagree with the mayor’s portrayal of the $12,000 as a bonus and are angered by the disregard for the needs of the officers.
“We believe that the VSF is a good, fair, legal deal from which the city benefited tremendously and now wants to renege on the deal,” Alfred O’Leary, media spokesperson for the Patrolmen’s Benevolent Association said.
“We’re particularly incensed over his characterization of it as a Christmas bonus,” O’Leary added. “To characterize it as a bonus is completely wrong, a flat-out lie ... the intent of which is to make it look like the city is paying this money for no reason.”
Established in 1968, the Variable Supplement Fund has undergone some modifications over the years, but it has been a key component of pension plans for police officers since its creation.
As a part of the agreement, the city invests money from the police unions into the stock market. Officers then receive a defined amount annually once they retire, and the city is the beneficiary of the remaining accumulated interest.
LaVorgna says that the economic situation is desperate, and that eliminating the VSF is one way the city can cope.
“We are in some very dire financial straits. ... It’s a cost that’s spiraling out of control, and we have to reign it in,” said LaVorgna. “We understand the disagreement. No one wants to get cut back on compensation. But this is just the reality, because something that was created 40 years ago just doesn’t work anymore.”
Many who would be most affected by the change said they are incensed by the mayor’s attitude.
“We go out and put our lives on the line every single day. Every day. Every day I put this uniform on and I walk out on the streets to protect you, the mayor, and every other citizen. ... It’s the job,” a said a local officer, who requested anonymity because he fears for his job security.
“I’ve given the city 20-some years of my life to keep it safe, and after I retire, or just as I’m about to retire, you’re going to tell me, ‘Thanks for your services but I’m going to take this from you.’ What would you do?”
O’Leary said that, despite the city’s attitude, the money is essential for many retired officers.
“I ran into a retiree who is now 70 years old and retired in 1987. The VSF represents a full third of his income, so if that goes away he’s going to be in a very difficult set of circumstances, trying to live in New York City,” said O’Leary.
The local officer said the mayor’s campaign is disheartening.
“New York City is safe … but who keeps New York City safe? The New York City Police Department, that’s who keeps New York City safe. And this is the punishment we get for it.”
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