July 1, 2020
According to the rules of the Pension Fund, as of July 1, 2020, if a Participant is retired, a Domestic Relations Order must award an agreed-upon monthly dollar amount from the pension (for cases where the Participant's retirement has not yet been finalized, we have been verbally advised by the Pension Fund that an award of a percentage of the monthly retirement allowance is allowed). If the intent is to award a portion of the Variable Supplements Fund, the award must be stated as an annual dollar amount or a percentage to be awarded from each annual VSF payment. If the intent is to award cost-of-living adjustments, the DRO must state the specific percentage of the COLA to be received by the Alternate Payee. If arrears are to be awarded, the DRO must state the amount of the total years and a monthly repayment schedule for the pension and state an annual repayment schedule for the Variable Supplements Fund. In order to avoid potentially making costly mistakes when drafting the parties' agreement, you may wish to consider purchasing sample stipulation language from our website for "New York City Police Department (Retired)."