Letter to the Police Pension Fund

Retired NYPD lieutenant and Lieutenants Benevolent Association member Julian Antkies sent the following letter to members of the Police Pension Fund's executive board last week. It is the second such letter on the topic of the city's planned pension liability payoff delays that he's sent to the board.

To the editor:

Delaying pension funding is not a neutral budgeting choice; it is a high-risk tactic that shifts costs onto future taxpayers, undermines long-term investment growth, and increases interest costs. After the 2008 financial crisis, similar decisions cost the City’s retirement funds over $1 billion.

Current projections indicate that repeating this pattern could add $800 million or more in long-term costs, directly threatening the stability of the pension systems and the retirement security of members who upheld their end of the bargain through years of service.

Using legally and morally binding pension obligations as a short-term budget tool is financially irresponsible and jeopardizes earned benefits. Members—both retired and active—built their lives around the promise that these pensions would be protected and funded responsibly. Any move that weakens that promise erodes confidence not only in the pension system but in the City’s commitment to those who served it.

Accordingly, I am making a direct and urgent request that your office:

1. Clearly and publicly oppose any proposal to delay, defer or otherwise underfund required pension contributions;

2. Use your authority to require the City to fully fund its pension obligations on a timely, actuarially sound basis; and

3. Provide transparent, written disclosure to members detailing the projected risks, long-term costs and funding implications of any contemplated changes to contribution schedules.

Given the magnitude of the potential harm, I believe members are entitled to a prompt, substantive response from the Pension Fund. I respectfully request a written reply outlining your position on these proposals and the specific actions you are taking—or will take—to protect the pension fund’s long-term health.

Retirees and active members stand ready to support efforts that safeguard the fund’s future. Please advise how we can most effectively assist and advocate in partnership with your office.

Thank you for your immediate attention to this matter. I look forward to your timely response.

Julien Antkies