Retired cops and firefighters accidentally get ‘hundreds of millions’ in pension payouts

Written By Unknown on Kamis, 01 Mei 2014 | 23.16

About 30,000 retired NYPD cops and FDNY firefighters mistakenly got pension payouts Thursday totaling roughly $360 million, sources told The Post.

Cops and firefighters of all ranks who retired after 20 years of service each got $12,000 direct deposits into their accounts, the sources said.

Sources said cops were laughing about the goof – but added that the error should be corrected by the end of the day.

The Patrolmen's Benevolent Association sent out a notice to its members telling them about the error – and warning them not to spend the hefty windfall.

"The Police Pension Fund has informed us that an error has occurred in the disbursement of Variable Supplement Fund payments. As a result, the annual payments that are normally disbursed each December were sent out via direct deposit early this morning," the said the memo from PBA president Patrick Lynch.

It was unclear Thursday morning how the glitch occurred, but the PBA said the pension officials are figuring out how to get the money back.

"We are working with the PPF to obtain more details about how this error occurred and how the erroneous payments will be handled going forward," it said.

"In the meantime, we advise all retirees not to spend the funds directly deposited into their accounts. Our understanding is that the PPF will attempt to recover the payments that were incorrectly disbursed."

City Comptroller Scott Stringer – whose office administers the pensions – was expected to address the accidental payments later Thursday.


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