Police Cash Retirement Fund AKA “The Endowment Fund”
Some of our FOP members are also members of Police Cash Retirement Fund and they have been asking questions as to the state of the fund and its future. Although it IS NOT administered by, nor does the FOP have any ownership in the fund, we are trying to help our members. The fund was last administered by Gerard Stege. Gerard did an excellent job until several retired members became upset with the delay in payment. They demanded to be paid what they thought was due to them which was not possible for several reasons. The first reason being the Bylaws of the fund are very specific how payments are to be made and the amount to be paid. Secondly, the number of retirements has out numbered the months available to make payments, which has created a waiting list. To date the payments schedule is 10 years behind in payments with the last payment being made in June of 2011. As of October of 2011, there are 81 retired officers waiting to be paid. This does not include anybody that has retired since June of 2011.
Gerard gave notice in June of 2011 that he would no longer administer the Police Cash Retirement Fund. Since that time the Fraternal Order of Police Credit Union has locked the account for any payments until somebody agrees to administer the fund. The deposits have continued at $2000.00 per month as reported on the last report dated April 25, 2013. The deposits have decreased over the past few years as members choose to leave the plan and new officers are not joining the fund.
There are several options to look at:
1. Contact all retired and currant participants of the plan and ask for approval to divide the money between them and dissolve the fund.
2. Contact all retired and currant participants of the plan and ask for approval to donate the money to the Tulsa Police Memorial.
3. Take all related documentation reference the fund and ask the district court to make judgment as to how to disperse the funds. This option would require legal fees being paid and would likely come from the fund itself.
I have spoken with the Tulsa Fire Department, they have a fund very similar to the Police Cash Retirement Fund, and it is still strong. Of course, they have almost 100% participation.
Again, the only reason I am sending this notice, is to keep our members informed. I am not nor is the FOP Lodge #93 taking ownership or responsibility of the Police Cash Retirement Fund.
I will post this document and start a discussion thread on http://www.tulsafop93.org/ in the members section to entice further discussion, comments and new ideas. With that being said, please be respectful with your posts.
NOTE: Recently Police Payroll sent an email to all currant participants stating that the city would no longer withhold the money from your check. As a participant, you MUST go to police payroll and complete a direct deposit form to continue your participation in the fund. You must do so before May 20, 2013. After that date, you will no longer be a participant or eligible for payment of any kind. As of April 29, 2013, only three participants have completed the direct deposit form.
Board of Directors, Chairman