REPORT ON THE J IV : OF [LLi.NOlS LIBRARY Pension'Funds OP THE CITY OF NEW YORK RECEIPTS, DISBURSEMENTS AND STATUTORY PROVISIONS WILLIAM A. PRENDERGAST Comptroller BUREAU OF MUNICIPAL INVESTIGATION AND STATISTICS NOVEMBER, 1915 4531-15-1000 SIP October 30, 1915, Hoil. ^^'ILLIAM A. Pkendergast, Comptroller, City of New York: Dear Sir —Pursuant to your instructions, I have caused to be compiled in the Bureau of llunicipal Investi¬ gation and Statistics a statement of the receipts and disbursements of the several pension funds of the city, as they appear on the books kept in the offices of the funds, for the ten years ending December 31, 1911, which state¬ ment is submitted herewith. (See Appendix “ A.”) A summary of the figures contained in the statement referred to discloses the fact that of the total receipts of all the funds for the period stated, aggregating .|34,941,671.69, exclusive of interest earnings, the city em¬ ployees entitled to benefits contributed, through percent¬ age assessments levied on salaries, |5,230,184.58, or less than 15 per cent. Of the 129,714,490.11 contributed by the city $13,800,800.71 was provided for directly by the city through specific appropriations and the diversion of por¬ tions of salary appropriations. Attention is called to the fact that while the appropriations specifically allotted for the replenishment of pension funds in yearly budgets amounted to only $0,095,348.84, the utilization of salary appropriations and frequent special revenue bond issues authorized to meet deficiencies has more than doubled this amount. The balance, $15,913,083.40, was composed of miscel¬ laneous city revenues, which, under the provisions of the statutes creating the pension funds, were diverted directly thereto, and Avhich otherwise would have gone directly into the city treasury to reduce taxation. The appropria¬ tion for the Police Pension Fund is the only pension charge which has heretofore appeared in the budget, as such, the amounts appropriated for the two Supreme Court funds having been included in the salary appropriations for the said courts. The two following statements give, first, the combined receipts and disbursements of all funds for 1905 and for 4 1914, the first and last years included in the period cov¬ ered, and second the total receipts and disbursements of each fund for the ten years, showing also the ratio of em- ^ ployees’ assessments to total receipts: Comparison of Total Keceipts and Disbursements^ All Funds, for the Years 1905 and 1914. 1905. 1914. Receipts: Contributed by the City — Budgetary Appropria¬ tions . !^193,946 26 Special Revenue Bonds. . Unexpended Balances, Salary Appropriations 20,053 07 Deducted from Salaries for Absence, Fines, etc. 386,720 61 Miscellaneous City Reve¬ nue . 1,371,607 33 $1,457,177 42 207,374 94 157,426 15 733,447 65 1,915,710 18 Total Contributed by the City .11,972,327 87 Contributed by Employees — Assessments — Percent¬ age of Salaries. $294,252 52 Interest and Miscellaneous 80,736 85 $4,471,136 34 $749,419 12 125,161 06 Total Receipts ....$2,347,317 24 Disbursements: === Pensions .$2,440,439 72 Expense and Miscellaneous 1,154 45 $5,345,716 52 $5,049,515 48 7,775 92 Total Disbursements .$2,441,594 17 $5,057,291 40 Ratio of Employees’ Assess¬ ments to Total Receipts.. . .125 .14 Rccei C 0 Dishw P H o Pension Funds of The City op New York. SlatcDiciit of the Receipts and Disbursements for nil/ J. J. I.UI o lidvipU: Coiilrihiitcd hj! the Citji — l‘.ii(lK(‘tiir.v A|»i)roi)riiiti()iis . S|K'ci)U ID'vciuu* I’.oiids. I iH'XiKMKlcd Diiliiiicos, S:iliir.v Ai)i)n)])ri;iti(>iis... . 1 >(‘dii('t(‘d from Siihirit's for Al)S('iic(\ Finos, eto... .Miscolliinoons (dty Kovoinu'. Total Coiitrihutcit hj/ Vitj/ . (U)iitrihate(l hj/ I<]i)ii)loj/ccN — Assossmoids- l’orcoid;if;o of Salnrios. IntercNt (uid Minceltiuieoii.i . Total L'ecrijits . Disharttciaeatu: l’('iisions . Exponsos and Miscollanoons . ' Total Dishurse/acat,^ . Ratio of Uoidributions of Employoos to Total Roeoipts rnl)lic School Teachers’ Retirement Fund Police Pension Fund Fire Department Relief Fund Street Cleaning Department Pension Fund Depart¬ ment of Health Pension Fund Supreme Supreme Court Court College of the City of Appellate Appellate City of New York Div., First Div., Second Total New York Employees’ l)(‘i)artnu'nt, Dep,artnu‘nt, Rdirement Retirement Retirement Retirement F’und Fund Fund Fund (181.287.30 468,385.52 097.1.32.76 1.062.305.09 4,830,483.07 $1.3,161..54 4!)!).!).S .$000.00 .$6,605,348.84 $484,214.24 0.5.3,000.74 $153,020.85 323,7.87.13 281,945.02 8,406.73 1,15!),460.34 SlldwO,!)?!. Ot) ;J.152.S();5.35 7.5,833.58 7,020,354.56 4,!)!)2,,S!)7.70 .$377,325.31 $70,000.00 $171,772.0!) 15,!)13,6,83.40 •'{io.TSS.TTd.dd .S14.04S,504.04 $7,.580,402.3S .$750,653.00 .$.377,.325..31 .$70,000.00 .$171,772.00 .$22,068.25 .$!)()(). 00 .$2!),714,490.11 2,(K)4.24r).12 440,4!)"). S() 2,6.30,576.45 .54.077.33 422,704.6.3 4.8„853..50 10.3,268.87 05.507. ,84 0,208..51 5.230.1,84.58 300.574.20 .3.10.8,47 78.,80 1.0.’{.S,776.00 $S.2!).3..^1().42 .$17,634,148.42 $7,070,076.58 $1.231,.301.13 .$576,102.02 .$7.3.108.47 $171,772.00 .$.31.445.,56 .$000.00 .$.35.0,8.3,450.60 .0 years, on his or her own application. ( New York ('ity service not specified.) Annuities granted to those retired shall be not less than one-half of annual salary at rcdireinent, and, in case of the President or a Professor, if one-half of salary is not an even multiple of |1,0()(), it shall be increased to an even multiple of |1,()00. Section 1092 contains also the following })rovision : ‘‘ The number of persons retired in aii}^ one year shall be so limited that the entire amount of the annuities to be paid for that year shall not be in excess of the estimated amount of the retirement fund applicable to the payment of annuities for that year.’’ For the 10-year period covered by the accompanying statement (Appendix “A”) the total contribution by the teachers amounted to |2,0(!4,24(I.12, or about 25 per cent, of the fund’s entire revenue, which was $8,293,516.42. The total yearly receipts of this fund increased, during this period, about 47 per cent., excluding from the 1914 receipts the portion of salary deductions for absence amounting to about |200,000, which will probably be refunded, while the yearly disbursements for pensions increased 124 per cent. The resources of the fund during the current year will fall far short of the amount required to pay the existing pensioners. The fund is in imperative need of additional income, through increased assessments or otherwise, if it is to he continued, and those retired are to receive their annuities in full. 10 Police Pension Fund. Income. Section 353 of the Greater New York Charter makes the Police Commissioner the trustee and treasurer of this fund, and provides for the payment into the fund of the following: 1. All forfeitures imposed by the Police Depart¬ ment upon members of the force. 2. All rewards, fees, gifts, etc., presented to mem¬ bers of the force on account of police services, except such as the Police Commissioner may allow said members to retain. 3. All unclaimed, lost or stolen money, property, etc., remaining in the possession of the property clerk for one year, and for which there is no lawful claimant. 4. Forfeited and deducted pay of members of the force occasioned by absence for any cause. 5. From excise moneys annually $430,000. 6. All moneys received from issuance of permits to carry pistols. 7. Moneys received from permits granted for en¬ tertainments, such as masked balls, etc. 8. Two per cent, of monthly salaries of members of the force. 9. Any other moneys and funds applicable to any police pension funds previously existing with¬ in the limits of The City of New York. 10. Unexpended balances of appropriations for salaries. 11. Dudgetary appropriations for amounts neces¬ sary in addition to receipts from the above sources, in order to pay pensions granted. 12. Gifts and bequests to the fund. 11 Benefits. (Sections 354, 355, 356 and 366.) 1. The Police Commissioner may retire any member of the force who: (ft) Has served more than ten years and less than 25 years, and who has become permanently incapacitated, on a pension of not less than one-quarter nor more than one-half of an¬ nual compensation at date of retirement (Sec. 354). (h) Has been permanently disabled in the actual performance of duty, on a pension of not less than one-quarter and not more tlian oiie-half of compensation (Sec. 354). (e) Is 55 years of age, has been in the service 20 years, and applies for such retirement, on a pension of not less than one-half of full sal¬ ary (Sec. 355). (d) Has served 20 years and has become perma¬ nently disabled, on a pension of not less than one-half of full salary (Sec. 355). (e) Has reached the age of 60 years, on a pension of not less than one-half of salary (Sec. 355). 2. Tlie Police Commissioner must retire any member of the force who applies for such retirement who (ft) Is over 55 years of age, and has served for 25 years, on a pension of not less than one-half of salary (Sec. 355). (6) Is an honorably discharged soldier or sailor who served in the Union Army or Navy in the Civil War and is 60 years of age, on a pen¬ sion of not less than one-half of salary (Sec. 355). 12 (c) Is an honorably discharged soldier or sailor who served in the Union Army or Navy in the Civil War, and has served 20 years, on a pension of not less than one-half of salary (Sec. 355). Special Provisions. I’ensions shall be granted as follows: Chief of Police. |3,000 00 Each Deputy Chief. 2,500 00 Each Inspector . 1,750 00 liach Captain. 1,375 00 Each Sergeant and each Detective Sergeant... 1,000 00 (Sec. 355.) Section 355 also provides that pensions granted under said section shall be for the natural life of the pensioner, and shall not be revoked, repealed or diminished. 3. The Police Commissioner may, in his discretion, grant pensions to dependent parents, widows and orphans of members of the force, as follows: (a) To dependent parent or parents or widow of mend)er killed in performance of duty, or dying from the effects of injury so received, not to exceed |60() per annum (Sec. 354). [h] To the widow or widow and children of mem¬ ber who dies after 10 j^ears of service, or who dies after having been retired, not to exceed |300 per annum (Sec. 354). ((■) To child or children under 18 years of age, of member killed or dying as stated in (a) and (h), but leaving no widow, or after the widow’s death, not to exceed |600 per annum, while a child is under 18 years of age (Sec. 354). Pensions granted under Section 354 may, in the dis¬ cretion of the Police Commissioner, be at any time dimin- 13 islied or revoked. Pensions to widows shall terminate when the widows remari’y and to children when they marry’ or reach the age of 18 years (Sec. 356). Police Matrons. Section 366 provides that the Police Board may retire any matron who (а) Has served 20 years, and applies for such re¬ tirement, on a pension of not less than one- half of salary. (б) Has served less than 25 years and has become incapacitated for the further performance of duty through injuries received during the per¬ formance of duty, on a pension of not less than 25 per cent, nor more than 50 per cent, of her compensation. (c) The Police Board shall retire any matron who has served 20 years and has become perma¬ nently disabled, on a pension of not less than 50 per cent, of compemsatiou. Pensions granted under this section shall be for the natural life of the pensioner and shall not be revoked or diminished. The total receipts of this fund, exclusive of interest for the ten years under consideration, Avere .fl7,579,171.09, of which f2,630,576.45, or about 15 per cent., was con¬ tributed by the members of the force. Also, the total yearly receipts of the fund, excluding specific budgetary appropriations and revenue bonds issued, increased less than 11 per cent, during the ten years, while the yearly disbursements increased during tlie same period over 89 per cent., thus necessitating direct contribu¬ tion by the city to coA^er deficiencies, either through the budget or by the issue of special revenue bonds, increasing from 1193,946.26 in 1905 to .fl,450,000 in 1914. 14 New York Fire Department Kelief Fund. Income. Section 789 of the Greater New York Charter desig¬ nates the Fire Commissioner as the trustee of this fund, and i)rovides for the payment thereto of the following: 1. Fines and forfeitures imposed by the Fire Com¬ missioner upon members of the force by way of discipline. 2. Rewards, fees, gifts, etc., on account of extraor¬ dinary services, except such as the Commis¬ sioner may allow the members to retain or Avhich shall be given to endow a permanent or competitive reward. 3. Proceeds of suits for penalties and all license fees collected in the boroughs of Manhattan, Rrooklyn and The Bronx, under the laws relating to fire prevention and storage of ex¬ plosives and combustible materials, and forty-five per cent, of such proceeds of suits for penalties and license fees collected in the boroughs of Richmond and Queens. 4. Proceeds of sales of condemned personal prop¬ erty in use by the department. 5. Deductions from salaries of members of the force for absence from duty. G. Gifts, bequests, etc., to fund, the total income from which shall not exceed |30,000 per annum. 7. Appropriations from City of New York not ex¬ ceeding |10,000 per year. 8. Ten per cent, annually of excise moneys belong¬ ing to The City of New York and derived from the boroughs of Manhattan, Brooklyn and The Bronx, and 9. Four and one-half per cent, of excise moneys belonging to The City of New York and de- 15 rived from the boroughs of Queens and Rich¬ mond, or such part of “ 8 ” and “ U ” as ma^- be necessary to preserve intact the principal and surplus of said fund as they existed January 1, 1903. 10. Section 188 authorizes the Comptroller to issue special revenue bonds to provide for any de¬ ficiency in the fund. Benefits. Retirements—Beotion 790. 1. Section 790 empowers the Fire Commissioner to retire and grant a pension to any member of the uniformed force who [а) Has become permanently disabled, which dis¬ ability was caused or induced by the actual performance of duty, on a pension of one-half of salary at time of retirement. (б) Has become permanently disabled from any other cause after 10 years of service, on pension of one-half of salary, oi*, (o) Has become permanently disabled before the expiration of 10 years’ service, on a pension of one-third of salary. 2. This section also provides that partially disabled firemen shall not be retired, but given such duties as they are able to perform, and shall be compensated from the relief fund as follows: (a) If the permanent partial disability is caused or induced in the performance of duty, at the same salary they received at the time dis¬ ability occurred. (h) If partially disabled from any other cause after 10 years’ service, not more than one-half of prior salary, or (c) If such disability occurred before the expira¬ tion of 10 years’ service, not more than one- third of salary. 16 3. The Fire Commissioner shall retire any member of the force who (a) Applies for such retirement, and has served 20 years, on a pension of not less than one-half of salary. (h) Is found to be permanently disabled, and who has served 20 years, on a pension of not less than one-half of salary. Pensions granted under Section 790 are for the natural life of the pensioner and shall not be revoked, repealed or diminished. Other Pensions—Section 791. The trustee of the Relief Fund is empowered to grant pensions to dependent parents, widows and children of deceased firemen, as follows: (a) To the widow of a member of the force killed in the performance of duty or who dies as the result of injuries so obtained, not to ex¬ ceed one-half of salary at date of decease, but if such member is a probationary fireman, not to exceed one-half the salary of a fourth grade fireman, and if one-half salary is less than $600, the pension may be more than one-half, but not exceeding |600. (&) If such member leaves no widow, but leaves children under 18 years, or dependent par¬ ents, the trustee may grant an annual al¬ lowance not exceeding one-half of salary. (c) To the widows, children or dependent parents of firemen who die while in the service, from any cause, or after retirement, not exceeding $300 in the case of any one such member. Special Provisions. (a) The amount of allowance to widow shall not in any case exceed $1,000, and shall cease upon her death, remarriage or misconduct. 17 (h) The amount of allowance to any one child or par¬ ent shall not exceed $000, and shall cease upon his or her death, marriage or reaching 18 years of age. (c) If payment to the widow ceases because of death, remarriage or misconduct, the trustee may thereafter make payments to children or dependent parents. The members of the force do not contribute anything to the fund in the nature of a regular assessment. This fund is in better shape than the two pre¬ viously discussed, no direct help from the city in addition to the revenues specifically provided having been necessary until 1912. In that year it became neces¬ sary, in order to provide for all demands on this fund, to secure legislation (chap. 457, Laws of 1912) authorizing the Comptroller to issue special revenue bonds for any deficiency in the income of the fund wherewith to pay pensions granted, and bonds were so issued iii 1912, amounting to $127,097.00, in 1913, $149,741.70 and in 1914, $207,374.94. The downward trend of the fund is indicated also by the fact that, excluding the proceeds of revenue bonds above mentioned, tlie t(dal yearly receipts of this fund increased, during the period from 1905 to 1914, 40 per cent., whereas the yearly disbursements increased about 82 per cent. Street Cleaning Department Pension Fund. Income. Section 549 of the Greater New York Charter provides for the payment into this fund of the following: 1. Three per cent, of employees’ salaries. 2. Fines, forfeitures, etc., assessed against em¬ ployees. 3. Moneys received from scow trimming or assort¬ ing refuse. 18 4. Moneys from sale of refuse, ashes and garbage collected by Department of Street Cleaning. 5. Proceeds of sales of condemned horses or other property of the department, except real prop¬ erty, and proceeds of sales of vehicles, boxes, barrels, bales or other incumbrances found in streets, etc., less the necessary expenses of the sales, provided such proceeds are not payable to lawful owners, and all moneys paid for the release of such property. 6. Unexpended balances of appropriations for salaries. 7. Gifts and bequests to the fund. Section 550 designates the Commissioner of Street Cleaning as the trustee and treasurer of the fund. Benefits (Sections 552 and 553). Retirements. 1. The Commissioner of Street Cleaning is empowered to retire any member of the Department of Street Cleaning who has become permanently disabled in the actual per¬ formance of duty, on a pension of |25 per month. (Sec¬ tion 552.) 2. The Commissioner shall retire any member who [a) having been examined pursuant to said mem¬ ber’s application or the Commissioner’s order, is found to be permanently disabled, and has performed duty for 10 years, on a pension of not less than I /2 of salary, during the life¬ time of the applicant. (Section 553.) ( h ) applies for such retirement, has performed duty for 20 years, and is 60 years of age, on a pension of % of salary. (Section 553.) Note.— Pensions granted under Section 553 are for the natural life of the pensioner and shall not be revoked, repealed or diminished. 19 Other Pensions (Section 552). 3. The Commissioner of Street Cleaning is empowered to grant pensions to the widow, children or widowed mother of a deceased member, as follows: (a) To file widow of member killed in performance of duty or djdng from the result of injuries so received, not more than |3U0 per annum. (b) To the widow of member dying from any cause after 10 years of service, or who dies after retirement, if there are no children under 18 years of age, not more than .f200 per annum. (c) If there are such children, such sum may be divided between the widow and cliildren, in the discretion of the trustee. {d) To the child or children of member killed or dying as above, and leaving no widow, or after the widow’s death, not to exceed |200 per annum. (e) To the widowed niotber of a member who was her sole support, if member dies, not exceed¬ ing .|200 per annum. Special Provisions. (а) Pensions granted to widow or widowed mother shall cease at death or remarriage, or if said pensioner shall be guilty of conduct which in the opinion of the trustee makes further pay¬ ment inexpedient. (б) Pensions to children of deceased member shall cease when they marry or reach the age of 18 years. This fund, which came into existence September 1, 1011, has no extended experience to show, but notwithstanding the fact that the receipts for the three and one-half years of its operation have amounted to |1,231,301.13 against disbursements of |296,140.48, and the probability that this surplus will continue to grow for several years, it is cer- 20 taiu that the iiiereasing deiuauds made upon this fund will within a few j^ears deplete the surplus, and place the fund in the same condition as those previously cited, and require additional income to liquidate its accruing claims. While it is true that in levying an assessment of 3 per cent, on salaries, instead of the lower rates levied for the other funds, a step in the right direction was taken, yet the inadequacy of even this assessment is clearly indi¬ cated—in that, while the product thereof for the year 1914 was 1128,937.90, the annuities paid during the same year, after only three years of operation, amounted to $163,039.75. Of the total receipts to December 31, 1914, the em¬ ployees contributed 34 per cent. Department op Health Pension Fund. Section 1319 of the Greater New York Charter consti¬ tutes the Board of Health a board of trustees of this fund. Income. Section 1320 provides for the payment into the fund of the following: 1. Fines for violations of sanitary health code. 2. One per cent, of employees’ salaries. (The law is not compulsory and deductions are not made from the salaries of those who do not wish to share in this fund.) Benefits (Sections 1321, 1322 and 1323a). Retirements. 1. The Board of Trustees is empowered to retire any physician or employee of the department who shall become permanently disabled as a result of disease or injury ac- (luired in the actual performance of duty, on a pension not to exceed one-half or be less than one-quarter of his annual compensation (Section 1321). 21 2. The Board of Trustees shall retire any physician or employee, having served for 20 years, wlio applies for retirement, or who is certified by the board of examining physicians to be permanently disabled, on a pension not to exceed one-half of his annual salary at date of retire¬ ment ([Section 1328a). Other Pensions. 3. The Board of Trustees shall have power to grant pensions to widows, widowed mothers and children of phy¬ sicians and employees who shall die while in the service from disease or injury received in the performance of duty, as follows: {a) To a widow or dependent widowed mother, so long as she remains a widow, |300 per annum (Section 1322). (b) If there is no widow, hut children under 18 years of age, the said $300 per annum may be paid to such children (Section 1322). Special Provisions. (a) Section 1323a provides that pensions granted under said section shall be for the natural life of the pensioner and shall not be revoked, repealed or diminished. (b) Any other pension granted may, in the discre¬ tion of the Board of Trustees, be diminished or terminated. The amount contributed by employees to this fund for the ten years was $103,268.87 or less than 22 per cent, of the total receipts from all sources, which were $180,591.18 (excluding interest income). The toital disbursements for the same period were $396,829.27. Yet while receipts have increased 88 per cent., the increase in disbursements has been 339 per cent. 22 College op the City of New York Ketirement Fund. Income. Section 113U-a of the Greater New York Charter pro¬ vides that this fund shall consist of 1 per cent, annually (or as much thereof as is necessary) of the city’s share of the excise taxes, and the Comptroller is directed to pay annuities out of said fund by direction of the Board of Trustees of the said college. Benefits —Section 1130-a. 1. The Board of Trustees is empowered to retire any member of the supervising or teaching staff who has at¬ tained the age of (>5 years, has served 10 years in the said college and has served an aggregate of 30 years in one or more educational institutions in the United States, on an annuity of one-half of his salaiy at the date of retire¬ ment, except that the Bresident shall receive an additional |>1,000, the Vice-president an additional $500, and if a professor’s annuity he less than |3,000 it may be increased to that amount. 2. The Board of Trustees shall retire any member of the staff who applies for retirement and has served in the college for 20 consecutive years or 10 jnars in the college and an aggregate of 30 years of educational service and grant an annuity at the rate stated under No. 1. 3. The hoai-d may return any retired member to ac¬ tive duty for a period of not more than one year. During such period he shall continue to receive the annuity and an additional sum, paid out of the general college funds, suf¬ ficient to make his total compensation equal to his salary before retirement. The claims against this fund are small, amounting to $94,761.09 for ten years, and as yet it has required but a small part of the excise taxes allowed. The employees affected contribute nothing to the fund. 23 City of New York Employees’ Ketirement Fund. Income. Section 1G7 of the Greater New York Charter provides that the pensions granted against this fund shall be paid out of excise money’s belonging to The City of New York. No contribution by employees is recpiired. Benefits. Section 1G6 empowers the Board of Estimate and Ap¬ portionment to retire any employee of The City of New York (except those entitled to the benefits of the funds already discussed) who has been so employed for 30 years, or 20 years if an honorably discharged soldier who served in the Union army in the Civil War, and is incapacitated for the further performance of duty. Section 1G7 provides that any person so retired shall be granted an annuity not exceeding one-half of his or her average annual compensation for three years prior to re¬ tirement. The total cost of this fund during the ten 3'ears’ period was 1171,772.09. The payroll of these pensioners is grow¬ ing rapidly larger, however, the disbursements for 1914 being .f97,012.80 as compared with |30,958.50 for 1913. Supreme Court, Appellate Division, First Department, Retirement Fund. Income. Chapter 855 of the Laws of 1911, as amended by Chap¬ ter 138 of the Laws of 1913, and Chapter 497 of tlie Laws of 1914, provides that annuities gi’anted under the said act ■shall be paid out of the funds apportioned to the Supreme Court of the First Department, supplemented, in the case of those retired under the provisions of Section 2 of the act, by the payment into the fund of 1 per centum annually of the salary of each person entitled to the benefits of said section, 24 Benefits. Section 1. The Justices of the court are empowered to retire any employee of the court who has become incapa¬ citated, lias served in said court for at least 10 years and in addition thereto has been employed either in the said court or in any office or department of the State, County or City of New York, providing the aggregate of such ser¬ vice is at least 20 years, on an annuity not exceeding one- half of his average salary for 2 years prior to retiring. Section 2. (a) The Justices of the court shall retire any employee thereof who applies for retirement, has been employed at least I 214 years in said court, and in addition thereto has been employed either in said court or some other department or office of the State, County or City of New York, providing the aggregate service is 25 years. The provisions of Section 2 apply only to those who con¬ tribute 1 per cent, of their salaries to the fund. Each per¬ son so retired shall he granted an annuity equal to one-half of liis or her average animal salary for the 2 years prior to retirement. (h) Any such employee, who, after 20 years’ seiwice, as provided in section 1, shall lose his position without fault or misconduct on his part, shall be retired, on his applica¬ tion within one montli of the loss of position, on an annuity equal to as many twenty-fifths of one half of his average salary, as above stated, as he has served aggregate years. The total requirements of this fund to December 81, 1914, amounted to .122,068.25. Supreme Court, Appellate Division, Second Depart¬ ment, Retirement Fund. Income. Chapter 185 of the Laws of 1913 provides that annuities granted thereunder shall be paid in the same manner as the salary of the person retired was paid prior thereto. 25 Benefits. The Appellate Division of the Supreme Court, Second Department, is authorized to retire any employee of the said court who has served in the said court or any of the courts consolidated therewith, for 25 years, and has be¬ come incapacitated for the ])e]*formance of duty, on an annuity not to exceed one-half of his average annual salai^ for the two years preceding retirement. But one retirement has been granted under this act, the total disbursement to December 81, 1914, being |9()(>. GENERAL REMARKS. Comment has already been made in this report upon the inconsistencies of the provisions of law relative to the establishment in The City of New York of pension funds supported in Avhole or in part from budgetary appropria¬ tions or city revenues. In setting forth tliese inconsistencies below, objection is not made to tlie policy of pensioning emploj^ees, nor is it overlooked that the prospect of receiving pensions after their public usefulness is ended lias doubtless attracted many to the city’s service. Nevertheless, there are two sides to the subject of pensions; and in connection with the benefits conferred by them upon city employees, there must also be considered the additional taxation imposed liy them upon the general public. lu view of the city’s financial status, it is highly important that serious atten¬ tion be given to the present and future cost of tliese funds. Three elements of the pension funds will be considered : (1) the contributions to them, (2) the distribution of the funds, (3) the inadequacy of the present contributions thereto and the rapid growth of the deficiencies. 26 1. Contributions to the Pension Funds. A preceding table shows that the total receipts of the pension funds 1905 to 1914, inclusive, were as follows: Amount. Percentages. Contributed by the city... . $29,714,490 11 82.6 Interest and miscellaneous. 1,038,776 00 2.9 Contributed by employees. .. 5,230,184 58 14.5 Totals. 100 The sources from which tions and the funds benefited the city makes its are shown below: contribu- Excise Taxes. Public School Teachers’ Retirement Fund, 5 per cent. Police Department Pension Fund ($430,000), about 7i/^ per cent. Fire Department Relief Fund, 10 per cent, of Manhattan, Rrooklyn and The Rronx taxes and li/o per cent, of Queens and Riclimond taxes. City of New York Employees’ Retirement Fund, such part as shall be required. College of The City of New York Retirement Fund, not to exceed 1 per cent. Deductions from ^^alarics for Absences, Fines, etc. Public School Teachers’ Retirement Fund. Police Department Pension Fund. Fire Department Relief Fund. Department of Street Cleaning Pension Fund. aS'u/c.s of ('ondcmned Property. Fire Department Relief Fund. Department of Street Cleaning Pension Fund, 27 From Steam Boiler Inspections, Masked Ball Permits, Sales of Unclaimed Personal Property, Pistol Per¬ mits and Identification third Fees. Police Department Pension Fund. From Bureau of Coinhustihles, Foreign Insurance Tax, and Penalties. Fire Department Relief Fund. Fi'om Privileges of Score Trimming, Redemption of Incum¬ brances, Sale of Incumbrances, Sale of Ashes and Garbage Contract. Department of Street Cleaning. Fines and Penalties for Violations of the Sanitary Code. Department of Health. Unexpended Balances, Salary A ppropriations. Police Department Pension Fund. Department of Street Cleaning Pension Fund. Supreme Court, Appellate Division, First Department, Re¬ tirement Fund. From Bndgetary A ppropriations or Revenue Bonds. Police Department Pension Fund. Fire Department Relief Fund. Supreme Court, Appellate Division, First Department, Retirement Fund. Supreme Court, Appellate Division, Second Department, Retirement Fund. From “ Interest and Miscellaneous ’’ {Practically All from Interest on Deposits or Investments). Public School Teacliers’ Retirement Fund. Police Department Pension Fund. Fire Department Relief Fund. Department of Street Cleaning Pension Fund. Department of Healtli Pension Fund. College of The City of New York Retirement Fund. Supreme Court, Appellate Division, First Department, Retirement Fund, 28 Contrihiitions hy Employees, Assessments upon Salaries. Per Cent. Public School Teacliers’ Retirement Fund. 1 Police Department Pension Fund. 2 Fire Department Relief Fund. 0 Department of Street Cleaning Pension Fund... 3 Department of Health Pension Fund. 1 College of the City of New York Retirement Fund 0 City of New York Employees’ Retirement Fund 0 Supreme Court, Appellate Division, First Depart¬ ment, Retirement Fund. 1 Supreme Court, Appellate Division, Second De¬ partment, Retirement Fund. 0 Arranging the various funds in the order of the size of the contributions made by the city to them during the ten years ending December 31, 1914, we have; 1. Police Department Pension Fund.... |14,948,594 04 2. Fire Department Relief Fund. 7,580,402 38 3. Public School Teacliers’ Retirement Fund . 5,783,774 44 4. Street Cleaning Department Pension Fund (3 yrs.). 759,653 00 5. Department of Health Pension Fund. . 377,325 31 0. City of New York Employees’ Retire¬ ment Fund . 171,772 09 7. College of the City of New York Retire¬ ment Fund . 70,000 00 8. Supreme Court, Appellate Divisiou, First Department, Retirement Fund (3 yrs.). 22,068 25 9. Supreme Court, Appellate Divisiou, Second Department, Retirement Fund(lyr.). 900 00 $29,714,490 11 29 These funds are arranged below according to the size of the contributions made by the employees: 1. Police Department Pension Fund.... .f2,630,576 45 2. Public Scliool Teachers’ Retirement Fund . 2,064,246 12 3. Department of Street Cleaning Pen¬ sion Fund (3 yrs.). 422,794 63 4. Department of Health Pension Fund. . 103,268 87 5. Supreme Court, Appellate Division, First Department, Retirement Fund (3 yrs.). 9,298 51 Remaining Funds (4). . Total . .f5,230,184 58 It will be noted that one of the largest funds, the Fire Department Relief Fund, receives no contributions from its employees. This is true, also, of the College of the City of New York Retirement Fund, the City of New York Employees’ Retirement Fund, and the Supreme Court, Appellate Division, Second Department, Retirement Fund. The employees’ contributions to the remaining funds vary, being at the rate of 1 per cent, in three depart¬ ments, 2 per cent, in one department, and 3 per cent, in one other department. 2. The Distribution of the Pension Funds. Here will be considered the services or circumstances qualifying an employee or his dependents to a pension and the benefits received by them. These matters have previously been detailed in this report, so that it will suffice at this point merely to touch upon them generally, Avith a view to pointing out the greatest variations from the usual practice. The term of service required varies from one day to thirty years, it being provided in tlie Police, Fire, Street Cleaning and Health Departments that an employee is 30 entitled to a pension when lie becomes permanently in¬ capacitated in the performance of his duty. The pensions jiranted under these circumstances run from |25 a month in the Street Cleaning Department to one-half the annual compensation in Police, Fire and Health Departments. In case of total incapacity from any cause after ten years’ service, the employees of the Street Cleaning Department are entitled to not less than one-half their annual com¬ pensation. The service reiinired of the teaching and supervising staff of the Department of Education and of the Normal College may be only partly New York City service. In addition to fifty per cent, of the annual salarj^ at retire¬ ment, it is provided, in case of the president or a professor of the Normal College, that if this amount is not an even multiple of |1,000 it may be increased so that it will be. To benefit under the City of New York Employees’ Re¬ tirement Fund, the employee must be incapacitated for further service, and must have been in tlie employ of the city for twenty years, if a veteran; otherwise, for thirty year's. Uridei- all of the other pension furrds it is possible t(> retire with berrefit withorrt becoming perrrranerrtly in¬ capacitated. In the Departments of Police, Fire, Street Cleanirrg and Health perrsiorrs may be granted to the dependents of a deceased employee, ranging in amount from .f200 to |1,000 per annum. The Supreme Court, Apjiellate Division, First Depart¬ ment, Retirement Fund provides that any employee who has ser'ved for twenty years, and who loses his position without fault or misconduct on his part, shall be retired, if application Ix' made within one month, on an annuity e(|ual to as many twenty-fifths of one-half of his average salarw as the number of years he has served. The Fire Department also makes provision for the re- lirement in llie service of partially disabled employees with full or part compensation from the Relief Fund, 31 The annuitants of all these funds, except those retired under The City of New York Employees’ Retirement Fund, may occupy any public position in the State of New York without forfeiting their pensions. The disbursements from the various funds in 1905 and 1914, respectively, follow: Increase 1905. 1914. or *Decrease. Police.$1,297,724 32 *2,458,275 84 *1,160,551 52 Education .... 527,541 87 Fire . 581,757 47 Street Cleaning (1911) . 187 50 Health . 18,115 06 City of N. Y. Employees .. 125 00 College of the City of N. Y. 16,330 45 Supreme Court, App. Div., 1st Dep. (1911). 499 38 Supreme Court, • App. Div., 2d Dep. (1914) . 1,184,208 12 656,666 25 1,058,561 96 476,804 49 164,403 23 164,215 73 78,781 65 60,666 59 97,012 80 96,887 80 4,325 00 *12,005 45 10,822 80 10,323 42 900 00 900 00 Totals ...$2,442,281 05 $5,057,291 40 $2,615,010 35 The increase in the expenditures from the pension funds, 1905 to 1914, was $2,615,697.23, or a yearly average of $290,633.02. The increase for the four years from 1910 to 1914, as shown by Appendix “ A,” was, however, $1,654,- 553.93, or a yearly average of $413,638,48, while the in¬ crease for the five years from 1905 to 1910 was but $961,143.30, or a yearly average of $192,228.66. The large average yearly increase during the past four years is due 32 in great measure to the establishment of the Department of Street Cleaning Retirement Fund and to amendments increasing the scope of the City of New York Employees’ Retirement Fund. 3. The Inadequacy of the Present Contributions to THE Various Pension Funds and the Rapid Growth of the Deficiencies. The deficiencies will be shown in each fund for the years in Avhich the receipts other than those from bud¬ getary appropriations or revenue bond funds fail to equal the disbursements. Public School Teachers’ Retirement Fund. Receipts. Disbursements. Deficiencies. 1910.... . . . $786,340 54 1834,483 49 $48,142 95 1911.... 803,734 45 881,071 98 77,337 53 1912.... 849,198 48 983,972 19 134,773 71 1913.... ... 1,031,422 84 1,110,803 30 79,380 46 1914.... .. . 1,076,969 64 1,184,208 12 107,238 48 Police Department Pension Fund. Receipts. Disbursements. Deficiencies. 1905.... ... 1904,848 07 $1,297,724 32 $392,876 25 1906.... .. . 1,057,556 86 1,342,522 07 284,965 21 1907.... .. . 1,085,118 03 1,498,311 21 413,193 18 1908.... .. . 1,255,873 63 1,568,894 26 313,020 63 1909.. . . ... 1,148,498 28 1,634,587 53 486,089 25 1910.. .. .. . 1,068,846 05 1,723,507 09 654,661 04 1911.... ... 1,023,878 34 1,852,647 27 828,768 93 1912.... 962,153 57 2,089,603 03 1,127,449 46 1913.... 975,702 53 2,314,958 86 1,339,256 33 1914.... ... 1,002,000 24 2,458,275 84 1,456,275 60 33 Fire Department Relief Fund. Deticieueies. or Receipts. Disbursements *Sur])luses. 1906 . 1606,053 69 -1^606,108 31 f54 62 1907 . 659,170 84 649,248 59 *9,922 25 1908 . 672,151 67 684,062 43 11,910 76 1909 . 729,379 24 729,159 76 *219 48 1910 . 790,843 86 792,218 08 1,374 22 1911 . 881,789 52 880,475 28 *1,314 24 1912 . 859,817 82 986,044 78 126,226 96 1913 . 838,735 71 985,830 17 147,094 46 1914 . 848,006 70 1,058,561 96 210,555 26 Department of Ftreet Cleaning Pension Fund. No deficiencies, 1911 to 1914. Department of Health Pension Fund. No deficiencies, 1905 to 1914. College of the City of New York Retirement Fund. Deficiencies and Receipts. Disbursements. *Surpluses. 1905. 1555 09 116,330 45 115,775 36 1906. 25,442 00 13,540 18 *11,901 82 1907. 480 37 11,687 39 11,207 02 1908. 25,344 23 12,812 37 *12,531 86 1909. 566 81 9,466 54 8,899 73 1910. 280 79 10,449 84 10,169 05 1911. 10,178 46 4,741 25 *5,437 21 1912. 123 13 5,736 36 5,613 23 1913. 10,100 45 5,671 71 *4,428 74 1914. 127 14 4,325 00 4,197 86 Note.—For this fund, excise moneys up to 1% are available. It has been the custom to transfer to this fund occasional lump sums from excise receipts ranging from |10,000 to |25,000, instead of transferring each year the amount required for that year. 34 Ciiij of New York Ewploijees' Retironent Fund. .Just enough of the excise taxes have been used annually to meet the dishui'seinents. Since 11)11, when the law rela¬ tive to this fnnd was amended to make it more compre¬ hensive, the disbursements have been as follows: Disbursements. 1911 . 18,253 72 1912 . 25,419 95 1913 . 30,958 50 1914 . 97,012 80 i^iiprenie Courts Appellate Dioisiou^ First Department, Retiretnent Fund. Receipts. Disbursements. Deficiencies. 1911.... $499 98 $499 98 4,053 03 2,000 00 G,G92 44 1,G44 73 10,822 80 139 50 1912.. .. 1913.. .. 1914.. .. $2,053 03 5,047 71 .... 10,G83 30 Supreme Court, Appellate Division, Eecond Department, Retirement Fund. ReceiiJts. Disbursements. Deficiencies. 1914. $900 00 $900 00 Listing the various funds according to the sizes of their deficiencies for the year ending December 31, 1914, we have: Deficiencies. Police Department Pension Fund. .|!l,45G,275 GO Fire Department Belief Fund. 210,555 2G Public School Teachers’ Retirement Fnnd. 107,238 48 35 College of the City of New York Retirement Fund. 14,197 86 Supreme Court, Appellate Division, Second Department, Retirement Fund. 900 00 Supreme Court, Appellate Division, First Department, Retirement Fund. 139 50 The “ deficiencies ” set forth above represent the amounts by which the receipts of the several pension funds in 1914, other than from budget appropriations and special revenue bond funds, fell short of the disbursements for those years. They do not represent the present status of the funds, some of which have substantial cash balances. The disbursements are increasing rapidly in all of those funds, and it would seem to be only a matter of time when all of them will require additional income. Even the Street Cleaning Pension Fund, with its large and yet growing surplus, disbursed more in 1914 than was con¬ tributed by the members of it. Essentials of a Good City Pension System. Some of the essential features of a practical pension system city-wide in its scope would appear to be: 1. Centralization of its control in the Board of Esti¬ mate and Apportionment. 2. Uniformity of contribution or of non-contribution upon the part of the beneficiaries, except perhaps in extra- hazardous employment. 3. Uniformity of qualifications for benefit, with per¬ haps the same exceptions. 4. Fixation of benefits only after actuarial estimates of their probable cost to the city. 5. Provision in the annual tax-budget for the pension obligations accruing each year. 6. The absolute fixation of rates and benefits, so that nothing is left to the discretion of the administrators of the pension funds. 36 7. The confinement of pension benefits to employees of the city, except where death occurs to an employee in the performance of his duties. 8. The retention of capable employees in the city ser¬ vice, regardless of their length of seiwice. 9. Prohibition of employees from drawing pensions from The City of New York while in the employ of the state or any political subdivision thereof. An examination of the present funds and the procedure relative to them indicates the lack, in one or another of these funds, of practically all these essentials. The sug¬ gestions made arise, as a matter of fact, out of the obvious defects of the present funds. If the city is to be placed in the position of providing in whole or in part for the various pension funds now established, clearly it should decide upon the amount it can afford to contribute for pensions and fix upon a method of distribution that will put all employees of tlie city upon a uniform basis. Respectfully submitted, Robert B. McIntyre, Supervising Statistician and Examiner. Rece Dial) oriH£_ , ^ 37 APPENDIX “A” Pension Funds of The City of New York Summarized Statement of Eeceipts and Disbursements for the Ten Years Ended December 31, 1014. Total, 1005. lOUG. 1007. lOOS. 1000. 1010. 1011. 1012. 1015. 1014. 10 Years. ItccciptH: Vontrihntcd hji the Citji: Budgetary A|)|ir()])riations.. Si)ecial l{(>v(‘inie Bonds. UiK'xiKMided Balances, Salary Appropriations.. Uedneled from Salarii's for Absence, Fines, etc Misc('l la neons City Ut'vc'inie. Ji;i03,046.2G 20,053. Gl .3SG,720.G1 1,371.G07.33 -1:400,000.00 101.G.53.S5 420.5SO.53 1,418,421.13 -1:400,000.00 1G5.007.51 4G2,0G7.07 1,400,258.04 $400,000. (K) 333.845.22 411.G.54.2G 1.444,732.23 $400,000.00 250,84G.43 427.730.73 1.583,007.82 $GO0,000.0o 8S.3G7.00 4G3,G11.00 1,478,083.70 -$700,000.00 1-50.400.08 2,055.43 -5-57.278.40 l.GG5,808.24 -$874,802.70 $1,200,422.40 -$1,4.57,177.42 $0,00.5,348.84 38!>,483.12 20-5,741.70 207.374.04 053,000.74 2,0-53.03 .30,201.00 157.420.15 1.150,400. .583,430.75 .5.37,307.70 7-3.3,447.05 4.002.807. 1,000,120.10 1,027,144.73 1,015,710.18 15,01.3,083. Total Voatribated by the City . $1,072,327.87 -$2,340.0-55.51 -$2.4.37,323.52 $2,500,231.71 $2,001,08.3.08 .$2,(!.30,002.78 .$.3.07(i.0.32.05 -$3,-548,808.70 .$3,075,0.37.05 .$4,471,130.34 .$20,714,400.11 (btntrit)uted bii KaiytoyccH: Assessments^ Beiventafte of -Salaries. 204,252.52 420,137.40 424.7()0.40 455,272.24 4.55.050.70 -518.1.50.73 512,31!)..31 001,051.-37 7t)0,101..52 740.110.12 5.2-30.184.58 Interest and Minectbnieoux . 80,730.85 84,054.80 110,540.70 100,085.03 105,777.48 1-30,000.40 88,004.!)4 100,141.81 !)(i,704.7.5 125,l(il.OO 1,038.770.(K) Total Rceeiiits .$2,347,317.24 $2,853,847.80 $2,072,042.80 $-3,152,488.08 .$.3,223,112.25 -$3,288,81.3.00 .$.3.(i77,550..30 $4,-340,001.88 $4,781,80-3.02 .$.5,.34.5,710..52-$35,083,450.00 Disbursements: Tensions . .$2,440,430.72-$2,000,701.84 .$2,874,113.11 -$.3,010,710.52 .$.3,187,5.3.3.,84 .$.3,400,010.-38 ,$.3,004,710.22 .$4,15.3,0.58.0.3 .$4,01.8.,8,87.0.3 .$5,040,515.48 .$.35,000,350.07 Kj'yenscs and Miscelianeoiis . 1,154.45 1,008.50 1.20(i.50 1,4.33.53 1.045..30 2,727.00 3,.32.3.40 .3,.3.52.44 4,002.02 7,775.!)2 2,8.700.00 Total Disbursements . $2,441,504.17 $2,001,800.-34 $2,875,400.01 .$.3,021,153.05 .$.3,180,170.20 $.3,402,7.37.47 .$.3,00,8,042.71 .$4,1,57.011.07 .$4,02.3,700..55 .$.5,057,201.40.$.35,038,000.57 EQUATION Credits: Balances in Funds, January 1, 1005 Receipts, 10 years. Debits: Disbursements, 10 years. Balances in Funds, December 31, 1014 .$2,104,010.07 35,0,83,4.50.00 $.38,0.88,001.-30 .$35,0.3,8,000.57 3,040,001.70 - .$.3,8,088,001,30 i'.hs' 'k ;i9 APPENDIX A ’’—Contmued. PUBLIC SCHOOL TEACIIEIIS' PvETIKEMENT FUND. 1905. 1900. 1907. 1908. 1909. 1910 1911. 1912. 1913. Total, 1!)14. 10 Years. lieeeiptH: Vunlribuled bp the City — Deductions from Salaries for Al).sence. .$211.!)70.05 ,$274,743.13 $227,523.32 .$201,040.23 .$254,018.4i» ,$2,5.5,404.17 .$2.54,.3,84.()2 .$240,123.92 =".$4(!.3,7.55.(!7 .$2.(i.30.971.09 2S5,275.54 287,853..S9 294,094.22 3,80,054.,5,8 272,772.03 2!)1,,8().3.10 2,8(i,579.07 $4,84,212.31 2,81 ,.5,84, .35 .3,152„80.3.35 Total Contributed by the City .'. .. .. .$408,709.09 ■$4!)7,2,51.59 .$502,5t)7.02 .$522,217.54 .$(>47,700.,81 .$527,,3!)0.52 .$547,2(i7..33 .$540,90,3.09 .$724,.330.2.3 .$74.5,.34().02 .$5,7,8.3,774,44 Contributed by hhnytoyeeH — Ass(>ssnients, 1% of Salarit's. .. .$92.0.38.93 l(i9.054.42 17,8,214.73 1,89,402.90 19,8,4,82.,87 207,030. !>.3 215.1.5,8.45 257,729. !)7 270,1,84.44 2,85,748,42 2,004,240.12 Interest and MiNeettaneou.s.. _ .35,708.15 39,700.84 43,543.14 4,8,530.02 52,025.10 51,.319.09 41,.3()8.(t7 .50,504.,82 .30,902.17 4.5,,881,20 44.5,495.,80 Total Beeeiyt.s . . .$597,05(!.77 $7(»0,(t72.85 $7.84,3,54. ,Si) ,$700.1,57.12 .$,89,8,208.,84 .$7,80,.340.54 .$,80,3,7.34.45 .$,849,198.4,8 $ 1,0,31,422.,84 .$1.070,9(i9.04 .$,8.29.3,510.42 I)istiurt Ponds. . Uiie.xpended P.alances, Salai'y Ai)[)r()iiri,ations — I’rior Y(‘ars . 20,05:5.07 I >e(liic(ion.s ri’oni Sal.aries for Absence and Fines.... 194.02:5.85 .MiscellaiH'ons City Itc'veinK's. 4S2.:5SO.:51 .8400,(K)0.00 .$400, (M to. 00 $400,000. (X) $400,(MX). 00 $000,000.00 101.053.,85 105.997..51 :5:33„S45.22 250.,840.43 8,8,307.99 210.954.,84 181.5,88.09 17.S..59,8.44 158.9,87.15 199,422.32 489,900..58 490.,S8S.03 4,80.01(5.03 4,87.785.45 479,5,57.0(5 .87(K),000.00 .8872.802.70 .81,201..5:58.:51 .81,450,000.(K) .80,0,S1,2S7.:50 150,000.00 202,085.52 .50,000.00 . 40,S,:585..52 2.955.4:5 209,994.27 484,011.82 199.280.40 478,990. .'59 .‘5,870.01 195.:502.90 482,844.92 29„542.(i2 174.1.5:5.07 475,907.28 997.1:52.70 1,902.:50,5.9!) 4,8:59,48:5.07 Total (Uialrihtilcd hi/ the Cf///. .8890,404.09 Contrihuted h/i bhaido/iccH— Assi'ssnicnI.s, 2 Per Cent, of Salaries. 201.01:5.59 Jnivrcxt and Misccllanconx . 0,770.05 .81.202..509.27 .81.208,474.83 .81,.‘599,0,59.09 $1,297,019.03 $1,.3G7,:547.97 2.51.083.07 242,:5.32.19 2.53.1.34. .30 241,;5:53.95 295,583.20 :5.904.,52 4,311.01 3,079.04 9,.545..30 5,914.82 $1.007,.501 ..52 $1.81:1,4.59.07 .82,002,.5,50.20 .$2,129,002.97 .814,948..594.04 200.9.57.48 281,008.29 288.277.27 *.31.5,2.53.05 2,0:50..570.45 .5.:5,59.34 2,874.43 5,407.40 7,144.22 .54.977. .‘l.'l Total Itccriiitx .81.098,794..33 $1,4,57,550.80 $1,485,118.03 .81,055,87.3.03 .81,-548,498.28 $1,008,840.05 $1.87:5.878.;54 .82,097,:541.79 .82.290.240.87 .$2,4.52,0(K).24 $17,0:54,14.8.42 IHshiirxcnii'iitx: To l‘( nxion< rx . $1,290.779.,87 $1,342,053.57 $1,497,2.32.21 .81..507.5.84.20 $1,0.3:5,420.53 $1,721,,819.,84 $1,850,098.12 .82,0,87.044.28 .82,31.3,1 .‘50.,80 .82,4.50,791 .,84 .817,707.1.55.:5,8 N.riicnxr and Mixccllanroiix . 944.45 408..50 1.079.00 1,-310.00 1,107.00 1,0,87.25 1.949.15 1,958.75 l.,82,8.()0 1,4,84.(10 i:5,,870.10 Total DixhnrHVinvntH $1,■297.724..32 .81.:542.5‘22.07 $1.49,8,:511.21 .81..50S,S94.2G .81.0.34,5,87..53 $1.72.3,507.09 $1.8.52,047.27 .82,089,00:5.03 .82,314,958.,80 .82.4,5.8,275.,84 $17,7,81,0:51.4,8 Balance, January 1, 1905. $147,015.10 Uoceipts, 10 years. 17,0:34.148.42 Less Disbnrsomonts, 10 years. Balance, December 31, 1914 $17,781,703.58 17,781,031.48 -8732.10 Receipi Co To Ini UBi^AnY VWrfBSrTYOF lUlNOli Disbun To Ex 43 APPENDIX “ A ’’—Continued. FIRE DEPARTMENT RELIEF FUND. Total, 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914. 10 Years. Receipts: Vontribnted by the (Hty: Siu'cial IJeveiuui Doiids. $127,097.60 8,446.88 823,925.44 $149,741.70 10,867.87 800,.577.9.3 .$207,.374.94 7,883.83 80.8,478.10 $4,84,214.24 7.5,8.33.58 7,020,-354.56 Dednclioiis I'roiu Salaries I'or .\bseuce and Fiiu's.. Sundry ('ity K(‘venu('S. .$5,9(10.67 .5()4,078.J3 $6,649.64 567,()74.00 .$5,735.25 599,781.45 $5,532.50 621,828.23 $7,106.35 687,992.70 $9,570.28 707,739.74 .$8,080.31 838,278.84 Total Coiitribiiled bii the Vita . interest, Donaliinis, etc . .$.570,038. SO .30,774.49 $574,323.64 31,730.05 $605,516.70 53,654.14 $627,360.73 44,790.94 $695,099.05 34,280.19 $717,310.02 73,533.84 $846..3.59.15 35,4.30..37 $959,469.92 27,445.50 $961,187..50 $1,02.3,7.36..87 .$7,.5,80,402.38 27,2,89.91 *31,644.77 390,574.20 Total Receipts . .$600,813.29 $606,053.69 $659,170.84 $672,151.67 $729,379.24 .$790,843.86 .$881,789.52 $986,915.42 .$988,477.41 $1,05.5,381.64 $7,970,976.58 Dis1)iirsements: To |•ensioners . Expenses . $581,.547.47 210.00 .$605,478.31 ti30.00 $649,031.09 217.50 $68.3,938.90 123.53 $728,822.40 337.36 $791,798.14 419.94 .$879,975..59 499.69 .$985,702.28 342.50 .$9.85,727.67 102.50 $1,0.54,449. .56 .$7,946,471.41 4,112.40 6,995.42 Total l)isburse)n(’nts . .$.581,757.17 .$606,108.31 $649,248.59 $684,062.43 $729,159.76 .$792,218.08 .$880,475.28 $986,044.78 .$9.85,8.30,17 .$1,058,.561.96 .$7,95.3,466.83 * Includes Discount on bond luirchased, carried on books at par. Bahuwe, Januan/ 1, 1905. $834,111.43 Receipts, 10 years . 7,970,976.58 - $8,805,088.01 Less nishursements, 10 years. 7,953,466.83 Balance, December 31, 1914 $851,621.18 45 APPENDIX “A”— Vontmued. DEPARTMENT OF STREET CLEANING PENSION FUND. *1911 1912 1913 1914 Total 4 Years Receipts: Contributed bp the City — Tinexnended Balances .Salarv Annrnnrintinns .$30,582.70 91,073.01 52.508.97 $123,338.15 87,655.08 186,128.65 $153,920.85 323,787.13 281,945.02 Deducted from Salaries for Miscellaneous City Revenue Absence. $23,739.65 $121,319.39 43.307.40 Total Contributed by the City . Contributed by Employees, 3 Per Cent, of Salaries.. Interest and Donations . _ $23,739.65 105.04 $164,626.79 1.38.S78.9S 7.997.92 $174,164.68 1.33.047.77 14.014.82 .$397,121.88 128,937.90 26,135.72 $759.653.00 422.794.63 48.853.50 Total Receipts . _ .$45,774.67 .$311.,503.69 ,$321,827.27 $552,195.50 $1,231,301.13 Disbursements: To Pensioners . $16,075.93 628.99 $113,801.71 1.043.12 ,$163.0.39.75 $292.917.,39 3,223.09 Expense . - $187.50 1..363.48 Total Disbursements .. _ $187.50 .$16,704.92 $114,844.83 $164.403.23 296,140.48 *Fiiii(l established October 1. 1911. Receipts, October 1, 1911, to December 31, 1914. ,'^1.231.301.13 Disbursements, October 1. 1911. to December 31, 1914 . 296.140.48 Balance, December 31. 1914. |93o,lG0.65 9:42.741.90 892.418.7o Cash in Banks Bonds (Cost) $935,160.65 Receipt Cor Cor Int Dishurs To' Exl *Pr6 tr 47 AT*PEN1)TX “ A Continued. DEPARTMENT OF HEALTH PENSION FUND. Total 1!K)5. 1!)07. 1908. 1909. 1910. 1911. 1912. 1919. 1914. 10 Years. Vontributcd bu the Cih Miscellaiu'ous (’itv Itevenues. Contributed bp Finplopces, 1% of Salaries. .$48,050.29 $49,071.01 $29,234.97 4,222.57 8,501.18 $15,018.75 12,784.98 9,088.00 $19,040..3.3 15,8:33.97 9,:300.02 $1.5,405.91 14,9:30.54 8,950.95 .$:!2,950.70 14.273.40 0,228.00 .$40,900.25 I. 3,4.34.18 II, 190.01 .$00,042,10 14,440.09 12,422.,5(i .$0(i,.599.00 i:{,.398.19 14,170.05 .$.377,:325.31 10.3,208.,87 95,.597.84 Intere.'it . 0 922.47 8,151.89 Totals Receipt.s . .$.57,222.40 $42,018.07 .$.37,887.38 $44,240.32 $.39,293.40 ,$5.3,447.10 $05,.5.30.,39 .$92,904.75 .$94,108.,84 .$57(>,192.02 Disbursements: To Pensioners . J'Lrpense . .$21,205.24 .$25,271.78 $29,098.14 .$.3,5,804.70 $:38,870.01 .$40,100.81 5. DO .$45,471.78 5.00 .$54,0.30.74 .$78,770.05 5.00 .$.3,87,405.,52 15.00 Total Disbursements . $18,115.00 .$21,205.24 .$2.5,271.78 .$29,098.14 $.35.804.70 .$.38,.870.01 .$40,105.81 .$4.5,470.78 .$.54,0.30.74 $78,781.05 .$.3.87,420.52 *l‘remiums and Commissions on Bonds Purchased . 7,800.00 ,500.00 818.75 790.00 9.40,8.75 Total . .$21,205.24 .$25.271.78 .$29,098.14 .$.3.5,804.70 $38,870.01 $47,905.81 $45,970.78 .$54..349.49 $79,571.05 .$.390.,829.27 * Wlieii hoiids are purchased for account of the fund, it is the practice to charge off at once, the amount of premium and commission, and carry tlie bonds on the hooks at par value. Balance of Fund. Januani 1, lOOu. .$154,948.87 Receipt!^. 10 years. 570,192.02 .$7.81,140.89 lUshursemenU. 10 years. $887,420.,52 Bremium and Commi.-ision . 9,408.75 890,829.27 Balance, December 31. 1914 .$.334,.311.e2 Receipt Go Ini DisWr To HE iV OFILUNOU 49 APPENDIX “ A ’’— Continued. COLLEGE OF TUB CITY OF NEW YORK RETIREMENT FUND. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 191.3. 1914. Total, 10 Years. Beeviyts: Vontribnled by the City -- l''iXcis(‘ 'I'nxi's . * $25,000.00 442.00 $25,000.00 344.23 $10,000.00 178.46 $10,000.00 100.45 $70,000.00 3,198.47 Interest . $480.37 $5(]6.81 $280.79 $123.13 $127.14 Total Receipts . .$25,442.00 $480.37 $25,344.23 $.566.81 $280.79 $10,178.46 .$123.13 $10,100.45 $127.14 $73,198.47 Disbursements : To Annuitants . $13,.540.18 $11,687.39 .$12,812.37 $9,466.54 $10,449.84 .$4,741.25 $5,7.36.36 .$5,671.71 $4,325.00 $94,761.09 Balance, January 1, 1905. $24,510.23 Ilvccipts, 10 years . 73,198.47 $97,708.70 Disbursements, 10 years . 94,761.09 Balance, January 1, 1915. .$2,947.61 51 APPENDIX A ’’—Continued. CITY OF NEW YORK EMPLOYEES’ RETIREMENT FUND. Total, 1905. 1900. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914. 10 Years. Receipts: ('ontribnled by the (Mly of New York— Excise Taxes . . .$125.00 $1,500.00 $1,500.00 $1,575.00 ,$2,218.70 $3,208.30 $8,253.72 $25,419.95 $.30,9.58.50 .$97,012.80 $171,772.09 hislnirsemcnts: Pcn.sioiis . $1,500.00 $1,500.00 $1,575.00 .$2,218.70 $3,208.30 .$8,2,53.72 .$25,419.95 .$.30,9.58.50 .$97,012.80 $171,772.09 SUl’REME COURT^ AITT'ILLATE DIVISION^ FIRST DEPARTMENT^ I'ENSION FUND. 1911. 1912 1913 1914 Total, 4 Years. Receipts: Contributed by the City — Bud.e:ctary Appro])riat ions . .$2,000.00 ,$4,884.12 $0,277.42 $13,101..54 499.98 Special Revenue Bonds. $499.98 Unexpeuded Balances, Salary Ai)propriatious. 2,053.03 1,808..32 4,.54.5..38 8,400.73 Total Contributed bv the City. (\)ntributed by Employees, 1% of Salaries. $499.98 ,$4.0,53.0.3 .$0,092.44 3,211.95 27.44 $10,,822.80 0,0,80.50 .51.30 .$22,008.25 9,298.51 Interest . 78.80 Total Receipts . $499.98 .$4,053.03 .$9,931.83 .$10,900.72 $.31,445.50 Dishnrsements: Pensions . $499.98 $4.0.53.03 .$0,092.44 .$10,822.80 .$22,008.25 Total Receipts . $.11,44.').50 Total Disbursemeuts. 22,008.25 Balance, December 31, 1914 $9,377.31 53 APPENDIX “ A ’’—Continued. Supreme Court^ Appellate Division^ Second Depart¬ ment^ Retirement Fund. 1914 Receipts — Contributed by the City. Budgetary appropriation. |900 00 Disbursements — Pensions .. $900 00 54 APPENDIX “ B.” Pension Funds of the City op New York. Analysis of Revenues for the Year 1914, Showing the Sources Thereof. Public School Teachers’ Retirement Fund. Contributed by the City: Deductions from Salaries for Absences . Excise Taxes. Contributed by Employees: One Per Cent. Assessment upon Salaries . Interest and Miscellaneous: Interest on Deposits. Interest on Investments. $463,755.67 281.584.35 - $745,340.02 285,748.42 - 285,748.42 2,272.01 43,609.19 - 45,881.20 -$1,076,969.64 I’olice Department Pension Fund. Contributed by the City: Budgetary Appropriations .$1,450,000.00 Unexpended Balances, Salary Appropriations . 29,542.62 Deductions from Salaries for Absences and Fines. 174,153.07 Miscellaneous City Revenue: Excise Taxes. Steam Boiler Inspection. Masked Ball Permits. Sale of Unclaimed Personal Property.. Pistol Permits. Unclaimed Cask.. Identification Card Fees Contributed by Employees: Two Per Cent. Assessments upon Salaries. .$430,000.00 24,708.00 8,410.20 6,503.33 4,349.50 1,855.75 14.50 - 475,907.28 -$2,129,602.97 314,083.31 Additional 10 Per Cent., Water Board Police . 1,169.74 - 315,253.05 Interest and Miscellaneous: Interest on Deposits . 6,275.11 Donations . 492.69 Per Cent, of Rewards. 376.42 - 7,144.22 -$2,452,000.24 55 APPENDIX “B Continued. Fire Department Contributed bn the City: Special Revenue Bonds. Relief Fund. . $207,374.94 Miscellaneous City Revenue: Excise Taxes. $525,000.00 Bureau of Combustibles. 130,188.68 Penalties. 2,100.60 Foreign Insurance Tax. 145,361.81 Sale of Condemned Property... 5,827.01 Fines, Uniformed Force, De¬ ducted from Pay Rolls. 2,887.44 Special Leaves, Uniformed Force, Deducted from Pay Rolls. 4,996.39 Interest and Miscellaneous: Interest . Donations . 808,478.10 7,883.83 -$1,023,736.87 26,034.87 704.90 - 26,739.77 -$1,050,476 64 Department of Street Gleaning Pension Fund. Contributed by the City: Unexpended Balances of Appro¬ priations for Salaries. $12.3,338.15 Miscellaneous City Revenue: Privileges of Scow Trimming.. $110,819.18 Redemption of Incumbrances.. 5,455.30 Sale of Incumbrances. 205.01 Sale of Condemned Property... 18,757.83 Sale of Steam A.sbes. 4,016.36 Garbage Contract. 46,874.97 Deducted from Salaries for Absences . 186,128.65 87,655.08 Contributed by Employees: Three Per Cent. Assessment upon Salaries. Interest and Donations .... $397,121.88 128,937.90 26,135.72 $552,195.50 Department of Health Pension Fund. Contributed by the City: Pines and Penalties for Violations of the Sanitary Health Code . ,$66,599.00 Contributed by Employees: One Per Cent. Assessment upon Salaries. 13,393.19 Interest and Miscellaneous: Interest on Deposits and Investments. 14,176.65 $94,168.84 56 APPENDIX “B ^’—Continued. College of the City of New York Retirement Fund. Interest and Miscellaneous: Interest . $127.14 - $127.14 City of New York Employees’ Retirement Fund. Contributed by the City: Excise Taxes. $97,012.80 - $97,012.80 Supreme Court, Appellate Division, First Department, Retirement Fund. Contributed by the City: Budgetary Appropriations . .$6,277.42 Unexpended Balances, Salary Appropriations 4,545.38 Contributed by Employees: One Per Cent. Assessment upon Salaries... $6,086.56 Interest and Miscellaneous: Iutere.st . ,$51.36 $10,822.80 6,086.56 51.36 $16,960.72 Supt'eme Court, Appellate Division, Second Dejyartment, Retirement Fund. Contributed by the City: Budgetary Appropriation . $900.00