We are a group of retired and active New York City Firefighters, of all ranks, who reside mainly on Staten Island, New York,
although our membership extends outside the city.
Our Goals Are:
To unite all of our members for their mutual protection and welfare.
To encourage Esprit-De-Corps.
To take the steps necessary to accomplish the objectives of the organization as mandated by the membership.
To sponsor conferences, seminars, various social gatherings, and outings for our membership.
To utilize the wealth of fire safety knowledge possessed by the membership to improve Fire Protection and safety for the community
Meetings are held at the B.P.O Elks Lodge, 3250 Richmond Avenue, Staten Island on the third Thursday of each month at 7:30 p.m. Except during the months of July and August we do not meet. Our June meeting is held in conjunction with our annual picnic, and the December meeting is held prior to our annual Christmas party. To join our association CLICK HERE for an application
Trump Market Rally Doesn't Help State Pension Fund
by Greg David on NY
A soaring stock market should be a savior for public pension plans, but as an announcement earlier this week from the state comptroller makes clear, it is not. The state pension fund didn't do very well in the fourth quarter, although performance earlier in the year may help it meets its investment target. State Comptroller Thomas DiNapoli announced earlier this week that the $180 billion Common Retirement Fund achieved a 1.1% return in the October-December quarter, well below the results for the Dow Jones Industrial Average and the S&P 500. With somewhat stronger results earlier in the year, DiNapoli said the state is on track to hit its 7% investment target for the fiscal year ending March 31, assuming no market meltdown in the next two months.The problem is that while the Trump rally is boosting stocks, the plans of the new president are also pushing up long-term interest rates, producing losses in the bond portfolio that comprises about a quarter of the portfolio. New York City hasn’t posted December results yet, but through November the five funds were averaging a little under 4% for the fiscal year. We will see if the same issues affect the city.
The key here is that 7% figure. When a pension fund doesn't hit its target, money needs to be diverted to pension contributions from other programs and the unfunded liability grows. Fortunately for DiNapoli, state pension funds are in better financial shape than ones run by the city.