PENSION JUSTICE
NOW!
NEW YORK STATE PUBLIC EMPLOYEES
FEDERATION, AFL-CIO
Call Your Legislators Today
at
1-877-255-9417
Tell them to Support:
PENSION COLA
Retired public workers need a permanent cost of living
adjustment to protect their hard-earned pensions from the ravages of inflation.
The Legislature should adopt a formula that automatically adjusts pensions to
compensate for increases in the cost of living. The present ad hoc system of
supplementation has left many retirees with greatly diminished real incomes. PEF
supports a COLA for all public retirees that will be permanent, automatic and
reliable.
TIER EQUITY
PEF supports changes to the pension system to reduce or
eliminate the differences among the tiers and that are consistent with pension
benefits afforded to other public employees.
– This
bill seeks to make the pension reduction penalties in tiers 3 and 4 equal to
the penalty of tier 2. Under present law, workers in tiers 3 and 4 face
early retirement penalties of up to 38%. In tier 2, the maximum early
retirement penalty is 27%.
S8142/A11418 – This
bill provides for benefit enhancements for certain State of New York and
City of New York retirement systems. Will eliminate 3% employee pension
contribution for members of Tiers 3 & 4 after 10 years of membership.
Will also provide one additional month of service for every year of service
at a maximum of two years additional credited service for employees in Tiers
1 & 2 (Passed Senate & Assembly on 6/12).
S8129/A11416 -- This
bill allows members of a public retirement system to receive credit for
prior service if such service would have been creditable in a public
retirement system. It also reduces the waiting period from 5 to 2 years
after returning to public employment before receiving pension service credit
for prior service.
S8101/A11380 -- Veteran’s
Buyback bill permits members of public retirement systems to obtain a
maximum of 3 years retirement credit for military duty performed during
specified periods. Will cost employee 3% of current salary for each year of
service bought back (Passed Senate on 6/12).
S8131/A11414 – Provides
that certain death benefits will apply to all new members of a public
retirement system and allows coverage by the most advantageous death
benefit.
For more information, please contact:
Brian F. Curran, PEF Legislative Director & Counsel at
1-800-724-4997