Spence to head Reg. 3 Chapter
Join me in welcoming Eileen Spence as the new president of the PEF Retirees Rochester, Chapter and in thanking her for all of her efforts and dedication.
In the north country, Region 7, we still need someone to replace the late Fred Narrow as chapter president. If you are interested, call 1-800-342-4306, ext. 289.
A long-term-care plan was presented by MedAmerica Insurance Co at the January meeting of NYSHIP Retiree Organization Council. The plan is known as NYPERL.
The cost of the plan was not available, as MedAmerica had not yet signed a contract with NYSHIP. Basically, a person buying the plan would be covered for two years in a nursing home, assisted living or home care.
The applicant would then become eligible for Partnership NY. In essence, Partnership NY allows the applicant to enroll in Medicaid and keep their assets, but not income, if extended care is needed beyond two years in the nursing home. The details will be sent to you after the contract is signed.
I don’t hold out much hope for more pension-COLA improvements for this year. Falling stock prices reportedly have cost the state pension fund nearly $6 billion or 4.7 percent of its $120 billion assets.
We will keep trying for a larger COLA, but I believe our chances will be better next year.
Your help is needed in supporting the Comprehensive Retirement Security and Reform Act in Congress, sponsored by Rep. Bob Portman and Sen. Ben Cardin. The bill would change provisions of Section 457 of the federal Tax Code to allow more flexibility in the receipt of deferred-compensation benefits and other options.
Call your congressman and senator toll-free at 1-800-839-5276 or 1-877-611-0063 to ask them to vote for this bill.
Chapter meetings will be held on May 7 at noon at PEF in Albany and at 9:30 a.m. at Shepherd’s Restaurant in Buffalo. The Long Island Chapter meets at noon on May 23 at the PEF region 12 office.