COLA good, but could be better
We continue lobbying for legislation to further improve our pensions by: raising the maximum portion of the pension subject to adjustment from $18,000 to $25,000; base the cost-of-living adjustments (COLA) on 100 percent of the Consumer Price Index (CPI), not just 50 percent; and remove the 3 percent cap on how much your pension can be boosted.
PEF is supporting S4478/A271, which would allow NYS employees to purchase tax-free state bonds through payroll deduction. I hope this product also will become available to retirees.
When you sign up for automatic dues check-off, it helps us focus our resources on improving your pension and retirement.
Some PEF Retiree members have interpreted our recent administrative charge for paying dues by check as a dues increase.
It is not a dues increase. The charge only applies if you pay by check. In February, the PEF Retiree Executive Board approved this administrative charge for billing and processing checks by mail after discussing the issue for two years.
The board members did not wish to raise dues, but they did want to maintain services without increasing administrative expenses. We are not a profit-making organization and we must operate as efficiently and inexpensively as possible.
This is the era of electronic deposits and payments. Most Social Security payments are made by electronic transfer to recipients’ accounts. Likewise, it is much more efficient and less expensive for us to receive your dues by automatic pension deduction.
Talk with your regional chapter president about your concerns. We will address them when our board meets June 21 and 22.
Chapter Meetings:
• Syracuse field office — June 14;
• N.Y.C. field office — June 20;
• L.I. field office — June 28.