smuscarella@pef.org.
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Give your legislators four good reasons to boost state pensions
It’s time to “Refresh the COLA.” Contact your state legislators and ask them to support this pension initiative.
When you talk to your state Assembly member and senator, here are four arguments you can make why the state of New York should enhance the cost-of-living adjustment (COLA) to our pensions:
1 Economic — The state comptroller wants to use some of the capital in our pension fund to stimulate the state economy. What better way is there to stimulate the economy than to put more money in the hands of state pensioners? Most of this money would be spent quickly and for essential goods and services. These “high velocity dollars” would generate positive financial ripples throughout the state.
2 Judicial — The state Court of Appeals has stated the Common Retirement Fund (CRF) “must be managed for the benefit of the members of the fund.” Once again, I can’t think of a better way to benefit members than to give them a greater share of the CRF assets.
3 Fairness — Since 1976, public employees have contributed to the fund at a rate of 3 percent of salary. Governments within the state are also mandated to provide periodic contributions to the CRF as their portion of pension financing. The 1990’s stock market boom brought tremendous growth of assets to the CRF and these government entities were given a bye. No employer contributions were made. Isn’t it time pensioners received their fair share?
4 Social Responsibility — While many pension plans throughout the country have faltered, there is no better time for New York State to show the nation how to honor contractual obligations to its workers and demonstrate the respect it holds for its elderly population.
Meanwhile, if you retired between March 25, 2004, and December 23, 2004, you may be eligible for a pension boost and other reimbursement, based upon the retroactive PS&T Contract raises for that period. (For more information, see
next story.)
Attention, recent retirees:
If you retired between March 25, 2004, and December 23, 2004 you may be eligible for a pension boost and other reimbursement, based on the retroactive PS&T Contract raises for that period.
The state Retirement System has identified approximately 1,600 retirees in this category and has begun reviewing and recalculating their final average salaries to reflect the retroactive pay raises.
If your salary rate is adjusted, you also will be eligible for a recalculation of the value of your accrued vacation and sick leave when you retired. The additional value of vacation accruals should be paid directly to you, and the additional value of your sick leave will be used to further reduce your share of your health care insurance premiums.
If you are eligible for these increases, you should not have to do anything. The Retirement System will make the recalculations and notify you by mail. If you have not heard from the Retirement System by January 31, 2006, call it at (866) 805-0990 or
(518) 474-7736. — Sherry Halbrook
The
Communicator Dec 05-Jan06//
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