Is there any truth to the many rumors concerning a 20 year retirement?
NYSCOPBA has introduced legislation for the twenty-year retirement bill each year since our inception. Each year it is updated with a new fiscal note, which is currently at 770 million dollars. The substance of the legislation is not the reason for inactivity, it’s the significant cost associated with it. We are looking into the possibility of introducing legislation which would require the individual members to pay the cost of moving from the current 25-year to a 20 year plan. However, based on discussions between our lobbyists and the state’s actuaries, such a bill may very well be too costly for the membership. As a union, NYSCOPBA has been very cognizant of addressing tier III concerns. Some bills of interest, which are again being introduced this year, to benefit our members include, 1/60th FAS, Tier IV election, and FAS limitation increase.
Related Questions
- Ive heard rumors about the long hours during tax season. Is there any truth to the stories about 80 hour work weeks?
- If I die before the 5 year (60 month) period ends, what happens to the rest of my Supplemental Retirement Benefit?
- What can I give a 94 year old retirement village gal resident for Christmas?
