Dear COBA Members:  

In the last few days the media has reported that the NYS Pension Fund is putting $50 million toward Paycheck Protection Program loans for small businesses harmed by the coronavirus pandemic. State Comptroller Thomas DiNapoli also said he is seeking permission from the U.S. Small Business Administration and other regulators to provide an additional $100 million in pension money for PPP loans. COBA has received several phone calls from members and retirees who were concerned about the origin of these loans and whether it was a prudent idea to use our pension money for such a purpose and whether it set a precedent for anyone "raiding" our pension fund to bail out other interests.  

I ask you all to look at NYS Comptroller Tom DiNapoli's response to these concerns which he then printed on his Facebook page. See below.

To be clear, every single public sector union that we do business with in NYS including over 90 unions in the NYS Public Employees Conference, is extremely happy with the job Tom DiNapoli has done as the Steward of our pension fund. Our pension fund is in fantastic shape and that is mostly due to the job Tom DiNapoli has done. Many of us have had conversations with him hoping that he may someday run for Governor of NYS because of the way he conducts business. We still hope that happens, particularly given the current state of the Governor's Office.  

As for these loans? They are nothing new to the Pension System.

See Comptroller DiNapoli's remarks below.  

In Unity;

Brian Sullivan, COBA President