Dear COBA Members,

There was big news out of Albany yesterday, with members of the legislature passing a budgetary bill containing substantial reforms to the Tier 5 & 6 retirement plans. After a collaborative effort by Unions across the State, the Assembly, Senate and Governor's Office have agreed upon the following changes:

For example:

A member with 12 years left to retire - If the cap hadn't increased and it continued to grow by 3% per year, the cap in your final year would be approximately $30,600. With the increase, the cap will be about $42,775 in 12 years. This represents a $6088 annual increase in your pension benefit for the rest of your life.

An Officer who is hired in 2027 - If the cap hadn't increased and it continued to grow by 3% per year, the cap would be about $45,000 in 25 years. With the increase, the cap will be about $62,800 in 25 years. This represents an $8,900 annual increase in your pension benefit for the rest of your life.

These are the changes that impact our members directly.

These changes do not come on their own. They are a collaborative effort amongst all Unions and lobbyists and our collective memberships in not only showing up at rallies but also providing the financial resources for us to maintain a strong presence in Albany. Nassau COBA has engaged in more face-to-face lobbying in Albany this year than ever before and we are pleased to see some changes.



As a recap, the contribution rate reductions become effective 10/1/2027 and the Overtime cap increase becomes effective 1/1/2027. We will take this as a small victory and continue to fight until we achieve tier equity for all members!

Stay Safe,

Pete Lilli

President

Nassau COBA