Coba Alert

State Retirement Incentive?--Related Questions

March 25, 2021

Dear COBA Members;

COBA has learned that a possible "early retirement incentive" has been proposed in the current State Budget talks for 2021.

There have been rumors for some time that this may be part of the budget process, either as related to the Federal Stimulus Plan or for other fiscal reasons in State and Local government operations.

This potential incentive is a 20 page document broken up into two subparts that honestly you'd have to be a Philadelphia Lawyer to understand. We have given the proposal to our attorneys and have conferenced with representatives of the NYS Pension System in Albany to try and figure out who would or could be eligible for it and who could benefit from it. If any of us at all.

At this point, we do not have answers to these questions.

COBA cannot and will not give pointed advice to any of our members on what it could mean to them because it is a working document that WILL change numerous times before it is put up for any potential budget vote in the State Legislature.

Albany tells us that right now the bill is 50/50 as to whether it will even survive the budget process, regardless of any potential changes that may be made to it.

Should this Bill survive the State Budget process and be approved, there would most certainly be a "County Opt In" provision to the bill, where Nassau County would have to agree to take part in the incentive. There is also a "Public Safety" provision that could alter its availability to those of us in uniform because it could cause a drain on Public Safety resources if too many people are eligible. On a positive note, it would create the ability for the County to hire more people at lower rates, all of whom are paying into the retirement system etc, which incentivizes the County to Opt In to it.

What does this mean for anyone who is looking to retire at this time or soon this year?

Unfortunately we cannot answer that question because again, the bill is subject to numerous revisions and has the County Opt In provision.

COBA's advice to anyone who is on the verge of retiring but may delay because they have questions about this incentive is simple. That is 100% a personal decision you have to make.

The incentive is scheduled to be a part of the upcoming State Budget which is due in April. If you have serious questions about how it will affect you, you've been here 25-30 years. What harm would another month or two do?

We will keep you updated on this and all other issues affecting us as Correction Officers.

Stay safe.

Always in Unity;

Brian Sullivan, COBA President

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