To all COBA Members,

On March 14, 2024, COBA and Nassau County signed a Memorandum of Agreement which establishes a new timeframe of 60 (sixty) days after separation for payment to all members who choose to take their Termination Pay in a Single Lump Sum payment. This agreement replaces the current practice in which the Single Lump Sum payment would be paid in the following January after separation of service.  

This new agreement will allow COBA Members to take full advantage of investing their Termination Pay in the current 457 plan and the 401(a) plan which is projected to be launched later this month.

Please note, this agreement in NO WAY alters the way that Termination Pay is distributed if the COBA Member elects the option to be paid in Three Equal Installments.