Dear Retiree, As you know, the COBA Executive Board and I work very diligently and continue to ensure that we receive the benefits we so rightfully deserve. In 1995 when I became President of this organization, together we embarked upon a campaign to make Correction Officers’ and their families more visible to the general public and we succeeded. Under our administration, members of the Executive Board and I committed to 20 MUST HAVE promises and commitments to you and your family and WE DID THAT. Then William (Billy) Kwasnicki Legislative Chairman of COBA worked long and tirelessly along with others to achieve the benefits that many said would NEVER be achieved. We secured Legislation that gave Correction Officers’ parity with 2 other Uniformed Forces in the City of New York, the NYPD and the FDNY. As history would remind us, the NYPD went 11 years without receiving a VSF check, Correction Officers HAVE NOT gone that long. After the retirement of Billy Kwasnicki, I felt the need to implore Thomas (Tommy) Farrell to pick up the ball and continue to work diligently with myself and others in Albany to ensure that we did not lose what all of us had fought so hard to obtain. Recently we received a few inquiries from retired members in regards to the VSF. And we have answered the call each and every time; some did not like our answers. The VSF becomes guaranteed in 2019; remember prior to 1999 WE NEVER HAD A VSF. Many of you are very supportive of Tommy and I and for that we thank you. Today August 19, 2014 Tommy and I attended a meeting at NYCERS with NYCERS Board and the following took place: Discussions were held in regards to the total amount of money that is currently in our VSF fund, the amount of the deficit needed to make a payout, and the fact that all 5 of the NYC Pension Funds are at their highest totals ever. We were informed by the Actuary of the City of New York Robert North that the rate of return on NYCERS investments for the past fiscal year were well above expectations and that there would be enough money generated as “skim” to make a one-time VSF payout in December 2014. This payout will be $12,000. In late October to early November of this year all of the accounting figures will be completed and the exact amount of the “skim” will be disclosed. At that time you will be receiving an official letter stating such from NYCERS, and we will know if future payouts prior to 2019 are possible. This will not affect the 2019 guarantee. We all will continue to fight for our rights, our respect and our dignity. Billy and now Tommy as the Legislative Chairman and I, have the best interest of you and your family at heart. We will continue to keep you updated as we make further progress for you and your family. We will not be side tracked by those that only have malice in their hearts. If I may give those a bit of advice “go and enjoy your retirement, you deserve it”. May God continue to bless you and your family. Fraternally, Norman Seabrook President
Posted on: Thu, 21 Aug 2014 02:48:44 +0000