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Retirement Benefits

PEF helped retirees protect an important benefit during the recent state budget negotiations.

Governor Cuomo has attempted to strip benefits from both active and retired employees since he’s been in office.

His most recent effort would have eliminated the additional monies that retirees of certain higher income levels have to pay for Medicare Part B.

The governor’s proposed Income Reimbursement Medicare Adjustment Act was not put into the budget by lawmakers and we applaud that wise decision.

As you may know, Medicare Part B is the primary insurance carrier for NYS retirees and our other insurance became secondary.

Under this law, the cost of Medicare Part B must be returned to retiree enrollees  through the amount refunded in their pension allotment – presently $104.90.

The governor wanted to stop the refunds for certain retirees – single filers with $85,000 incomes, joint filers with $170,000 income level.

That is not to say the governor won’t try this again – even though it would have saved only $7 million, it would have given him another talking point about belt-tightening on public employees and retirees.

None of us created the state’s fiscal crisis – we shouldn’t have to shoulder fixing it through our benefits in our later years.

No retiree is going to lose their Medicare reimbursement – but we will have to pay attention to this issue in coming budgets.

This is just another example: When we work together, we can win.

To read the letter Jim Carr sent to Thomas DiNapoli regarding this please Click Here

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NYS Retirement Benefits

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or call the Retirees at 800-342-4306 Ext. 288.

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