Monday, November 14, 2016

Correction Officer VSF (COVSF) Payment for 2016

The NYCERS Board had their November Regular Meeting last Thursday. In the last 5 minutes of a two hour long meeting the actuary's representative dropped a bomb on the retired Correction Officers. They were not going to get their VSF payment this year.

Last Saturday my blog got inundated with hits, almost a thousand inquiries on my most recent posting on NYCERS's poor investment performance in FY-2016. Guess who gets hammered when NYCERS trustees screw up? Not the trustees but the retired Correction Officers.

Also something funny happened in FY-2016. NYCERS clawed back $52.724M from the COVSF. You can see in my previous posting the regular "skim" to the COVSF for the last six years.

COVSF History 2013-2016
Year Open Balance Interest Earned "Skim" Payments Close Balance
FY-2013: $35.925M $0.038M $0.000M $0.000M $35.963M
FY-2014: $35.963M $0.020M $190.000M $38.014M $187.969M
FY-2015: $187.969M $0.010M $30.012M $78.285M $139.706M
FY-2016 $139.706M $0.184M -$52.7240M $82.149M $5.017M
FY-2017

5 comments:

Janet Diaz said...

Thank you John Murphy47 for informing us..

Unknown said...

Hey John,

One mistake, in 2014 the payout was roughly $76 million not $38 million.

debra burrows said...
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debra burrows said...
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Unknown said...

Once your pension loan is paid off is your pension recalculated to reflect the loan is no longer outstanding?