NYCERS is making the EFT deposit for the retirees' January 31, 2016 pension checks on February 1, 2016. That is one day late. This is totally incorrect and will cause many retirees serious cash flow problems. The January 31 check represents payment for the month of January.
Guess what? When I got to the bank on January 30, the pension check had been deposited. NYCERS needs to update their chart.
The pension payments are due as of the last day of the month. If the deposit can not be made on that day due to banks being closed, the deposit has always been made properly on the day before, not the day after. On any given month the retirees have to wait until the end of the month to get the payments due for the days starting with the first day of that month. The check does not represent the following month's benefit.
NYCERS has no authority to delay the payment of pension benefits. NYCERS is in effect getting a one day loan of $250M for free.
The month of April is even worse. The EFT deposit date is May 2. That is two days late.
Someone might call this theft.
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