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.
| 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:
Thank you John Murphy47 for informing us..
Hey John,
One mistake, in 2014 the payout was roughly $76 million not $38 million.
Once your pension loan is paid off is your pension recalculated to reflect the loan is no longer outstanding?
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