What NYSCOPBA benefits are available to me when I retire?
NYSCOPBA is dedicated to providing our retired members with continued benefits. We therefore established a Retirement Chapter and offer the following benefits:
1) Free 1 year membership in the Retiree Chapter- Upon retirement, all NYSCOPBA members will receive a 1 year membership in the Retiree Chapter at no charge. At the end of that year, members are billed $25 per year for continued membership.
Membership includes:
A) A $15,000 life insurance policy (Regardless of age). Effective May 1st 2011.
B) Membership mailings, including the NYSCOPBA newsletter (The Independent).
C) Support for all aspects of the retirement process.
D) Dependent Scholarship eligibility.
E) Check issued for $10 per year of State service
F) Optional home, auto and personal insurance at group rates.
2) Retirement Plaque- A personalized plaque to honor your dedicated years of service.
3) Scholarship eligibility for children- Retired members' children are eligible for the NYSCOPBA scholarship awards.
How do I take advantage of these benefits?
The Retirement Chapter, plaque, bonus and scholarships can be arranged through NYSCOPBA's Retirement Department. Please call any time at 888.484.7279 x 257.
To port or convert any life insurance policy, call NORVEST Financial Services at 888.869.8252.
Additional Information
A recent life insurance policy for NYSCOPBA retirees was negotiated with Norvest Financial Services. Effective December 4, 2002, retirees are included in NYSCOPBA's Retiree Chapter free of charge for 1 year. Membership includes a $15,000 Basic Group Life Insurance Policy at no charge.
At the end of the free year membership, renewal notices will be mailed to the retiree who then makes a decision whether to remain in the Chapter. Dues are $25 dollars per year.
Any retiree who does not renew membership will be automatically dropped from the Chapter. Due to insurance restrictions, once a member is dropped from the Chapter, they cannot re-apply.
Please be advised that the $15,000 insurance benefit is a two-year pilot program which will be re-evaluated in December, 2013. At that time, the program and costs will be re-evaluated based on age/demographic characteristics, life expectancy, and death experience. Dues may need to be increased or benefits lowered to accommodate the experience of the Retiree Chapter.
The qualifications for eligibility of the $15,000 Basic Group Life Policy for all Associate Members of the Retiree Chapter are as follows:
" You must be receiving a New York State in-service or disability retirement benefit;
" Members must retire from state service employed in a title that is represented by NYSCOPBA;
" Only those active members who were in good standing for one year prior to retirement are eligible; and
" The effective date of coverage will be the first of the month following receipt of renewal dues.
Should you have any questions regarding this matter, please do not hesitate to contact the Retirement Department at 888.484.7279, ext. 257.
