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STATE BOARD BEGINS TO PAY ERIP RETIREES
Work Continues On Remaining Applications
On August 31, approximately 600 former state employees, who retired under the Employee Retirement Incentive Program (ERIP), will be receiving their first pension payment, retroactive to June 30, 2015. According to the ERIP law (Chapter 19, Acts of 2015), the State Retirement Board had 120 days (4 months) from the date of retirement (June 30) to issue pensions to the ERIP retirees.
“State Treasurer Deb Goldberg and the State Board should be commended for their ongoing efforts to pay the ERIP retirees, beginning with these first payments that will be made to 600 in the August retiree payroll,” states Association President Frank Valeri. “We also understand that the Board is diligently working on the remaining applications in order to get as many as possible ERIP retirees paid when the next direct deposit is made on September 30. And, we’ll continue to closely monitor and report on the Board’s progress.”
It should be noted that the state last implemented an ERIP in 2003 (Chapter 26, Acts of 2003) – some twelve years ago.