Perseverance can lead to success. And, that’s particularly true when looking at Association President Frank Valeri’s tenure as an elected member of the State Retirement Board. We’re referring to his successful efforts to implement an estimated first pension payment by the State Retirement Board.
Over the years, we reported on Valeri’s attempts to remedy what he perceived to be serious problem for new retirees, namely the four to five months waiting period for the first pension payment being issued. Since first being elected to the Board, he focused on this issue and never quit, resulting in a 2022 vote by the Board members to establish an estimated benefit plan.
Currently the plan is called the Estimated Initial Benefit Payment (EIBP). An EIBP–eligible retiree will receive their first pension payment within 2 months of their retirement date.
“While the plan faced several challenges, I’m pleased to report that perseverance did lead to success and estimated payments are now being issued to state retirees who satisfy certain prerequisites,” reports Valeri.
“This couldn’t have been realized without the commitment and support of the Board members and its Chairwoman, State Treasurer Deb Goldberg, as well as the dedicated work by staff.” – FRANK VALERI –