State Employees' Credit Union (SECU) and Local Government Federal Credit Union (LGFCU) are joining with the state's Treasurer's office to assist newly retired state and local government employees.
According to SECU, last-minute legislative changes created a dramatic rise in the number of government employees who chose to retire before Oct. 1, 2005.
"This flood of retirement applications has created delays in benefit payments for newly minted retirees," SECU said.
State Treasurer Richard H. Moore approached SECU and LGFCU, whose backoffice operations are handled by SECU, seeking assistance in developing the option of a bridge loan for retirees who may experience a financial hardship due to the delayed payment. Both CUs have agreed to provide the loans for a total cost of $50, regardless of the amount.
