Oct 18, 2007 11:58 AM
Making for a Triple Crown in pension victories, the city agreed on Oct. 17 to settle for $160 million a pension lawsuit that the UFT filed two years ago.
The UFT contended that the Teachers’ Retirement System miscalculated some of the interest on the pension contributions of members in Tiers I and II.
The city agreed that retirees affected by the mistake should be compensated while affected in-service educators would have the amount of their pension contributions to date recalculated.
It is estimated that about 40,000 people stand to benefit from the settlement, union officials said.
The UFT used the leverage of the negotiations over 55/25 and the voluntary schoolwide bonus pilot program to get the city to settle the dispute.
“It probably doesn’t equate to a significant amount of money for each person, but every dollar helps,” said UFT President Randi Weingarten at the Oct. 17 Delegate Assembly.
Details about how the payments will be made will be published in the New York Teacher as soon as they become available.