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Topics in the News:
National education and labor news | June 14, 2012 >>
Voters in San Diego and San Jose on June 6 overwhelmingly voted to pare back retirement benefits for city employees. “While we respect the decision of San Diego and San Jose voters, these measures will have perilous long-term consequences for workers, the economy and the public,” said Dave Low, the chairman of Californians for Retirement Security, a union group.
Around the UFT | May 24, 2012 >>
Some 800 UFT members who are Medicare-eligible or about to become eligible filled the conference room at union headquarters on April 24 to learn everything they needed to know about becoming Medicare card carriers. They listened, took notes and asked lots of questions during the two-hour workshop.
Secure your future | April 19, 2012 >>
In the past two issues, we have reviewed your choices about whether to elect the maximum retirement allowance or take an option to provide for your dependents or beneficiaries, and whether or not to remove a lump-sum before retirement. Now it is time to think about what to do with your Tax-Deferred Annuity account.
News stories | April 19, 2012 >>
At the UFT’s urging, more than 3,000 paraprofessionals and thousands more in other job titles rushed to sign up for and lock in pension benefits before the pension cuts approved by the State Legislature took effect on April 1.
Secure your future | April 5, 2012 >>
There is an irrevocable choice you must make at retirement: Should you take, if available, a lump sum withdrawal of some of the funds in your Qualified Pension Plan (or basic pension plan) before retirement? At retirement, you have to decide whether or not to remove some of the funds in your Teachers’ Retirement System accounts from the retirement system.
Secure your future | March 22, 2012 >>
At retirement, a member must make a decision as to whether to collect the most he or she can collect — maximum retirement allowance — with no provisions for dependents or beneficiaries, or a reduced retirement allowance that will provide for dependents or beneficiaries.
President's perspective | March 22, 2012 >>
hat the governor and state Legislature have done by enacting pension “reform” is a slap in the face to public-sector workers in New York City and across New York State. Current public-sector workers and retirees will not be affected by the sixth pension tier that the politicians in Albany have created, but future hires will have to work longer and contribute more to receive a smaller payout after they retire.
UFT officials are urging members to sign petitions to nominate UFT Treasurer Mel Aaronson for re-election as a teacher-member of the Teachers’ Retirement System board. Aaronson was endorsed by acclamation by the Feb. 15 Delegate Assembly. Aaronson has been actively involved in union affairs for more than 50 years.
State lawmakers on March 14 approved a measure to cut the retirement benefits for future public employees, including New York City public school educators, in what UFT President Michael Mulgrew denounced as a maneuver to “penalize future public workers around the state for the mistakes made by Wall Street.”
Faced with a state pension system decimated by Wall Street’s 2008 meltdown, labor leaders including UFT President Michael Mulgrew converged on the Capitol on March 12 to demand new legislation that would allow the state attorney general to recoup pension losses caused by fraud.
Press releases | March 15, 2012 >>
New York State lawmakers, at the urging of Gov. Cuomo, voted on March 15 to cut the retirement benefits for future public employees including New York City public school teachers. The legislation, which takes effect on April 1, raises the minimum retirement age to 63. It will also require most workers to increase the portion of their salaries that they contribute to the pension system, with the highest income earners contributing 6 percent.
Secure your future | March 8, 2012 >>
The mayor and the governor are still pushing to set up an inferior pension plan for new hires. We hope you have contacted your state legislators and the governor and told them not to further financially weaken the middle class by taking away public employee pensions!
Secure your future | February 23, 2012 >>
The fight to preserve pensions has really heated up. Gov. Andrew Cuomo has proposed a new pension tier for new public employees — Tier VI. Under the proposal, new employees would have to contribute at a higher rate while the formula for calculating their pension would result in smaller pensions.
Comments | February 23, 2012 >>
Mitt Romney in his Florida stump speech kept repeating that the Obama administration’s health care act cut $500 billion out of Medicare. He omitted the following: The $500 billion came out of the overpayments to the private insurers, Medicare Advantage, over 10 years. This was done to save the Medicare trust fund which was going into the red or bankruptcy by 2017.
Comments | February 23, 2012 >>
The following letter was written to two state lawmakers: I am opposed to a Tier 6 pension plan. That would be a disaster for public education and our students. Why? Because it would discourage the best and the brightest of college graduates from going into teaching in our New York City public schools.
Secure your future | February 2, 2012 >>
By far, the most common retirement date for UFT members is July 1. Last school year, 1,979 members of the Teachers’ Retirement System retired in July and 221 retired in August. This is almost 60 percent of all retirees in 2011. In order to have a smooth retirement experience, members planning on retirement this summer should begin preparing now.
Comments | February 2, 2012 >>
Since our mayor and governor are so adamant about trying to replace city and state union workers’ pension plans with 401(k) plans, I think they should both lead by example. That being the case, I propose that the pension plans of all state and city elected officials, including their political appointees, should be changed to 401(k)s before such changes are proposed for the workforce.
News stories | January 19, 2012 >>
In order to keep the UFT Welfare Fund’s benefits secure not only for the present time but also for the future, changes have been made to the prescription drug plan and the dental plan, reported the Fund’s Executive Director Arthur Pepper. Members were sent a letter and information outlining these changes in December.
News stories | December 22, 2011 >>
As a result of the UFT Welfare Fund’s annual review process, it was determined that changes to the prescription drug plan and the dental plan were needed to ensure that the benefits offered to more than 300,000 in-service members and their covered dependents are protected now as well as into the future, reported the Fund’s Executive Director Arthur Pepper.
News | December 8, 2011 >>
Beginning in 2011, the Affordable Care Act required Part D enrollees whose incomes exceed the same thresholds that apply to Part B enrollees to pay an income-related monthly adjustment amount, in addition to their Part D plan premium. The income related adjustment will be deducted from your Social Security check.