Comments on: UFT and City Reach Agreement On Pension, Ending Two Days Before Labor Day

By: Daniel Weintraub

Daniel Weintraub — Wed, 24 Mar 2010 12:14:52 +0000

How come the supervisors are still getting 8.25% on their TDA accounts?

By: Bill

Bill — Fri, 14 Aug 2009 15:35:37 +0000

Here is the latest info. on TDA fixed accts. 8.25% is saved! Below is from Aug. TRSNYC.

8.25% Interest Rate Renewed for Fixed Return Fund [posted 7/16/09]
The New York State Legislature has extended the 8.25% annual interest rate for the Fixed Return Fund. This rate is retroactive to July 1 and is applicable through June 30, 2010, when it may be renewed or reset in accordance with applicable laws. We previously reported that the interest rate dropped to 7% as of July 1 because the State Legislature had not acted to extend the rate. However, this law supersedes that change, and members who participate in the Fixed Return Fund will, at this time, continue to receive interest at the annual rate of 8.25%.

If there are further changes in the interest rate, we will provide additional information.

By: Larry

Larry — Tue, 30 Jun 2009 12:37:21 +0000

According to your article, the fixed rate was reduced from 8.25% to 7% due to the downturn of investment income. In the actual agreement it states that the 1.25% of the fixed rate will go toward paying for the two days which were added to the summer vacation.
What gives?

By: shouldhavegonetomedschool

shouldhavegonetomedschool — Thu, 25 Jun 2009 21:37:52 +0000

Since the city was desperate for our help, why didn’t we go back to the real good old days, when teachers didn’t report till the Wednesday after Labor Day with students not reporting until the following Monday. Talk to any true veteran teacher (if you can find any left) and they will tell you how much better that was. And there are still plenty of instructional days for state aid purposes.

By: Leo Casey

Leo Casey — Thu, 25 Jun 2009 16:11:03 +0000

If you did not opt into 55-25, you remain on the old Tier Four formula, where you must be 62 years old or have 30 years of service to retire without a penalty.

By: Jules

Jules — Wed, 24 Jun 2009 15:29:51 +0000

The city spends a fortune on consultants who do not know any more than the current staff.One example is the Aussie consultant contract which earns 800 dollars a day to do things all teachers can do.WE are losing benefits while the city continues to spend millions on consultants that we do not need

By: Lauren

Lauren — Wed, 24 Jun 2009 13:22:16 +0000

I actually have a question about the 55/27 retirement plan. I started work in Sept 2007 and was an active UFT member contributing to TRS when the 55/25 option came about. I did not opt into this plan and am wondering what plan I am on then. Am I 55/27 or is there a third retirement plan that no one is talking about.

By: Peter

Peter — Wed, 24 Jun 2009 00:21:16 +0000

All CBA have a beginning and an end … and the terms and conditions are negotiable … since the change of dates is now in the current agreement it is up to the DOE to initiate the change … pursuant to the NYS Constitution pensions benefits for current employees may not be “diminished.” Only pension benefits are permanent.

By: Leo Casey

Leo Casey — Wed, 24 Jun 2009 00:10:21 +0000

The change in the two days is permanent. The language in the agreement is completely clear:
Effective immediately, in return for UFT support of legislation to effectuate paragraphs (2), (3) and (4) of this agreement, the parties agree that UFT-represented employees whose current
contract requires them to report two work days before Labor Day will no longer be required to
report on the two work days before Labor Day.

By: Educat

Educat — Wed, 24 Jun 2009 00:04:22 +0000

teachers and students return the same day? this was kleins preference?? if there ever was better evidence that the chancellor is out of touch with teachers, please show me.