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LexAveExp5

Tier 6 is about to pass!

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http://www.nydailynews.com/new-york/gov-cuomo-legislature-deals-pension-reform-gambling-redistricting-article-1.1039349

 

the only thing that can save us "unborn" now is if the TWU and (MTA) agree to a contract before this legislation goes into effect.

 

"Section 28 of the bill would provide that members of an employee organization that are eligible to join a special retirement plan pursuant to a collectively negotiated agreement with any State or local employer, would be able to continue to enroll in that special plan after the enactment of this bill, until the date on which such agreement terminates. Upon the expiration of such collective bargaining agreements, not including the period after the expiration of such agreement in which in its provisions continue to be in effect, pursuant to Civil Service Law 209-a (1)(E), the full provisions contained within this bill shall take effect."

 

Transit's 25/55 program is considered a "special retirement plan"

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http://www.nydailynews.com/new-york/gov-cuomo-legislature-deals-pension-reform-gambling-redistricting-article-1.1039349

 

the only thing that can save us "unborn" now is if the TWU and (MTA) agree to a contract before this legislation goes into effect.

 

"Section 28 of the bill would provide that members of an employee organization that are eligible to join a special retirement plan pursuant to a collectively negotiated agreement with any State or local employer, would be able to continue to enroll in that special plan after the enactment of this bill, until the date on which such agreement terminates. Upon the expiration of such collective bargaining agreements, not including the period after the expiration of such agreement in which in its provisions continue to be in effect, pursuant to Civil Service Law 209-a (1)(E), the full provisions contained within this bill shall take effect."

 

Transit's 25/55 program is considered a "special retirement plan"

 

The new Tier VI doesn't affect NYCTA.

See link:http://http://campaign.r20.constantcontact.com/render?llr=mqpotodab&v=001AYtQarwRIsCQ38S1RFpB0oVEHGIdxN-ppbmKEdH7TGSzMXX47VdbnnxpkQ3tpw-ImWH5Eb9tpmQ4GCvIuQmIQwxkqSqMGrMp3-n5OMF2xFWSTc4HgJ6vngWOxOM4HggpiCbdwZivbTs2-AUF4pAn1yMqTLvS1GM6KxeZGv3RtmQ%3D

 

Hmm, after reading this more carefully it looks like NYCT wasn't spared entirely. Seems the time(25yrs)and age(55)were kept as is, but new hires will be affected by other parts of the bill. Samuelson stated that "local 100 worked hard to MINIMIZE the hit new workers would take" and "The fact that we were able to fend off the BULK of this assault on the next generation of transit workers is a significant victory for Local 100 and this entire membership"

The way that reads sounds as if there will be some changes for new hires. Maybe paying more into their pension or a different type of calculation for final average salary. We'll have to wait and see. Regardless, it's huge that the 25/55 requirements didn't change.

Edited by SpikeMauler

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Hopefully MNR doesn't get any ideas. MNR or the state can't touch the railroad retirement as that's federal. What happens with the MTA DBP is another story.

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i really hope it doesnt mean that we'll have to pay 6% of our salaries for our pension. assuming a salary of $62,000 (starting pay for T/O?), we'll have to pay $143 per paycheck, or about $286 a month just for pension! twice as much as they pay now. but hey, im super duper happy about not having to work until age 63. good work samuelsen :)

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i really hope it doesnt mean that we'll have to pay 6% of our salaries for our pension. assuming a salary of $62,000 (starting pay for T/O?), we'll have to pay $143 per paycheck, or about $286 a month just for pension! twice as much as they pay now. but hey, im super duper happy about not having to work until age 63. good work samuelsen :)

 

If I'm not mistaken this will only affect new hires correct? Not those already hired?

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Lex the 6% towards pension is not for every employee . Only those that earn 100k plus a year . An employee that earns 55-75k pays 4.5%. And any employee that earns 45k or less pays the same 3%.

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What about people coming from other city agencies? . My fiancée should be working down here before years end. She currently works for school safety which has a tier 4 pension plan with 25 years in no age requirements. Will she be able to stay under tier 4 and have the ta 25/55 plan of keep her time but be forced into tier 6 pension?

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the (MTA) isnt a city agency so she probably wont keep tier 4. but the good thing is that even tier 6 for transit employees will be 25/55. we'll just have to pay more into the system and wont be allowed to pad our pensions with overtime

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the (MTA) isnt a city agency so she probably wont keep tier 4. but the good thing is that even tier 6 for transit employees will be 25/55. we'll just have to pay more into the system and wont be allowed to pad our pensions with overtime

 

 

I know the MTA is not a city agency, but has a nycers pension. And I found my info out. She won't have to switch from tier IV because she already started in it before this new tier was created. What ever time she does with the NYPD will be carried over to TA. Just like people who worked at other jobs with a nycers pension didn't get laid off in 2010 because their previous service counted towards time worked at NYCT.

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Yes will that is correct. Only people who are not a member of nycers as of

4-1-2012 will be mandated to go into tier 6 . The transit tier 6 special plan

Is pretty similiar to the tier 4 special plan with the exception of higher

Contributions toward the pension and also limited overtime of 15000 a year can be used to pad the pension payouts

But it's still 55/25

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