tag:blogger.com,1999:blog-20674128.post4757931982382967616..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: The Good, The Bad, And The Ugly - The TDA Pension Agreement Between The UFT and The CityChazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-20674128.post-90821031508831943922009-08-16T18:46:01.600-04:002009-08-16T18:46:01.600-04:00Well put Leo. Thanks for the panic Chaz.Well put Leo. Thanks for the panic Chaz.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-77357667099387075212009-08-13T18:31:14.578-04:002009-08-13T18:31:14.578-04:00Richard Steier in The Chief got it wrong. The June...Richard Steier in The Chief got it wrong. The June 22, 2009 pension agreement does not require retirees to remove their money from the TDA fixed income fund once they retire. Retirees can keep their money in the fixed income fund for the rest of their lives if they so choose. As before, at age 701/2, retirees receive a required minimum distribution, which has nothing to do with where their money is invested.<br /><br />As for the rate of return, UFT members, whether in-service or retired, are presently getting 8.25 percent and Governor Paterson did sign an extender that extends that rate through July 1, 2010. But UFT members will get 8.25 percent only until the state Legislature passes the necessary legislation related to the pension agreement that will reduce the rate to 7 percent.<br /><br />Leo Casey, UFT VPAnonymoushttps://www.blogger.com/profile/01784866518186243240noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-27308206463266575482009-08-01T17:42:01.225-04:002009-08-01T17:42:01.225-04:00Pension benefits once given cannot be diminished i...Pension benefits once given cannot be diminished in New York State according to the state constitution. Although some may want to remove the retirees from the fixed TDA it may be unconstitutional and open the city up to a lawsuit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-9059768286192602842009-07-29T11:24:13.962-04:002009-07-29T11:24:13.962-04:00Anons:
I hope all of you are correct. However, I...Anons:<br /><br />I hope all of you are correct. However, I have heard from two financial writers who have heard that a deal has been made that would require retirees to move their TDA at of the fixed income fund.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-75665376577473290172009-07-28T18:05:27.294-04:002009-07-28T18:05:27.294-04:00I doubt this is true because then Unity Caucus wou...I doubt this is true because then Unity Caucus would have many thousands of retirees angry at it. Unity Caucus counts on the retiree votes to win their elections. I doubt if they would want to risk the ire of thousands of retirees.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-50094886707381513482009-07-28T18:01:47.794-04:002009-07-28T18:01:47.794-04:00I called the UFT retiree division in Manhattan and...I called the UFT retiree division in Manhattan and they claim that this isn't true. They say that nothing has changed in regards to leaving retiree money in the Fixed Funds for retirees. I sure hope that's the case.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-28296474036187469202009-07-28T17:28:45.419-04:002009-07-28T17:28:45.419-04:00We need to find out the names of the agents or att...We need to find out the names of the agents or attorneys who negotiate salaries for the top ballplayers, and then hire them!<br /><br />That side agreement is the pits!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-89520610283483127902009-07-28T12:18:03.741-04:002009-07-28T12:18:03.741-04:00Wow, she truly has turned out to be an equal oppor...Wow, she truly has turned out to be an equal opportunity screwer-upper. A Union leader for the ages...NOT!Poguenoreply@blogger.com