NYC-WTC_000195490

NYC 9/11 Public Portal Document

service State legislation enacted in 1998 under Chapters 389 and 266 provided for further improvements for Tier HI brmed and IV members of TRS, and certain civilian members of NYCERS and BERS. Chapter 389 provided for five year vesting and Chapter 266 provided inembers with a two percent service fraction for 20 or more years of service. Additional legislation passed into law granted a pre-retirement death benefit for Tier 11, III and IV Tier II members.

In 2000, a number of benefit improvements were mutually agreed to by the City and the unions - the enabling id after state legislation calls for retroactive commencement dates upon the completion of new labor settlements with the IL Tier City. For example. Chapters 126 and 110 of the Laws of 2000 provide up to two years of additional service credit ilation. for members of Tiers I and II, and eliminates the required employee contributions for members of Tiers III and IV upon ten years 6f service. Other examples relate to uniforiried employees of the Police and Fire Departments rs with whereby Chapter 372 of the Laws of 2000 changes the salary base for computing Tier II retirement benefits from tember a three year average to a one year average. Police and Fire will also receive additional Increased Take-Home Pay ecurity associated with Chapter 373 of the Laws of 2000.

In addition, there were also several other statewide bills of note that were fenacted into law last year. Chapter I which 125 of the Laws of 2000 provides for annual automatic cost of living adjustments (COLA) for retirees based on could the prior year’s actual rate of inflation (generally one-half of actual inflation, but not less than one percent and sequent not greater than three percent). Chapter 86 of the Laws of 2000 allowed the City to participate in a targeted early :ases to retiremeqt program which was accepted by approximately 1,000 employees. Participants in the early retirement 6, State program will receive up to three years of additional service credit. Finally, Chapter 548 of the Laws of 2000 y death allows members of a public retirement system to purchase up to three years of additional service credit associated ted that with eligible military service. nployer ' ( : ' Other Fringe Benefits

benefits The City provides a number of fringe benefits to its employees, retirees and eligible dependents. Contribution entitles levels and terms of coverage are governed by various contractual, legal and collective bargaining provisions. led they ' I jproved The City’s basic health insurance program provides comprehensive major medical and hospitalization benefits !0 years to its members. In addition, the City makes annual contributions to union-administered Welfare Funds, which payroll typically provide supplemental health insurance benefits for their members. Annual contribution levels conform 1 allows with collective bargaining and labor agreements. ition of oans on ! The City also participates in federal Social Security and makes the required employer contributions on behalf officers I of covered employees. Under Worker’s Compensation, the City provides statutory wage-replacement and medical rrection ' benefits to einployees who sustain on the job injuries, and under Unemployment Benefits, provides up to 26 weeks pay for , of wage-replacement benefits, up to state law maximum levels. The City also provides medical benefits to I uniformed employees of the Police, Fire and Sanitation Departments who are injured in the line of duty.

Laws of In general, the City’s Miscellaneous Budget contains the fringe benefit appropriations on behalf of employees isurance and retirees of the mayoral agencies. Separate allocations are included in the Board of Education, the City )f salary ' University system, the Health and Hospitals Corporation, various other covered organizations, libraries and cultural of 1997, institutions, for the fringe benefit costs of their active and retired employees. 1 plan to id into a y taxing Chapter ,

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