1st
Viee
Presidellt
PATRICKFERRAIUOLO
Twentyye
ar
retirement,whatex
actl
y
docs
itmean?Cany
ou
r
eally
re
tir
efromtheD
ep
art
mentafter
20
yearswithoutgoing
back
to
wo
rk?Didyousaveenoughinyo
ur
deferredcompensa
tion
?Arcyou
ren
ting
or
do
youownyour
home
?Wh
at
abou
tyourchild
ren;
howold
ar
ct
hey
?Wh
at
abouttheircollegecduca
tion?The
reality
isthat
many
of
uswill
nee
d
to
continue
to
workaf
te
rwe
retire
f
rom
rhcDepartment.
My
questi
on
to
an
y
one
tha
tisabout
to
retir
eonly
to
t
urn
aro
undundgo
backto
work
some
where
d.
cwouldbe,
did
youreallythinkitthrough?Retirement
shoul
d
1110
arelaxing
an
d
enjoyable
rimeof
your
life.Youshouldnuthave
to
worry
about
making
.ndsmeet
aft
er
you
re
tire
d.Ifanyone
retire
sbecauseofthe
wor
kiuu
con
diti
on
sorthey're
simply
no
thap!
y.
they
nee
I
to
rethink
the
ir
dec
ision.Doyouthinkir'sapicnicintheprivatesec
to
r?Dol'Srhc
pri
v
ate
sector
off
ermorejobsecurity?Attheend
of
theday,
it'
,yourchoicennwhetheror
not
youleave
theDe
partment
after
20
years.
There
ar
eafewgoodreas
on
swhyyou
might
wanttoxraypast
you
r
20th
year,Besidesthe
factth
at
your
pensi
on
willincr
ease
due
to
co
nrracruul
raise
s,
did
y
ou
k
now
thateacha
ddi-
tionalyearyoustaywill
incre
ase
your
pe
nsio
n
by
1.67
%
annually
(up
to
30
years
uf
ser
vice).
pro
vided
you
ar
cinthe
20
-year
pla
n?Ina
dd
iti
on
,whenyouhaveornplcrcI
your
20rh
ycor.
younolongerhave
to
contribute
int
o
your
pen
.ion.Thisbenefitisn
ot
a
vailable
for
an
yone
thatiin
the
2S-yearpe
nsion
plan.Ifyou're
curi
ousonwhateffectthe
1
. r
~
7
p
erce
ntcOlildhave
O
il
incr
easin
grhe
am
o
un
t
of
moneyinyourpension,youcanlog
on
to
the
NY
CERSweb.ire
atwww.nycers.org.I.
tro
nglyre
co
mmen
d
yOll
'heckitout;
it's
abenefit
tha
t
~
"
o
u
shouldtakeadva
ntag
eof.Ano
ther
rea
sonfor'wyingwouldbe
you
rDeferred-o
l11
pens,nionPlan.
Simply
said,the
longeryoustay,the
longe
ryougcrtosaveforthefu
tur
e.
If
youshoulds
tay
yUlI
I
ligh
twant
to
ons
id
er
[he
mo
neyyouhavesaved
by
no
tcontributing
to
yourpe
nsio
n
to
increas
eyourDcfcrrc
J
C»
np
ensari
on
savin
g'
acc
ount
.Rememberthewholei
dea
is
tha
t
wh
enyoudo
decidetoleavecityservicethatyouh.vac
cumul
atedthela
rgest
p
oss
i
ble
pension
andsavines
for
whenyouare
110
longe
r
able
to
work.
'IX
/eall
ho
perharwe're
ahlc
to
collecto
ur
pension
for
a
long
time
'<0
the
grea
terthepension.theless
eff
ect
time
will
have
on
red
ucing
it(adol
lartodaywillhe50centsin2()y
ears
},Oneotherpieceof
informa
tio
nthatyous
hould
hea
ware
ofin
reference
to
Ti
l'!"
IIImembers
is
tha
tyourpensionissecured.Thereis
no
riskin
losing
your
pensio
ninthe
event
anytypeof
incide
ntyoumight
bec
omeinv
olv
edin.TiersIandII
members
do
n
or
s
hare
rhar
same
luxur
y.Intheircases.iftheywere
to
her-rrninarcdfor
an)'
reason
,
they
would
not
receiveaI.cnsion.
olook
aro
und
YOll.
More
andmorememb
ers
whohaveretired
arc
returninghack
to
the
Dcpartmcnr.realizingthatirwa:n'r
:1";
had
as
theyth
ou
ght,
or
are
looking
for
jobs
becaus
ethey
can
'tlive
Oil
theirpensionsalone.Remember,the
grass
is
no
ral
way
gree
ner
Oil
the
ot
her
side.Sothinkseriously
abou
t
retir
e
ment
bef
or
eyou
~ o
.
CCA
Members
Receive
Annuity
Fund
Increase
TheExecutiveBoardispleasedtoinform
~
o u
thatonNovember11,
200
7,allCaptainsstartedreceivingincreasesintheirAnnuityFundfromthe
lastroundofbargaining.
Theincreaseis
$389/
year[$1.4
9/d
ay).Thisbringstheannualcontributionto$1,038.89/year.
The
CCAwil1
continuetoworkhardtoensurethat
~ o u r
benefitsaresecondtonone.
Are
You
ReallyReady
to
Retire?
.
ra
ss
IS
not
alwaysgreener
on
the
other
side.
So
think
carefully
about
retirementbeforeyog.
-Pat"ckFl:rraiuoJo
1st
VcePresident
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