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T
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, NY 10007
FOR IMMEDIATE RELEASE
MAYOR BLOOMBERG AND UFT PRESIDENT WEINGARTEN ANNOUNCETENTATIVE LABOR AGREEMENT
New Age-55 Pension Plan will Save the City an Average of $100 Million a Year Over 20 years Agreement Returns Teachers to Traditional Post-Labor Day Start Date
Mayor Michael R. Bloomberg and United Federation of Teachers President RandiWeingarten today announced a tentative agreement to jointly support legislation to modify pension plans for newly-hired UFT members, while at the same time preserving all health and pension benefits for current UFT members, including the union’s age-55 retirement benefit. Theagreement also returns teachers to their traditional start date after Labor Day, while not requiringa loss of school days for students.“We’ve been seeking pension reform to reduce the growing burden of a system that issimply no longer affordable,” said Mayor Bloomberg. “From the beginning, we said we couldnot do it alone and the UFT has stepped up. The agreement will reduce the City’s pension costs by an average of $100 million a year over the next 20 years, while still providing an attractive package that City teachers deserve. It’s a significant agreement that we achieved by workingtogether and I want to thank Randi Weingarten and her team for once again doing their part tocontain the City’s expenses.”“In every respect, this agreement is a win for everyone,” said Weingarten. “We are allvery concerned about the heavy losses our pension system has incurred during this economicdownturn and the looming cuts for schools. Not only does this deal help shore up the city budgetwith new savings, which will hopefully be used for schools, but it also maintains the age 55retirement benefit that will help ensure that we will continue to attract and retain quality people.And it also returns us to the tradition of teachers and students starting school after Labor Day,something that educators, particularly those with families, very much wanted.”Under the agreement, all current UFT benefits and health provisions continue. New hireswill continue to be able to retire with an unreduced pension at age 55 with 27 years of service. New employees will make a 4.85 percent pension contribution for 27 years and 1.85 percentthereafter, up from the current 4.85 percent contribution for 10 years and then 1.85 percentthrough 27 years.
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