Pension Update

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  • #4161
    Steve Horchar
    Keymaster

    ***Pension Update***

    Update from our Pension Lawyer Mr. Robert Klausner:

    In accordance with earlier orders from Judge Rubin, the parties submitted an agreed form for notice to the class. The notice is intended to inform class members of their rights. If a member stays in the class, they will either receive additional variable benefits, or if the 0-1-2 COLA has provided a greater benefit, then the variable benefit damages are zero. If a member opts out of the class they will receive the 0-1-2 COLA. If a class member opts out and a later appeal awards a higher variable benefit, the person who opted out will only receive the 0-1-2. One significant development is that the City has agreed that if a member received more under the 0-1-2 than they would under the variable benefit, there is no repayment obligation. This means the worst a class member will receive from the suit is the 0-1-2 COLA.

    #4247
    Joe Sheldon
    Participant

    Steve, I don’t know if I was supposed to get a choice on the question of staying in or opting out of the question of pension choice. I did not receive anything in the U.S. mail to exercise my choice on which I would like but again was I suppose to? I’m a little confused, could you un-confuse me if you will, I would appreciate It.

    #4259
    AdamWatkowski
    Participant

    I don’t think nothing has been mailed out yet Joe

    #4260
    Joe Sheldon
    Participant

    Sorry Adam, Didn’t have any idea about when it would be mailed out and to who, working or retired.

    #4263
    Steve Horchar
    Keymaster

    Joe…just seeing this, that letter will be mailed the end of December.

    #4275
    Joe Sheldon
    Participant

    Thanks Steve.

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