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.
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.