(by Gary Day)

Why does the Benefit Fund need to know if a participant for Will Day is from Pennsylvania? The reason for asking is that more documents are involved for wills drawn up for Pennsylvania residents. In turn, more time must be allotted in the day’s schedule for PA residents.

Will NYSUT Member Benefits be endorsing any 403(b) products in the near future? At a recent Member Benefits conference it was stated that as many as three carriers might be endorsed either in late 2008 or early 2009. This announcement will nearly coincide with the effective date of many IRS changes involving Tax Deferred Annuities.

When I retire, how do I remain a NYSUT member so that I can continue to purchase insurance at the group rate through NYSUT Member Benefits? Since the early 90s, NYSUT members retain state and national membership in retirement at no cost. Just be sure to keep the MTA informed of any changes in your address so that you will continue to receive all offers from NYSUT Member Benefits.

NYC teachers no have a 55/25 retirement option. Is NYSUT pushing this same legislation for teachers in the rest of the state? While NYSUT legislative package does contain a resolution to offer a 55/25 retirement option, it is not identical to the NYC option. The 55/25 option that was brokered between the UFT and the NYC BOE calls for all NYC teachers hired after 6/30/08 to contribute an additional 1.85% of salary for their lifetime. It is estimated that this new retirement option will cost future NYC teachers over $40,000 during their careers. It is as if a “Tier 5″ level of benefits has been put into effect in NYC.

Any questions regarding retirement, salary, or the Benefit Fund, may be e-mailed to: questions@middletownteachers.org. All questions will receive a reply; some may appear in future newsletters.