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American
Teacher September 2000--Retirement News Huge pension rally reaps major COLA increases for retirees Thanks in large part to the efforts of the New York State United Teachers (NYSUT) and its retired members, retirees in New York finally have a permanent cost-of-living adjustment in their pensions. Expected to take full effect in September 2000, the measure applies to all New York public employees age 62 or older who have been retired at least five years or age 55 (retired 10 years). An estimated 890,000 working and retired school, state and local government employees in the state's and New York City's retirement systems are expected to benefit from the new law. Last May, some 10,000 retirees and other activists took part in an AFL-CIO rally in Albany to press for a permanent pension cost-of-living adjustment. Led by a sea of blue-shirted NYSUT retirees, the rally consisted of retired teachers, PSRPs, state and local government workers, police and firefighters. It was an unprecedented grassroots lobbying blitz that cemented bipartisan support for the measure. "We need a COLA we can count up and count on," NYSUT president Thomas Y. Hobart Jr. told the rally. State and local retirees received small pension supplements in 1995 and 1998, but some pensions still run as low as $1,200 a year. Pensions have also been eroded by inflation and rising health insurance costs. The state was ripe for pension benefit improvements this year, with New York's retirement fund, riding Wall Street's bull market, soaring in value from $56.4 billion in 1993 to $126.9 billion as of March, the Albany Times Union reports. "The pension fund's strong returns have made it affordable to provide New Yorkers in public service with the benefits they need and deserve, while saving taxpayers more than $1 billion over the last four years," state Comptroller H. Carl McCall says. Labor retirees launch new alliance Delegates to the 22nd Constitutional Convention of the National Council of Senior Citizens, including a substantial AFT delegation, voted unanimously to endorse creation of the Alliance for Retired Americans as a strong new voice for older and retired workers. The alliance will feature universal, dues-free membership for union members and create a "culture of life-long unionism" for millions of retired union members. "The National Council of Senior Citizens can take singular pride in leading the movement for the historic gains that have occurred over the past 40 years in the respect and living standards afforded to older Americans," AFL-CIO president John Sweeney told the delegates. Set to be launched early next year, the alliance will promote legislative action, public affairs, communications, member education, and member mobilization on retiree and labor issues. It will also develop a member benefits program in cooperation with AFL-CIO's Union Privilege program. Union members who retire will be enrolled as alliance members, and the group also will be open to community-based retirees who support the goals of the labor movement.
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American Federation of Teachers, AFL•CIO - 555 New Jersey Avenue, NW - Washington, DC 20001 Copyright by the American Federation of Teachers, AFL•CIO. All
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