Human Resources Bulletin
May
New Staff Orientation
Wednesday, May 7, 2008 and Friday, May 9, 2008
The Employee Recognition Program Ceremony
Thursday, May 15, 2008 at 9:30 a.m.
Holiday: Memorial Day
Monday, May 26, 2008
Graduate Assistant Orientation Dates for May.
Click here to Register !
Thursday, May 1, 2008 |
2-3pm |
C415B |
Monday, May 5, 2008 |
11-12pm |
C415B |
Wednesday, May 7, 2008 |
11-12pm |
6418 |
Tuesday, May 13, 2008 |
2-3pm |
C415B |
Thursday, May 15, 2008 |
11-12pm |
C415B |
Monday, May 19, 2008 |
2-3pm |
6418 |
Wednesday, May 28, 2008 |
2-3pm |
C415B |
Reminder - TIAA-CREF One on One Counseling Session
Tuesday, May 6, 2008 Room 8106 9:00 a.m. – 4:30 p.m.
Tuesday, May 27, 2008 Room 8106
June
Commencement
Thursday, May 22, 2008
Summer Hour begins (Click here for complete notice)
Monday, June 23, 2008
Extended 4 day work week begins
First Friday off
June 27, 2008
Reminder - TIAA-CREF One on One Counseling Session
Thursday, June 12, 2008 Room 8106
Thursday, June 26, 2006 Room 8106
July
Independence Day
Friday, July 4, 2008
General Information
Open Enrollment for Upgraded Group Long Term Disability Rider
The PSC-CUNY Welfare Fund will be offering employees the opportunity to enroll in the Optional Group Long Term Disability Plan through the Standard Insurance during a special enrollment period. This offer is only for eligible employees who have not yet purchased this Optional rider. During this special enrollment window from April 15 through the May 15, 2008, employees will be able to enroll in the Optional plan and will not be required to provide evidence of good health. Employees who were previously denied this disability rider coverage will however have to provide this evidence. If you wish to find out more information or request an Enrollment Packet, please contact the Office of Human Resources at (212) 817-7700.
Elimination of the Mandatory Employee Contribution for Members of the Optional Retirement Program
For CUNY TIAA-CREF Pension Members Only:
Subject: Elimination of the Mandatory Employee Contribution for Members of the Optional Retirement Program
As you are aware, Chapter 617 amended the education law to eliminate the employee contribution for individuals participating in the Optional Retirement Program (TIAA-CREF). This law requires the State and the City to assume payments of individual contributions for those employees with ten or more years of membership in the CUNY Optional Retirement Program. The State will be responsible for Senior College employees’ contributions, and the City will remit payments on behalf of Community College employees.
A Reminder! The legislation provides for a three-year phased elimination of employee contributions, as follows:
Effective with the April 10, 2008 payroll:
· Employees who joined the Optional Retirement Program on or before July 16, 1992 and currently contribute 1.5% will have 1% of their employee contribution made by the State or the City.
· Employees who joined the Optional Retirement Program on or after July 17, 1992, have ten or more years of CUNY membership, and who currently contribute 3%, will have 1% of their employee contribution made by the State or the City.
Effective April 1, 2009:
· Employees who joined the Optional Retirement Program on or before July 16, 1992 and currently contribute 1.5% will have the total 1.5% employee contribution made by the State or the City.
· Employees who joined the Optional Retirement Program on or after July 17, 1992, have ten or more years of CUNY membership, and who currently contribute 3% will have 2% of their employee contribution made by the State or the City.
Effective April 1, 2010:
· Employees who joined the Optional Retirement Program on or after July 17, 1992, have ten or more years of CUNY membership, and who currently contribute 3% will have the total 3% employee contribution made by the State or the City.
Employees who attain ten years of Optional Retirement Program membership on or after April 1, 2010 will have the entire 3% employee contribution made by the State or the City.
The exact payroll effective dates for these transactions have yet to be determined.
What does this mean to you?
New Contribution Percentages for Employees with 10 or more years of Membership Effective
April 1, 2008
Rate of Employee Contribution |
Rate of Employer Contribution |
.5% (for Tiers 1- 4 employees who joined the ORP on or before July 16, 1992) |
11.5% up to $16,500
14.5% over $16,500 |
2% (for Tier 5 employees who joined the ORP on or after July 17, 1992) |
9% for 7 years
11% after 7 years |
Please see the following example of how you may be affected if you are in Tiers 1- 4 and appointed on or before July 16, 1992:
Ø Gertrude January was first appointed on September 1, 1976. Previously, she was contributing 1.5% and receiving a 10.5 % employer contribution on her first $16,500 and 13.5% on her earnings above $16,500. She will now contribute .5% and will receive 11.5% on her first $16,500 and 14.5% in employer contributions on her earnings over $16,500.
Please see the following examples of how you may be affected if you are a Tier 5 employee appointed on or after July 17, 1992:
Ø John February was first appointed on September 1, 1992. Previously he was contributing 3% and receiving a 10 % employer contribution. He will now contribute 2% and will receive 11% in employer contributions.
Ø Julia March was first appointed on February 1, 1998 and resigned on January 31, 2000. Ms. March was reappointed on February 1, 2004. She previously was contributing 3% and receiving an 8% employer contribution. She will now contribute 2% and will receive a 9% employer contribution until she attains 7 years of CUNY service in February 2009. At that time her employer contribution will increase to 11%.
The individual savings resulting from the phased elimination of employee contributions presents an opportunity for employees to increase their retirement savings by participating in a voluntary tax deferred plan. Eligible ORP participants are encouraged to open or increase their contributions to one of the various 403(b) tax-deferred savings plans available, such as TIAA-CREF, Lincoln Life & Annuity Company (represented by HRC), and/or the 457(b) NYS Deferred Compensation Plan. If you opt not to increase your contributions to one of these plans you may incur increased tax liabilities.
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Wednesday July 9
Tuesday July 22
To schedule an appointment, please visit their Web site at www.tiaa-cref.org/moc or
call Clara Castellana at (212) 913-1447.
Monthly NYCERS Pension Seminars
.
Who: NYCERS' members
What: Monthly Pension Seminars
When: Predetermined Wednesday's, 3:00 p.m.
Where: 335 Adams Street, 22nd Floor
How: nycersseminar@nycers.nyc.gov to reserve
Why: To help our members get the most out of their retirement benefits.
Did you know that after you retire you can't apply for a loan? Or that because NYCERS is a defined retirement benefit plan, that your pension is predetermined, regardless of the economy? Because NYCERS wants their members to know all this, and more, they would like to invite the basic plan members (no uniform force or special 20/25 plan members) to their monthly seminars where their experts will give a comprehensive overview of each Tier and Plan.
These seminars cover the full range of topics from the employee’s various retirement options to how to calculate their final average salary. Once a complete overview of the different plan options is given, the presentation transforms into an open forum where members are able to questions.
The seminars are aimed at either Tier 4 members or Tier 1&2 members and are predetermined monthly. Each week targets different pension plan holders so the employee’s Tier and Plan will dictate which seminar to attend.
All reservations are done through the HR Benefits Officer. Reservations are usually taken one month in advance and each agency is only allowed ten (10) employees per session. Please email nycersseminar@nycers.nyc.gov or call (347) 643-3165 to inquire about the next available seminar.
New Offer for Existing Members of John Hancock Group Long-Term Care Insurance Plan (Enrollment period deadline is May 9, 2008)
The PSC-CUNY Welfare Fund is offering existing members of John Hancock Group Long-Term Care Insurance Plan two coverage options during an open enrollment period which will run from April 7 until May 8, 2008.
Option 1
This option will replace the current coverage in the existing plan with enhanced coverage under the new plan. No proof of good health will be required if the same daily benefit level is elected. The employee will also receive as a premium discount based on factors such as age, the premium the employee has already paid and the number of years of existing coverage. The employee may also elect a higher daily benefit level with guaranteed acceptance if he/she meets the age and active status requirements.
Option 2
This Option does not require any action since existing coverage will continue.
Remember - if you transfer to the new program by the May 9, 2008 deadline John Hancock will not require you to provide evidence of good health.
Existing participants will be receiving information with coverage highlights and personalized costs associated with Option 1. For more information, the employee may contact The John Hancock Customer Service Center at 1-888-513-2071, Monday through Friday from 8:30 a.m. to 6:30 p.m. Eastern Time or visit the OSC website at www.psccunywf.org.
August
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Wednesday August 6
September
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Thursday September 11
Thursday September 25
October
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Thursday October 9
Tuesday October 21
November
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Wednesday November 5
Wednesday November 19
December
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Thursday December 4
Tuesday December 16
January
TIAA-CREF Pension Enhancements
On April 1st, 2008, TIAA-CREF introduced the TIAA Access Annuities, which expand the investment choices available for CUNY Employees. New Enrollment Kits will be available in the Office of Human Resources. TIAA-CREF will also introduce a Microsite designed exclusively for CUNY employees. The site will include information on Plan Eligibility, Enrollment, Contributions, Investment Choices, and tools and calculators for retirement planning. The microsite will go live within the next two weeks. All CUNY’s TIAA participants will receive in the mail information regarding the TIAA Access Annuities, the Advice offering and the new CUNY Microsite.
Reminder - TIAA-CREF One on One Counseling Session
Dates Locations
Wednesday January 28
9:00 a.m. – 5:00 p.m.
