NEW YORK NURSE: March 2010
NYSNA Pension Plan participants will soon receive in the mail a comprehensive report on the financial status of the plan and a call to action to preserve its benefits.
Pension plans throughout the nation have been hurt by the economic recession. Losses in the NYSNA plan’s assets the past two years weren’t enough alone to put it at risk, but they contributed to future funding deficiencies projected by its actuaries over the next four years.
There are sufficient funds to pay current obligations, but under federal law the plan trustees are required to take action to “rehabilitate” the fund, which will be in the “red zone” as of this March 31.
NYSNA members deserve a secure pension. Not only participants in the NYSNA Pension Plan, but its members in single-employer defined contribution plans need help, too. This is why NYSNA has formed a Pension Member Mobilization Committee to formulate campaign strategy, including a legislative campaign.
“This is not only a concern for nurses’ retirement, it’s a concern for quality patient care,” said Lorraine Seidel, director of NYSNA’s Economic and General Welfare Program.
Seidel noted that, in some NYSNA bargaining units, nearly 50% of members are eligible to retire right now. More than 2,700 Pension Plan members are currently eligible to retire. “The threat of benefit reductions could cause a wave of retirements among RNs and other healthcare professionals, and this would have a devastating impact on patient care at facilities that already are dealing with a nursing shortage.”
Act NOW for a secure retirement. NYSNA will give you details in our upcoming Special Edition, which will be in your mailbox this March.