MEA members are invited to attend the Pension Counseling Seminar hosted by our own Jay Warshofsky.
The goal of the seminar is to make our members more familiar with the retirement benefits we earn during our careers and to be generally more comfortable with the idea of planning for the future.
We will touch upon a very brief history of pensions for NYC employees and the basic differences of the several pension systems, pension tiers and plans. Emphasis will be on Tier 4, which covers the vast majority of our members, but will also discuss Tier 6 for our more recent members. We will cover the basic terms and used in calculating the pension benefit and options at retirement. Additionally, pensioners have earned lifetime health care coverage as well as supplemental benefits from the Management Benefits Fund.
Every member should be made familiar with the many resources available, all of which are now searchable on-line. We will discuss the types of deferred compensation accounts available to members and the advantage of participating in deferred compensation in addition to pension plan membership.
It is a responsibility of every manager to be familiar with retirement benefits in order to support and assist our subordinates (and occasionally our bosses) careers and to promote a more productive workplace.
Jay retired after 27+ years at HRA as an analyst and manager in various assignments in General Services and Facilities Operations. He also worked in the private sector in the ocean shipping and commodities industries. He served as a union officer before joining the managerial service and became a member of MEA. He is a delegate to COMRO (Council of Municipal Retiree Organizations).
He is a product of our quality NYC public schools including Brooklyn Technical HS and he has a BS in Economics from the City University Graduate Center.
He is an advocate for financial literacy and planning ahead. He urges all our members to make themselves familiar with all of our retirement benefits: pension, health care and deferred compensation, early in our careers and not at the last minute.