1199SEIU United Healthcare Workers East and the League of Voluntary Hospitals and Homes of New York signed a new three-year collective bargaining agreement that preserves members’ healthcare, pension, training, employment and child-care benefits.
Health: There are no changes to your health benefits. The new contract preserves healthcare coverage with no premiums, deductibles or co-pays.
Pension: There are no changes to the full pension benefit (retiring at or after age 65 with five years of vested service). Employers will contribute more, and the early retirement benefit has two changes, starting January 1, 2019. (Note: If you turn 59.5 by December 31, 2018, you will not be affected by these changes if you choose to retire early.) In any event, you will not lose any benefit you have already earned.
- Unreduced Pension: For 62/20 retirees, the age requirement changes to 62.5 years old and the service requirement changes to 25 years.
- Reduced Pension: For 55/5 retirees, the pension reduction for each year under 65 changes from a flat 6 percent per year to an actuarial table that varies the reduction percentage, up to 9 percent annually. The older you are when you retire, the lower the reduction will be.
- New Hires: New pension participants hired on or after October 1, 2018, will have a one-year delay before earning service credit. This only applies to the service credit used to calculate the amount of your pension. New members will still qualify for a pension benefit after five years of service. (Note: This only applies to new 1199SEIU members. It does not affect any current members or members who change jobs by moving to another 1199SEIU position or employer.)
- Current retirees: Retirees in pay status will receive a onetime bonus equal to 3 percent of their annual pension benefit on December 1, 2018.
Child Care and Training and Employment:
Your child-care and training and employment benefits—League Training and Upgrading Fund (TUF), League Job Security Fund (JSF), League Labor Management Initiatives, Inc., (LMI), and League Registered Nurse Training and Job Security Fund (RNTJSF)—are fully funded for the duration of the contract.