An Update Regarding the NYCDCC Pension Fund

October 8, 2019

Recently, in coordination with the New York City District Council of Carpenters (“NYCDCC”) Executive Secretary Treasurer (“EST”) Joseph Geiger, the NYCDCC Benefit Funds Executive Director David Stewart provided a video update on the status of the NYCDCC Pension Fund. In this update, which can be viewed by clicking HERE, Mr. Stewart stated that the actuarial consultant for the NYCDCC Pension Fund reported that projections are trending positively and are pointing toward funding levels increasing to 99.4% within this fiscal year. This is great news for NYCDCC members given some of the struggles of other union pension plans throughout the country.

In a larger update, which can be viewed at the District Council’s website HERE, EST Geiger goes into further details regarding the pension fund, including providing access to a PDF copy of the actuarial consultant’s cover letter that was recently sent to the Fund Office. The overriding message from the District Council and the Fund Office is that the NYCDCC Pension Fund is very well-positioned relative to its peers and that any recent changes to Collective Bargaining Agreements (“CBAs”) are not expected to negatively impact the Fund.