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Board of Trustees Approves Benefit Improvement for NYCDCC Pension Fund Participants

Board of Trustees Approves Benefit Improvement for NYCDCC Pension Fund Participants

June 7, 2022

On behalf of the Board of Trustees, the NYCDCC Pension Fund is pleased to announce that on or about July 1, 2022, the current applicable benefit rate (“ABR”) for each benefit credit earned prior to January 1, 1999 will increase by 25% for active Participants and Participants in pay status. For example, the flat $80 benefit rate will increase to $100; a $70 benefit rate will increase to $87.50.  For this benefit improvement, an “active” Participant is defined as any member who meets the requirements for participation in the Plan on or after July 1, 2022. A “Participant in pay status” is defined as any pensioner or beneficiary in pay status as of July 1, 2022. The value of Surviving Spouse benefits for your Qualified Spouse after your passing will also increase in accordance with the option chosen at the time of your retirement, if applicable.

The Trustees’ ability to approve this type of benefit improvement comes as a result of their diligent efforts to ensure the integrity and longevity of the NYCDCC Pension Fund. As multiemployer pension funds throughout the country have struggled, the NYCDCC Pension Fund has remained strong, as evidenced by its funding percentage of 99.1% per the latest Annual Funding Notice released in October of 2021 (for plan year ending June 30, 2021). The Trustees are happy to report that the NYCDCC Pension Fund is financially well-positioned now and into the immediate future.

NYCDCC Pension Fund participants should note that this type of change requires programming changes and involves many moving parts (e.g., various options, divorce/QDROs, surviving spouse, etc.). As such, we ask that participants be patient as we roll out this change. The Fund Office is striving to have this in effect for July 1, 2022. In the event that this proves not to be possible, newly adjusted benefit amounts will be retroactive to July 1, 2022. Participants will be receiving a letter from the Fund Office informing them of their new benefit amount.