UUP achieved its long sought-after goal of pension equity for its members, as the result of Gov. Eliot Spitzer signing the Optional Retirement Plan (ORP) pension equity bill into law.
UUP President William Scheuerman thanked UUP members who sent more than 4,000 faxes to the governor urging him to sign this bill.
“He heard us,†Scheuerman said.
The new law means that state employees who participate in an ORP with 10 years or more of state service will no longer be required to contribute 3 percent of their salary to their ORP retirement accounts. The effect of this new law is especially significant for UUP, since 64 percent of its members participate in an ORP, according to figures from SUNY.
Current employees with 10 years or more of service who are paying 3 percent to their ORP will see their contribution eliminated over the course of the next three years.
Beginning in 2008, New York state will pick up 1 percent of the 3 percent contribution each year on April 1, until the entire 3 percent is covered.