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Cassidy is the lead trustee and Vice-Chairman on the FDNY Pension and Investment Boards, with $11 billion in assets. [7] He is also the Treasurer of the New York City Municipal Labor Committee (MLC), an umbrella organization of all New York City municipal unions, negotiating health care benefits for more than 600,000 municipal workers and retirees.
Pension spiking, sometimes referred to as "salary spiking", [1] is the process whereby public sector employees are granted large raises, bonuses, incentives or otherwise artificially inflate their compensation in the time immediately preceding retirement in order to receive larger pensions than they otherwise would be entitled to receive.
The increase is the largest since 1981, when the COLA was 11.2%, and raises the average retiree benefit by more than $140 per month starting in January, according to the Social Security ...
First filed in 2020 by five FDNY inspectors, the $29.9 million settlement will now pay out to nearly 600 members of the class action suit — current or past FDNY employees who say the city ...
The city’s hated new congestion toll could dangerously delay FDNY response times — meaning the “difference between life and death,” unions repping thousands of Bravest warned Sunday.
Since 2001, U.S. statewide pension funds have experienced significant funding challenges due to the recessions of 2001-2002 and 2008-2009. Prior to the Dot-Com Crash, statewide pension funds were over 95.6% funded in the aggregate. In 2002, the funded ratio had declined to 82.1%.
The FDNY's motto is "New York's Bravest" for fire, and "New York's Best" for EMS. The FDNY serves more than 8.5 million residents within a 302-square-mile (780 km 2) area. [9] The FDNY headquarters is located at 9 MetroTech Center in Downtown Brooklyn, [10] and the FDNY Fire Academy is located on Randalls Island. [11]
Biden estimated the bill should lead to an average monthly increase of $360 for certain public employees and their spouses and survivors. The outgoing president said more than 2.5 million ...