|
1. Pay Increase & Retro
The N.Y. City Office of Labor Relations has clarified that pay increases and retroactive pay will be implemented and included in your June 1 paycheck. It will include:
- Pay rate increase for Base, CFR, Chauffeur & all types of OT.
- Retro pay for all Base, CFR, Chauffeur & all types of OT.
- Night Shift pay rate increase, Night Shift retro & January 07 Holiday Pay retro check dates to be announced.
2. Deferred Comp
Due to the time lag between when Deferred Compensation (457 & 401k) percentage adjustments are selected by members and when they take effect, it is not possible to make Deferred Comp adjustments in time to impact your June 1 retro check or your June 15 check. However, members can easily increase Deferred Comp deductions in later 2007 checks to reap the same total 2007 tax benefit at the end of the year they would have gained if it was done for the June 1 retro paycheck. Deferred Comp percentage adjustment must be made by May 29 (using your PIN) to have it impact your June 29 paycheck. Deferred Comp change must be made between May 16 and May 29 to impact your June 29 paycheck.
3. FF, FM & Wiper Pay Charts
Per FDNY Payroll, pay charts for all grades of UFA members for each year's pay increase will be available on the FDNY Intranet shortly, which can only be accessed via your Officer's computer. You can view and output charts showing base, longevity, night shift, OT, holiday and hourly rates. Use these charts to determine and verify your retroactive pay due for 2006-07 by subtracting what you actually were paid prior to June 1, 2007 from what you should have earned in accordance with the new rate charts. The difference will be the retroactive amount of pay you are due. Each member's retro amounts will be unique, depending on your hire date/grade, the amount of OT earned and other differentials such as chauffeur and CFR-D. Charts for CFR-D and Chauffeur Differentials are not prepared by the Dept because each member's amount varies based on the numbers of hours performing the differential duty.
Members who wish to adjust their Deferred Compensation (457 & 401k) contributions need a PIN #. Call client services 212-306-7760 if you do not have it. It will take up to 7 days for your PIN number to arrive via U.S. Mail in order for you to adjust your plan instantly over the telephone. For detailed info about Deferred Comp and 401k programs, go to OLR at www.nyc.gov.
You can put up to 50% of each check into your 457. If you also have a 401k, you can put a combined total of 70% of your paycheck into it. Total contributions for 2007 cannot exceed $15,500 ($20,500 if over 50 years old) for the year for 457. Total contributions for 2007 cannot exceed $15,500 ($20,500 if over 50 years old) for 401k plans. Therefore, the combined total 457 and 401k contributions cannot exceed $31,000 for 2007.
Fraternally,
Stephen J. Cassidy
President
Joseph A. Miccio
Recording Secretary
 |
