Lean Greater New York Benefit Fund Budget Reins In Administrative Spending The Trustees of the 1199SEIU Benefit and Pension Funds, which include the Greater New York Funds, have passed a lean 2009 administrative budget which reflects the dire economic times facing the healthcare industry and our country. This disciplined budget is the result of months of work across all of our departments, with multiple layers of review to identify every area where spending could be managed more tightly or cut back. The 2009 administrative budget holds the line on spending with only a 3.3% increase, the lowest annual budget increase since 2004. The increase is largely driven by a higher reallocation to the Benefit and Pension Funds for Strategic Support Division costs – the consolidated unit that accounts for all the back office administrative support services for all of the Benefit and Pension, Training and Employment and Child Care Funds. Exclusive of Strategic Support Division costs, the Benefit and Pension Funds’ portion of the administrative budget actually represents a 0.2% decrease over 2008.
Greater New York Pension Fund Annual Returns 18.6%
20
11.2%
10
8.1%
TO REACH THE OUTREACH COORDINATOR FOR YOUR INSTITUTION:
9.1%
Outreach Department: (646) 473-6930
1.9%
0 -5 -10
FOR MEMBERS:
-4.0%
Greater New York Member Services: (646) 473-9200
-7.6%
MEMBER SERVICES OFFICES AND SATELLITE LOCATIONS
-15 -20 -25 -30 -33%
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Greater New York Pension Fund Hit By Economic Crisis Like so many other labor-management funds around
With the budget finalized, the Benefit and Pension Funds assembled all of our staff in February to present the realities of the current economic picture and how it will affect our industry, members and benefits. Although we have always kept our administrative costs low, the meeting reinforced for each staff member that our administrative spending, now more than ever, has an even greater impact on the number of dollars available to underwrite the cost of benefits. And in 2009, we will work even harder to ensure that every possible dollar goes toward supporting our members. 2 EMPLOYER NEWS Spring 2009
We work hard to provide good customer service to 1199SEIU members – your employees – where they work and where they live. Our Benefit Fund Outreach Coordinators can assist them at the worksite and are also available, along with our Member Services representatives, by phone and in person at walk-in Member Services offices in New York City, Westchester, Long Island and Rochester. You can also schedule a time for your Coordinator to come to your facility to answer questions or explain Fund benefits.
14.1%
15 5
If You’ve Got Benefit and Pension Questions, We’ve Got the Answers
the country, the recent stock market crash has taken a steep toll on the 1199SEIU Greater New York Pension Fund, which lost millions during the closing months of 2008. By December 31, the Greater New York Pension Fund had experienced an enormous decline, causing the Fund to lose $177 million. In fact, the actuaries have informed us that the collective bargainers must take definitive steps in the near future to rebuild the assets of the Greater New York Pension Fund and be in compliance with the Pension Protection Act.
MAIN BENEFIT FUND OFFICE 330 West 42nd Street, 3rd Floor New York, NY 10036-6977 (646) 473-9200 8:00 am to 6:00 pm, Monday through Friday All satellite offices are open from 9:00 am to 5:00 pm, Monday through Friday, unless otherwise indicated Bronx 2501 Grand Concourse, 3rd Floor Bronx, NY 10468 (718) 561-0234
Long Island 100 Duffy Avenue 3rd Floor Hicksville NY 11801 (516) 229-6700
Brooklyn 25 Elm Place, 1st Floor Brooklyn, NY 11201 (718) 643-8567
Rochester 225 West Broad Street, Suite B Rochester, NY 14608 (585) 244-0830 ext. 318
Queens 97-45 Queens Blvd., 7th Floor Rego Park, NY 11374 (646) 473-8565
White Plains Berkeley College Building 99 Church Street, 4th Floor White Plains, NY 10601 (914) 997-2811
Staten Island 790 Port Richmond Ave. Staten Island, NY 10302 Monday to Thursday, 9:00 am to 5:00 pm Friday, 8:00 am to 4:00 pm
Child Care Questions (212) 564-2220 Training and Employment Questions (212) 494-0534 Spring 2009 EMPLOYER NEWS 7