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From their headline above the Daily News is none to happy to learn about part of the new TWU contract that actually refunds monies that were overpaid into the pension fund since 2000. One thing is clear however, the TWU strike got an MTA that insisted it couldn’t budge to come running to meet the transit worker’s demands.
Thousands of transit workers will recieve up to $14,000 in pension paybacks. The money however is money that was paid into the pension fund by the workers. Up until 2000, workers paid an extra 2.3% of their wages to retire at 55 instead of 62. In 2000 the retirement age for transit workers was made 55 but workers were still paying the 2.3%. Now, as part of the new deal, they’re getting it back. I don’t know, it sounds fair to us. We’re not sure why the Daily News has its panties all in a knot over it.
The paybacks are going to cost the MTA an estimated $110 million.
Striking Gold in a New Deal [Daily News]
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