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Long IslandPoliticsSpin Cycle

Guaranteed 8.25 percent return for one retirement fund faces renewal

State lawmakers have sent Gov. David A. Paterson a bill that would extend to next June 30 the juicy annual 8.25 percent taxpayer-guaranteed return on a savings fund known as a 403 (b) plan held by some educational employees and retirees.

This is the same program we reported on last year in this item. But the UFT, representing NYC teachers, agreed to a 7 percent guaranteed return in exchange for other benefit at the bargaining table with the city. Members of other unions, including City University professors and school principals, did not trade it away....The renewal is part of a wider measure that extends 8 percent return assumptions for retirement plans for another year. Only three Assembly members voted against the bill, including Michael Fitzpatrick (R-Smithtown). No word yet on whether Paterson plans to sign it into law.


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