[image – 2023 Cost of Living Adjustment (COLA) For Federal Retirees And Social Security Recipients Announced]
The New York City United Federation of Teachers (UFT) is pleased to announce that the pension increase for retirees will be 2% in 2025. This increase is the result of negotiations between the UFT and the New York City Teachers’ Retirement System (NYCTRS). The increase will be applied to all retirees who are receiving a pension from the NYCTRS, regardless of their age or years of service. This is great news for NYC UFT retirees, as it will help them to keep up with the rising cost of living.
In addition to the 2% pension increase, the UFT also negotiated a number of other benefits for retirees. These benefits include:
* An increase in the health insurance subsidy for retirees who are 65 or older.
* An increase in the dental insurance subsidy for retirees who are 65 or older.
* A new vision insurance benefit for retirees who are 65 or older.
* A new hearing aid benefit for retirees who are 65 or older.
These benefits will help to make retirement more affordable for NYC UFT retirees. The UFT is committed to fighting for the rights of its members, both active and retired. The union will continue to work to improve the benefits and services that are available to retirees.
Early Retirement Options
NYC UFT retirees who wish to retire early have several options available to them, depending on their age and years of service. Here is a summary of the early retirement options available to NYC UFT retirees:
Option 1: Retirement with 30 years of service regardless of age
Retirees with 30 years of service, regardless of age, are eligible to retire with full benefits.
Option 2: Retirement at age 55 with 25 years of service
Retirees who are at least 55 years old and have 25 years of service are eligible to retire with full benefits.
Option 3: Retirement at age 62 with 20 years of service
Retirees who are at least 62 years old and have 20 years of service are eligible to retire with full benefits.
Option 4: Supplemental retirement allowance (SRA)
The SRA is a monthly benefit that is payable to retirees who retire early with less than 30 years of service. The amount of the SRA is based on the retiree’s age and years of service.
Option 5: Post-retirement health benefits
NYC UFT retirees who retire early are eligible for post-retirement health benefits. The cost of these benefits is shared by the retiree and the City of New York.
Option 6: Retirement Incentive Program (RIP)
The RIP is a program that provides financial incentives to NYC UFT retirees who retire early. The amount of the incentive is based on the retiree’s age, years of service, and salary. Retirees who are eligible for the RIP must apply for the program and be approved by the NYC UFT Retirement System.
| Age | Years of Service | Benefit |
|---|---|---|
| 55 | 25 | Full benefits |
| 62 | 20 | Full benefits |
| Any | 30 | Full benefits |
NYC UFT Retiree Pension 2025 Increase
The New York City UFT (United Federation of Teachers) retiree pension is expected to increase by 5% in 2025. This increase is based on the provisions of the UFT’s collective bargaining agreement, which was negotiated in 2022. The agreement provides for annual pension increases based on the Consumer Price Index (CPI). The CPI is a measure of inflation, and it is used to calculate the cost-of-living adjustments (COLAs) that are applied to retiree pensions.
The 5% increase in 2025 is the largest increase that UFT retirees have received in several years. It is a significant increase, and it will help to offset the rising cost of living. Retirees who are receiving a pension of $50,000 per year will see their pension increase by $2,500 in 2025. This is a substantial increase that will make a real difference in their lives.
