Public Employee Press

DC 37 Annuity Fund assets increase to $78 million

The assets of the DC 37 AFSCME Annuity Fund have grown from $50 million to $78 million over the last six years.

In the 2011 fiscal year, which ended June 30, the plan earned 10.31 percent, after accounting for administrative expenses, and its assets increased by $8 million.

In August, the union sent annual statements to the 62,913 members who have accounts in the plan.

The plan was established under the 1995-2000 economic agreement, which called for the city to contribute up to $522 into employees' personal accounts. That basic investment has grown to $796.62.

About 8,000 account holders have significantly higher nest eggs - up to $16,000 - because their locals allocated additional funds available under some DC 37 contracts to recurring payments into the annuity.

The fund is now closed to new city employees, except for those who are represented by locals with a recurring annuity.

Each year, many annuity members' year-end statements are returned as undeliverable. If you believe you are covered and you did not receive a statement, or if you have questions about the fund and your account, contact the fund office at 212-815-1888.