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Public
Employee Press Retirement
advice at culturals
The
union and management at the citys cultural institutions are encouraging
members to contact the Cultural Institutions Retirement System and consider a
new investment and planning program that could help handle their retirement savings.
The
program provides two new benefits, free online advice and fee-based financial
counseling.
In addition to traditional pensions, DC 37 members covered
by CIRS have 401(k) accounts established through collective bargaining in which
they invest from their pay and receive employer contributions.
Management
and labor have reviewed the new investment and planning program and agree that
it is a worthy plan for members to consider to help them better identify their
retirement goals and improve the earnings of their 401(k)s.
Currently,
many people leave their account on autopilot in what they believe is the safest
option, such as a stable fund with a guaranteed but low return, said White
Collar Division Director Michael Riggio. Over the years, that strategy usually
doesnt get you the biggest bang for the buck.
The new program,
he said, helps participants educate themselves and get ongoing help from a professional
financial adviser for a relatively modest fee. The retirement investment and planning
program is offered by CitiStreet Advisor Services.
Workers who choose the
full-service option are assigned a professional account manager, who helps them
develop a plan to meet their retirement goals and provides ongoing assessments
and recommendations. The maximum charge is $4.17 a month for every $10,000 in
the account. CIRS members may call 866-719-2477 for an enrollment form.
The
free personal online service uses a software program to provide participants with
an earnings and investment forecast and savings recommendations. The online program
is at http://cirs.csplans.com.
The
financial management program is open to members of locals 1306, 1501, 1502, 1559,
1665 and to Local 374 members at the Brooklyn, Queens and Manhattan botanical
gardens.
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