Public Employee Press

Annuity Fund grows to $70 million

The assets of the DC 37 annuity fund grew from $50 million to $70 million over the last five years. In the 2010 fiscal year, which ended June 30, the plan earned 10.13 percent, after accounting for administrative expenses.

In August, the union sent annual statements to the 64,564 members who have accounts in the DC 37 AFSCME Annuity Fund.

The plan was established under the 1995-2000 economic agreement, which called for the city to contribute up to $522 to municipal employees' personal accounts. That basic investment has grown to $719.54.

About 7,000 account holders have significantly higher nest eggs (as much as $10,000) because their locals allocated additional funds available under some DC 37 economic agreements toward recurring payments into the annuity.

The fund is now closed to new city employees unless they are in locals with recurring annuities.

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

Drug benefit offers personal consultation

Upset about the cost of your prescription drugs?

You can learn ways to save through a personalized consultation program offered by Innoviant, which administers the union's prescription benefit.

The free Wise Choice Rx program reviews your prescription medications and offers suggestions for savings. To participate, schedule a telephone consultation by calling 877-809-6006. The Innoviant rep will examine the prescriptions you take and discuss your options for paying less.

The options typically include:

• Generic drugs, which cost less yet provide the same quality as brand names.
• Preferred drugs on the plan's list of medications that cost less than other brand-name drugs.
• The mail-order pharmacy, which sends medicine to your home and may save you money on co-payments.
• The tablet-splitting program, which identifies certain medications that you can get with higher dosages than your current Prescription. By splitting the higher- dosage tablets, you get 60 days of medication for your regular 30-day co-pay.

Information provided through Wise Choice Rx educates you about cost-saving measures. You should discuss the results of your consultation with your physician to determine whether the suggestions are appropriate for you.

Older students must register in order to receive benefits

Members' children between 19 and 23 are eligible to receive union welfare benefits if they are enrolled in school.

To get benefits, they must notify the DC 37 Health and Security Plan that they are full-time students who are, for example, going to college, attending vocational school or completing high school. Students must provide H&S with a letter from their school verifying their enrollment.

The letter should be faxed to the Eligibility Enrollment Unit at 212-815-1649 or mailed to the DC 37 Health and Security Plan, 125 Barclay St., 8th Floor, New York, NY 10007 (attn: EEU). Please call the H&S Inquiry Unit at 212-815-1234 with questions about coverage.

—GNH