Capital NY covered remarks made by the city's Chief Labor Negotiator Robert Linn who said the city would not be increasing the fund which set aside money to pay retroactive increases owed to UFT retirees.
Our contract has been reopened on this issue and UFT President Michael Mulgrew said he expects it to be resolved by Thanksgiving.
The city and UFT agreed that only $180 million would be needed to pay retroactive increases under our new contract in one lump sum payment for those who retired up through June 30, 2014. However, neither the city or the UFT expected so many UFT members to retire in an astounding bungle. They were caught off guard that so many teachers chose to retire in June instead of waiting until 2020 to get the new contract's full back pay.
Here are Linn's exact words:
"The limit of the fund is $180 million. The fund is a fund certain. The issue then is how to make payments, but the fund is $180 million," he said. "I'm not saying how it's going to be resolved. I'm saying the fund is $180 million. The fund will not change."
It is estimated they are about $50 million short.
Anyone want to guess how this gets resolved?