Public Employee Press

Retirement advice at culturals

The union and management at the city’s 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 doesn’t 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.