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FOR IMMEDIATE RELEASE
August 12, 2016

Tentative agreement reached to preserve CIRS defined benefit pension plan

On Wednesday, August 10, District Council 37 and its respective local unions representing employees of some museums, zoos, botanical gardens and day care centers in New York City reached a tentative agreement with the Cultural Institutions Group and the Day Care Council to preserve, protect and adequately fund the Cultural Institution Retirement System defined benefit pension plan.

Under the agreement, current pension benefits will be maintained for approximately 9,000 employees covered by the CIRS plan, including 1,200 DC 37 members. However, the agreement also calls for pension contributions from employees hired after Oct. 1, 2016, increased employer pension contributions, and increases retirement age from 62 to 64 for new hires only.

Without the increased funding and benefit changes, the CIRS Pension Plan faced serious underfunding. Under federal pension law, this would have led to drastic reductions in benefits.

“The members of the bargaining committee made the hard choices and took the responsible actions to protect our hard won benefits for all current employees and to preserve our pension benefits into the future,” said DC 37 Executive Director Henry Garrido.

The tentative agreement is subject to ratification by members enrolled in the CIRS plan.