Brothers and Sisters,
As you may know, many union-defined pension plans throughout the country are still facing hardships due to the 2008 – 2009 Great Recession.
Our brothers and sisters in the Michigan Regional Council of Carpenters and Millwrights are facing the realities of these hardships now. As a District Council, we can relate to this struggle because in 2008 and 2009, we saw our work hours suddenly drop as a result of the economic downturn.
Today, I am proud to announce that the actuarial consultant for the NYCDCC Pension Fund has reported that projections are positive and point towards our pension funding level increasing to 99.4% within this fiscal year. The most recent information about the status of our funds can be found by clicking this memo.
Please be aware that all members will be receiving a letter at the end of the month that will reflect last year’s pension status instead of the current 99.4%. We want to assure you that our current status is due to the proactive efforts this union has undertaken to better assess where we stand today. We encourage members to reach out with any questions they may have.
Under the current leadership team, our work hours have grown tremendously, and we will continue to deploy cutting-edge strategies to ensure our union is maintaining and growing our market share across New York City.
- 2014 – 21,944,498
- 2015 – 22,946,203
- 2016 – 24,266,338
- 2017 – 23,916,316
- 2018 – 25,073,231
- 2019 – 12,160,260 (through June)
By the end of 2019, we hope to achieve 25 million work hours, and our union is on the course to meet and possibly exceed that goal.
We have increased our work hours by making innovative changes which include advancing our training and embracing new technologies, remaining aggressive in every collective bargaining agreement and developing our first local union of high-rise concrete workers. Every decision we make here at the New York City & Vicinity District Council of Carpenters is to benefit our members. Our members are at the center of everything we do, and while some decisions are difficult to make, it is always in an effort to ensure that our union lives on.
Our progress is something our union can celebrate today, but we must stay vigilant because there will always be threats on the horizon. From the rise of open shop to new automation technology, there will be obstacles that can limit our progress.
We cannot control the twists and turns of the economy, but we can continue to find new innovative ways to make our union carpenters and contractors more competitive.
Together, we will make certain that our work hours are increasing and breaking through our expectations. Right now, public work in New York City is booming, making a positive impact on our union, but that will not always be the case. That is why leadership is being proactive in predicting the market forecast and will be prepared when the market turns to compete in the private market, ensuring that the District Council and its pension funds are healthy.
Together, we will continue with our progressive model to protect our jobs and make sure our members can provide for their families today and in the future.
This is what your leadership is focused on.
EST Joseph Geiger
New York City & Vicinity District Council of Carpenters