West Virginia Annuity News

Mayor Bloomberg Announces Tentative Agreement With The Uniformed Firefighters’ Association

Mayor Michael R. Bloomberg and Uniformed Firefighters’ Association (UFA) President Stephen J. Cassidy today announced that a tentative contract settlement has been reached on a collective bargaining agreement covering the period from August 1, 2006 through July 31, 2008. The agreement covers two years, and it includes an 8.16% wage increase and a significantly improved salary structure for newly hired employees including those hired after the first class of 2006. When a uniform differential of 1.5% is factored in, total compensation increases by almost 10%. Under the agreement, the salary for rookie Firefighters is increased by $10,000 to $35,000. The agreement is funded, in part, through productivity enhancements and other measurable savings.  This settlement establishes the parameters for this round of bargaining with the uniformed services.

“This is a great example of a union coming to the table and making a good faith effort to reach an agreement,” said Mayor Bloomberg. “By working together the City and the UFA have provided for raises for union members. We want to give equitable wage increases to all City employees. I am pleased this contract does that in an especially important area, the pay for rookie Firefighters.” Read more at nyc.gov.

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	Did You Know?
	A variable annuity has two phases: an accumulation phase and a payout phase. During the accumulation phase, you make purchase payments, which you can allocate to a number of investment options. For example, you could designate 40% of your purchase payments to a bond fund, 40% to a U.S. stock fund, and 20% to an international stock fund. The money you have allocated to each mutual fund investment option will increase or decrease over time, depending on the fund's performance.