Some of the benefits of our recently-ratified contract are about to be realized. OLR has confirmed that for most of us, the ratification bonus will be paid on November 9th. For NYCHA attorneys, the ratification bonus pay date is November 16th. Retroactive wage increases relating back to 4/18/2021, 4/18/2022 and 4/18/2023 are confirmed for November 24th, except for NYCHA employees, whose retro pay date is November 30th. Salary increases and RIP changes are also expected for November 24th (November 30th for NYCHA), although we are told that “there may be certain instances where changes must be manually completed at the agency level that may result in a delay.”
Although OLR has not yet provided the Deferred Compensation Plan calendar showing how far in advance one must arrange an additional one-time increase in money to be deferred to minimize an immediate tax consequence, a call directly to Deferred Compensation [212-306-7760] advised that October 26th is the last day for increased deferral out of the November 9th ratification bonus check, and November 9th is the last date to schedule increased deferral for the November 24th retroactive check. We were told that the above can be best accomplished by first registering on their website www.voya.com/nycdcp. Please note that CSBA does not provide tax advice, and that you may wish to consult with your tax professional regarding the benefits and potential drawbacks of taking any such action.