Dependent Care Reimbursement Fund

The fund, established in 1994 as part of the CWA / Verizon Collective Bargaining Agreement, was created to help employees pay portion of their child or elder care expenses. There have been changes to the original established fund.  If you are currently not enrolled and meet the requirements and need further information or forms, please see your shop Steward or you may access the website at:

www.regionalwfrc.com

or call Beth Boland at 631-654-1108 for further information.

Key Points to Know:

• Have at least six (6) months of Net Credit Service.
• Fund has increased form $50,000 to $100,000 total household income.
• Weekly reimbursement has increased from $50.00 to $75.00 weekly per dependent.
• Reimbursement for summer day camp / care is part of the fund for the months of June, July and August
• Reimbursement for a spouse or dependent who is physically and/or mentally unable to care for himself or herself.
• In order to collect any money from the fund, you must be at work.
• The fund is a tax-free benefit and eligible dependants are defined by I.R.S rules and regulations.
  
  

The Verizon 401k is a very valuable benefit that members should take full advantage of.  The plan enables employees to save for their own retirement in conjunction with their company pension.  Employees can opt to invest up to 16% of their base salary every week. CWA has fought hard and bargained with Bell Atlantic to match 80% of the first 6% of every dollar you invest.

Weekly          6% of           80% company        Additional 10%       Weekly        AVG. Monthly
salary     weekly pay     match (free money)     Contribution       Savings             Savings
$500                 $30                     $24                        $50                   $104                  $450
$1000               $60                     $48                        $100                 $208                   $901

Brothers and Sisters this is free money that is yours for the taking.  Any financial advisor would agree that employees who do not take advantage of this plan are short changing themselves of a possible early and comfortable retirement.  Do not depend on this company for your full retirement.  As we speak there are company executives looking to cut your pension to a level of substandard living.  These executives are corporate raiders looking to line their pockets with the moneys that we the members have swatted for.  Just ask any recent retiree how the company treats it’s employees once they no longer can hurt them.  Thanks to a campaign spearheaded by Ed Creegan, retirees finally got a raise after 8 long years.  The moral of the story is that we as Brothers and Sisters need to protect our pensions, but also actively take a role in subsidizing our retirement income.

Just to see the power that this 401k plan has, take a look at the chart below that estimates an employee’s retirement nest egg after 30 years of service.  It is modeled after an employee who is 30 years old, has $10,000 in initial savings.  Plans on retiring at 60yrs of age and earns a 14% return on his investment.

Monthly Contribution: $600.00
Adjust Income For: 3% Inflation
Current Age: 30 yrs
Retirement Age: 60 yrs
Current Return on Savings: 14%

Verizon has a tuition reimbursement program that is probably one of the best resources available to our members.  Bell Atlantic will pay 100% of your tuition up to a maximum of $10,000 per year for your to attend just about any learning institution you could think of.  Education is the key to our future, we as members should take full advantage of this benefit and educate ourselves.
Please Refer All Questions To:

Verizon Assistance
Plan Administrator
7 Metrotech Center, 9th fl.
Brooklyn, NY 11201
Telephone # 1-718-237-5282 

C.W.A Long Island Federal Credit Union
841 Portion Road, Suite H
Ronkonkoma, New York 11779
Phone: (631) 585-4600

They offer a complete line of Banking Services to our members:

Checking/Savings Accounts
New/Used Car Loans
Personal Loans
Student Loans
Visa Cards

(All Loans and Accounts are directly deposited from your paycheck for your convenience)

The 1993 Family and Medical Leave Act allows eligible employees to take up to 12 weeks of unpaid leave in a 12 month period.  The leave can be taken for the birth, adoption or foster placement of a child, the care of a family member with a serious health condition or the employee's own serious health condition.

What is a "serious health condition''?

The act does not specifically define this term.  At present, the Department of Labor has defined it as involving the following circumstances, any illness, injury or physical or mental condition that involves:
      (a) inpatient care in a medical facility or
      (b) incapacity requiring 3 days' absence from work, school or other daily activities and
      (c) supervision or continuing treatment by a health care provider, or
      (d) a chronic, long-term or incurable condition which is under the care, supervision or
            treatment of a health care provider and if untreated would result in at least 3 day's incapacity from work or other daily activities.

FMLA is a powerful tool that can be used to protect our members.  It is a valuable asset to any employee or family member who may have a reoccurring illness and or medical condition. An approved FMLA case is not subject to the disciplinary actions of the Absence Control Plan (i.e. you cannot be stepped while on an approved leave).  All  paperwork must filled out and signed by your doctor as soon as practical.

*By law FMLA papers must be sent to you on the third day of any absence.