Retirement Facts For CTA Workers

There are multiple ways that CTA workers should prepare for retirement through payroll deduction:

1. The Pension (available to Full-Time Permanent workers only). 
2. The 457(b) and 401(k) options. 
3. Various credit unions.

The Pension is described in every detail at the Pension Website. I highly recommend everyone get to know it, how it works. Whenever you hear a rumor about it, check this website: http://ctaretirement.org/. By the way, the same website has all the information you need to know about the wacky Retiree Health Care trust. 

Our Pension is superior to all other retirement programs at the CTA. Simply put, for every dollar taken from your paycheck, the CTA matches it by one dollar. Neither the 401(k) nor the 457(b) matches your money. 

Unfortunately, the Pension is severely underfunded (by less than 60%). Until we replace all the Part-Time jobs here with Full-Time—and get rid of the 1-year hiatus—I believe the negative trend has no chance of turning around.

Credit unions are in abundance. They seem to be very similar. Open an account for an emergency savings account with payroll deduction. This will be very important lifeline if you are seriously ill, injured or if we strike. So you might consider choosing one based on location.

Metropolitan L Federal Credit Union

South Shops Credit Union

74th Street Depot Credit Union

South Federal Credit Union

I am sure I left a few out. Please post what I missed in the comments.