Pension board teacher-candidate has long history of involvement
Paul Farfaglia, a teacher and labor leader in central New York, is NYSUT's endorsed candidate to be one of three teacher-members on the New York State Teachers' Retirement System Board. The election will be held at the annual TRS convention Nov. 9-10 in Saratoga Springs.
NYSUT's Representative Assembly unanimously endorsed Farfaglia last spring to fill an open seat due to the retirement of long-time board member Joseph McLaughlin of Harrison, Westchester County. The other two members are Sheila Salenger of Wappingers Falls and Mike Corn of New Hartford.
Farfaglia, president of Jordan-Elbridge Teachers Association for the last 20 years, offers some thoughts on his candidacy:
"I am a Tier 4 member who has been active in NYSUT and the world of pension and retirement.
For many years I have chaired the NYSUT Representative Assembly's Resolutions Committee for Pension and Retirement.
I became a member of NYSUT's Pension and Retirement Committee in 2001, serving as chair for the last several years.
As committee chair, I attend quarterly meetings of the TRS Board where I have witnessed the talent and skill we have working for us.
I am impressed with the performance of the system and the work of our teacher-members on the board of trustees.
I view the trustee position as having two parts. Primarily, a trustee is responsible to act as a fiduciary for the system.
As a NYSUT member, a trustee should do the best job practicable in seeing that the investments of the system are handled by groups whose practices are consistent with NYSUT's social justice policies as well as labor policies.
These issues are important but should not compromise the fiduciary responsibility of the trustee.
The other important part is communication with NYSUT members. Providing information about TRS is a big part of this; however, it is important to encourage members to take an active interest in their pension benefit.
As a local president I have too often seen members approach retirement without being fully prepared.
Understanding the system early on provides a member with the tools necessary to make well-informed decisions.
I encourage every member to get politically active — the pension system is regulated and protected legislatively.
We need to seek improvements in many areas: tier equity legislation for those of us who paid the 3 percent contribution beyond 10 years; out-of-state credit; private-school credit; and 55/25. Although the system has remained healthy during the current financial crisis, it has in- creased pressure to create a new Tier 5 and make it impossible to win new benefits for all of us.
We must remain vigilant and politically active as this would seriously set back our legislative agenda and make it nearly impossible to gain improvements.
Regardless of our goal, we can only achieve it if we all work together through VOTE-COPE, Committee of 100 and by meeting at home with our local legislators.
Working on behalf of all our members, I'm committed to this cause and would be honored to be part of the team that leads us to success."
