While the 1199SEIU Benefitand Pension, Training andEmployment, and Child CareFunds all provide differentbenefits, they are provided tothe very same members. Sincethe Funds use similar organiza-tional functions to deliverthese benefits, there is signifi-cant overlap in the Funds’administrative work.

That’s why the employergroups and the Union aresupporting an “all Funds”approach that would stream-line the Funds’ work, usingthe same systems to moreeffectively and efficientlydeliver services to both mem-bers and employers. Together,the Family of Funds collective-ly administers 20 Funds thatcover a range of needs acrossthe industry, including hospi-tals, nursing homes and homecare. Because the Funds workso closely together, it makes

sense to improve their opera-tions by integrating adminis-trative departments and elimi-nating duplication of work.The Funds already share fourcommon departments – Legal,Contracts and Collections, Com-munications, and Investments.

Through the fall, the CrossFunds Steering Committee –which includes Union andManagement Trustees as wellas the Executive Directors ofthe three umbrella Funds –examined ways to combineand manage common adminis-

trative functions. By the end ofthe year, the Funds will alsoshare Accounting and Finance,Audit, Facilities, Fraud andSecurity, Human Resources,and Information Technologydepartments, dramatically im-proving the ways the Fundsoperate and provide servicesto members and employers.

Winter 2006-2007

1199SEIU Family of Funds330 West 42nd StreetNew York, NY 10036-6977

First ClassU.S. Postage

PAIDNew York, NY

Permit No. 3700

IN THIS ISSUE . . .Protecting Our Health Reaches More Than 10,000 Members . . . . . 2

GNY Education Fund Provides theTraining and Support Workers and Nursing Homes Need . . . . . . . 3

Are Your New EmployeesReceiving Their Health Benefits? . . 4

Record Number of Members Register for Child Care Benefits . . . 4

Child Care Gala Meets Fundraising Goal . . . . . . . . . . . . . . 5

Nursing Scholarships Addressthe Shortage . . . . . . . . . . . . . . . . . 6

Scholarship and Camp Opportunitiesfor Members’ Children . . . . . . . . . 6

Cross Funds Administrative InitiativeEnhances Efficiency and Provides Better

Service to Members and Employers

Together, the Family

of Funds collectively

administers 20 Funds

that cover a range of

needs across the industry,

including hospitals,

nursing homes and

home care.

Winter 2006-2007 EMPLOYER NEWS 7

LETTER FROM THEEXECUTIVE DIRECTORS

We’re all aware of the challenges facing the

healthcare industry. In the wake of the Berger

Commission’s recommendations for the restructuring

and closing of nursing homes and hospitals,

we know that facilities are making extra efforts to

use their resources as effectively as possible. The

Family of Funds is no exception.

In this edition, you’ll read about

how the Funds are streamlining

common administrative functions

across the Benefit and Pension,

Training and Employment and

Child Care Funds to provide

more services more efficiently to

1199SEIU members and employers.

You’ll also read about the valuable programs that

the Greater New York Education Fund is offering to

nursing homes and nursing home workers, how the

Child Care Fund is supporting 1199SEIU families, and

programs 1199SEIU parents can take advantage of

now for the coming year.

We’re all in the business of caring. By giving nursing

home workers the support they need, we’re ultimate-

ly improving the level of patient care together.

Sincerely,

2 EMPLOYER NEWS Winter 2006-2007

Mitra BehrooziExecutive Director

Benefit and Pension Funds

Deborah KingExecutive Director

Training and Employment Funds

Vivian FoxExecutive Director

Child CareFunds

IntroductionThis notice, which federal law requires allmultiemployer plans to send annually,includes important information about thefunding level of the 1199SEIU GreaterNew York Pension Fund, EIN 13-6601940,PN 001 (Plan). This notice also includesinformation about rules governing insol-vent plans and benefit payments guaran-teed by the Pension Benefit GuarantyCorporation (PBGC), a federal agency.This notice is for the plan yearbeginning January 1, 2005 and endingDecember 31, 2005 (Plan Year).

Plan’s Funding LevelThe Plan’s “funded current liabilitypercentage” for the Plan Year was61.8%. In general, the higher thepercentage, the better funded the plan.The funded current liability percentage,however, is not indicative of how well aplan will be funded in the future or if itterminates. Whether this percentage willincrease or decrease over time dependson a number of factors, including howthe plan’s investments perform, whatassumptions the plan makes about ratesof return, whether employer contributionsto the fund increase or decline, andwhether benefits payments from the fundincrease or decline.

Plan’s Financial InformationThe market value of the Plan’s assets asof January 1, 2006 was $459,008,417.The total amount of benefit paymentsfor the Plan Year was $29,603,276. Theratio of assets to benefit payments is 15.5.This ratio suggests that the Plan’s assetscould provide for approximately 15.5years of benefit payments in annualamounts equal to what was paid out inthe Plan Year. However, the ratio does nottake into account future changes in totalbenefit payments or plan assets.

Rules Governing Insolvent PlansFederal law has a number of specialrules that apply to financially troubledmultiemployer plans. Under so-called“plan reorganization rules,” a plan withadverse financial experience may needto increase required contributions andmay, under certain circumstances, reducebenefits that are not eligible for the

PBGC’s guarantee (generally, benefitsthat have been in effect for less than 60months). If a plan is in reorganizationstatus, it must provide notification thatthe plan is in reorganization status andthat, if contributions are not increased,accrued benefits under the plan may bereduced or an excise tax may be imposed(or both). The law requires the plan tofurnish this notification to each contribut-ing employer and the labor organization.

Despite the special plan reorganizationrules, a plan in reorganization neverthe-less could become insolvent. A plan isinsolvent for a plan year if its availablefinancial resources are not sufficient topay benefits when due for the plan year.An insolvent plan must reduce benefitpayments to the highest level that can bepaid from the plan’s available financialresources. If such resources are notenough to pay benefits at a level specifiedby law (see Benefit Payments Guaranteedby the PBGC, below), the plan mustapply to the PBGC for financialassistance. The PBGC, by law, will loanthe plan the amount necessary to paybenefits at the guaranteed level. Reducedbenefits may be restored if the plan’sfinancial condition improves.

A plan that becomes insolvent mustprovide prompt notification of the insol-vency to participants and beneficiaries,contributing employers, labor unionsrepresenting participants, and PBGC. Inaddition, participants and beneficiariesalso must receive information regardingwhether, and how, their benefits willbe reduced or affected as a result of theinsolvency, including loss of a lump sumoption. This information will be providedfor each year the plan is insolvent.

Benefit Payments Guaranteed bythe PBGCThe maximum benefit that the PBGCguarantees is set by law. Only vestedbenefits are guaranteed. Specifically, thePBGC guarantees a monthly benefit pay-ment equal to 100 percent of the first $11of the Plan’s monthly benefit accrual rate,plus 75 percent of the next $33 of theaccrual rate, times each year of creditedservice. The PBGC’s maximum guarantee,

therefore, is $35.75 per month times aparticipant’s years of credited service.

Example 1: If a participant with 10years of credited service has an accruedmonthly benefit of $500, the accrual ratefor purposes of determining the PBGCguarantee would be determined bydividing the monthly benefit by theparticipant’s years of service ($500/10),which equals $50. The guaranteedamount for a $50 monthly accrual rateis equal to the sum of $11 plus $24.75(.75 x $33), or $35.75. Thus, the partici-pant’s guaranteed monthly benefit is$357.50 ($35.75 x 10).

Example 2: If the participant in Example1 has an accrued monthly benefit of$200, the accrual rate for purposes ofdetermining the guarantee would be $20(or $200/10). The guaranteed amountfor a $20 monthly accrual rate is equalto the sum of $11 plus $6.75 (.75 x $9), or$17.75. Thus, the participant’s guaranteedmonthly benefit would be $177.50($17.75 x 10).

In calculating a person’s monthly pay-ment, the PBGC will disregard any benefitincreases that were made under the planwithin 60 months before the earlier of theplan’s termination or insolvency. Similarly,the PBGC does not guarantee pre-retirement death benefits to a spouse orbeneficiary (e.g., a qualified pre-retire-ment survivor annuity) if the participantdies after the plan terminates, benefitsabove the normal retirement benefit,disability benefits not in pay status, ornon-pension benefits, such as healthinsurance, life insurance, death benefits,vacation pay, or severance pay.

Where to Get More InformationFor more information about this notice,you may contact the Fund Office at 330West 42nd Street, New York, NY 10036, orcall (646) 473-8666. For more informationabout the PBGC and multiemployerbenefit guarantees, go to PBGC's website, www.pbgc.gov, or call PBGC toll-freeat (800) 400-7242. (TTY/TDD users maycall the Federal relay service toll free at(800) 877-8339 and ask to be connectedto (800) 400-7242.)

Annual Funding Notice for the 1199SEIU Greater New York Pension Fund

Benefit Fund’sProtecting Our

Health ProgramReaches More Than

10,000 Members

Throughout the fall, more than 10,0001199SEIU members took part in theBenefit Fund’s Protecting Our Healthmeetings, nutritional workshops andhealth fairs. These events are teaching1199SEIU members to adopt healthierlifestyles through diet, exercise, ongo-ing relationships with their doctors,and regular preventive screenings andwill hopefully go a long way towardreducing healthcare costs associatedwith treating chronic conditions.

Due to popular

demand, more

Protecting Our Health

programs are being

scheduled for January

and later dates.

For more information on ProtectingOur Health, speak to your OutreachCoordinator or contact the OutreachDepartment at (646) 473-6930.

6 EMPLOYER NEWS Winter 2006-2007

If your nursing home employees aren’t alreadytaking advantage of the Greater New YorkEducation Fund’s cost-effective training and educa-tional programs, there are many opportunitiesavailable. A joint partnership between the Unionand 233 contributing employers, the Greater NewYork Education Fund is a resource that ensuresnursing homes and nursing home workers havethe support and skills they need to provide the high-est quality care. And in addition to low-costtraining, the Education Fund also provides facilitieswith grant-funded training programs designedspecifically for nursing home staff, including geron-tology, customer service, palliative care, basic lifesupport, emergency readiness, wound care, CNAreview and more. These programs also includereimbursement for staff replacement so thatnursing homes aren’t left short-staffed whileworkers are in training.

Through the Fund, 1199SEIU nursing home workerscan take advantage of:

• One-on-one registration, counseling, and assessment

• Preparatory classes and programs includingbasic education, GED, college, English as a Second Language and Citizenship courses

• College tuition assistance and college programs in health care fields for workers looking to build new skills and upgrade to new positions.

For more information on accessing the 1199SEIUGreater New York Education Fund’s programs, contactJose Matta at (212) 494-0534.

The Greater New York Educat ion Fund:Providing the Training and SupportWorkers and Nursing Homes Need

Winter 2006-2007 EMPLOYER NEWS 3

It’s registration time for 1199SEIU families to applyfor academic scholarships and summer camp slots.Last year, more than 200 Greater New Yorkcollege students received financial support throughthe Joseph Tauber Scholarship Program, and 52Greater New York children aged 9 to 15 attendedovernight summer camps through the Anne ShoreCamp Program.

For more information on the Joseph TauberScholarship Program, call (646) 473-8999. Forinformation on the Anne Shore Camp Program,call (646) 473-6925.

Nursing Scholarships HelpAddress the Shortage

The Funds are working to address one of the health-care industry’s highest priorities – the ongoing nursingshortage. To help create a new pool of qualifiednurses, the 1199SEIU Next Generation RN Scholarshipprogram offers support to children of members in theclinical phase of a nursing program. To ensure academicsuccess, students receive financial support through aBenefit Fund scholarship, and a free N-CLEX nurse-licensing review course through the Training andEmployment Funds.

Applications are available now and must be submittedby the third week of March, 2007, for the followingacademic year. For more information, call (646) 473-6920.

Scholarship and Camp Opportunities Available Now for Children of

1199SEIU Members

SUPPORTING THE NEXT GENERATION OF HEALTHCARE WORKERS:1199SEIU MEMBERS CAN APPLY NOW FOR FAMILY PROGRAMS

1199SEIU members can access on-site training near where they liveor work at these Training Sites:

Manhattan - Main Office330 West 42nd Street - 2nd Fl.New York, NY 10036(212) 643-9340

Brooklyn25 Elm PlaceBrooklyn, NY 11201(718) 797-2109

Bronx2501 Grand Concourse &Fordham Road - 3rd Fl.Bronx, NY 10458(718) 562-3667

Staten Island790 Port Richmond AvenueStaten Island, NY 10302(718) 448-7482

Long Island50 Charles Lindbergh Blvd, 6th Fl.Uniondale, NY 11553(516) 465-4201

White Plains99 Church Street - 4th Fl.White Plains, NY 10601(914) 993-6607

Albany155 Washington AvenueAlbany, NY 12210(518) 434-1301

New Jersey 555 Route 1 South - 3rd Fl.Iselin, NJ 08830(866) 927-1199

New Jersey 134 Evergreen Place - 9th Fl.East Orange, NJ 07018(973) 677-3355

Last year, more than 200

Greater New York college

students received financial

support through the Joseph

Tauber Scholarship Program,

and 52 Greater New York

children attended overnight

summer camps through

the Anne Shore

Camp Program.

4 EMPLOYER NEWS Winter 2006-2007 Winter 2006-2007 EMPLOYER NEWS 5

In June 2007, the Child Care Subsidy/TANF Grant,which has provided over $22 million to help low-income 1199SEIU parents and communities accessaffordable and quality child care, will end. Theloss of this funding will leave many low-income1199SEIU and other parents without dependable,affordable child care.

To make sure that these parents have access to theservices they need, the Child Care Fund, throughthe non-profit Child Care Corporation, sponsoredthe first annual “Care For Kids” awards gala andfundraiser on December 5. The gala celebratedthe Fund’s 15 years of service to working familiesand raised money to continue programs for low-income parents.

While the final total is not yet available, pledgesand contributions suggest that the event wassuccessful in meeting its fundraising goals, largelydue to the healthcare industry, business and

community leaders who have shown their supportfor the Fund’s programs. Michelle Miller Morial,CBS Senior News Correspondent and former FirstLady of New Orleans, served as Mistress ofCeremonies. Vernon Hill, Founder, President, andCEO of Commerce Bank, chaired the event, and1199SEIU President Dennis Rivera and League ofVoluntary Hospitals and Homes of NY PresidentBruce McIver served as Honorary Co-Chairs.

In addition to raising dollars for affordable childcare programs, the event honored three individu-als who have dedicated themselves to educatingand advocating for children with the first annual“Care For Kids” award. The recipients of the inau-gural awards are: Geoffrey Canada, FoundingPresident of the Harlem Children’s Zone andauthor; Linda Dunham, Chairman of the Board ofTrustees of Ronald McDonald House of Charities;and Maria Elena Girone, President and CEO,Puerto Rican Family Institute.

Employers, Community and BusinessLeaders Help Child Care Gala

Meet Fundraising Goal

Record Number ofMembers Register for

Child Care Benefits

During the two-month fall registration process, ChildCare Fund staff interviewed and registered a recordnumber of 1199SEIU children for programs beginningin 2007, an estimated increase of 7%.

Affordable child care is just one of the manybenefits the Child Care Fund offers 1199SEIU parentsand their children. The Fund also provides education-al, recreational and special needs programs, learningcenters, professional development training andsummer day and sleepaway camps, cultural artsprograms, workshops and resource and referralservices, with the goal of giving the next generationand their parents the support they need to succeed atschool and in the workplace.

For more information about the Child CareFund’s programs, call (212) 564-2220 or visitwww.1199gnyccf.org.

Are Your NewEmployees

Receiving TheirHealth Benefits?

Even if you are reporting wagesand paying contributions for newemployees in 1199SEIU bargainingunits, they are not eligible forhealth benefits until they enroll inthe Greater New York Benefit Fund.You can help the Benefit Fund makesure these new hires are receivingthe coverage that your contributionspay for.

If you are submitting wage reportselectronically, the Fund already hasthe information we need to contactthese members and help themenroll. If you are not submittingelectronically, you can ensure thatnew hires in 1199SEIU bargainingunits are receiving their healthbenefits by submitting a “newhire” report along with your month-ly wage report. The report shouldlist each new employee’s name,social security number, date of hire,date of birth, and home addressand phone. Our staff will follow upwith each member.

You should also remind your newhires to fill out an EnrollmentForm, if they haven’t already.Forms are available online atwww.1199nbf.org and from yourOutreach Coordinator.

4 EMPLOYER NEWS Winter 2006-2007 Winter 2006-2007 EMPLOYER NEWS 5

In June 2007, the Child Care Subsidy/TANF Grant,which has provided over $22 million to help low-income 1199SEIU parents and communities accessaffordable and quality child care, will end. Theloss of this funding will leave many low-income1199SEIU and other parents without dependable,affordable child care.

To make sure that these parents have access to theservices they need, the Child Care Fund, throughthe non-profit Child Care Corporation, sponsoredthe first annual “Care For Kids” awards gala andfundraiser on December 5. The gala celebratedthe Fund’s 15 years of service to working familiesand raised money to continue programs for low-income parents.

While the final total is not yet available, pledgesand contributions suggest that the event wassuccessful in meeting its fundraising goals, largelydue to the healthcare industry, business and

community leaders who have shown their supportfor the Fund’s programs. Michelle Miller Morial,CBS Senior News Correspondent and former FirstLady of New Orleans, served as Mistress ofCeremonies. Vernon Hill, Founder, President, andCEO of Commerce Bank, chaired the event, and1199SEIU President Dennis Rivera and League ofVoluntary Hospitals and Homes of NY PresidentBruce McIver served as Honorary Co-Chairs.

In addition to raising dollars for affordable childcare programs, the event honored three individu-als who have dedicated themselves to educatingand advocating for children with the first annual“Care For Kids” award. The recipients of the inau-gural awards are: Geoffrey Canada, FoundingPresident of the Harlem Children’s Zone andauthor; Linda Dunham, Chairman of the Board ofTrustees of Ronald McDonald House of Charities;and Maria Elena Girone, President and CEO,Puerto Rican Family Institute.

Employers, Community and BusinessLeaders Help Child Care Gala

Meet Fundraising Goal

Record Number ofMembers Register for

Child Care Benefits

During the two-month fall registration process, ChildCare Fund staff interviewed and registered a recordnumber of 1199SEIU children for programs beginningin 2007, an estimated increase of 7%.

Affordable child care is just one of the manybenefits the Child Care Fund offers 1199SEIU parentsand their children. The Fund also provides education-al, recreational and special needs programs, learningcenters, professional development training andsummer day and sleepaway camps, cultural artsprograms, workshops and resource and referralservices, with the goal of giving the next generationand their parents the support they need to succeed atschool and in the workplace.

For more information about the Child CareFund’s programs, call (212) 564-2220 or visitwww.1199gnyccf.org.

Are Your NewEmployees

Receiving TheirHealth Benefits?

Even if you are reporting wagesand paying contributions for newemployees in 1199SEIU bargainingunits, they are not eligible forhealth benefits until they enroll inthe Greater New York Benefit Fund.You can help the Benefit Fund makesure these new hires are receivingthe coverage that your contributionspay for.

If you are submitting wage reportselectronically, the Fund already hasthe information we need to contactthese members and help themenroll. If you are not submittingelectronically, you can ensure thatnew hires in 1199SEIU bargainingunits are receiving their healthbenefits by submitting a “newhire” report along with your month-ly wage report. The report shouldlist each new employee’s name,social security number, date of hire,date of birth, and home addressand phone. Our staff will follow upwith each member.

You should also remind your newhires to fill out an EnrollmentForm, if they haven’t already.Forms are available online atwww.1199nbf.org and from yourOutreach Coordinator.

6 EMPLOYER NEWS Winter 2006-2007

If your nursing home employees aren’t alreadytaking advantage of the Greater New YorkEducation Fund’s cost-effective training and educa-tional programs, there are many opportunitiesavailable. A joint partnership between the Unionand 233 contributing employers, the Greater NewYork Education Fund is a resource that ensuresnursing homes and nursing home workers havethe support and skills they need to provide the high-est quality care. And in addition to low-costtraining, the Education Fund also provides facilitieswith grant-funded training programs designedspecifically for nursing home staff, including geron-tology, customer service, palliative care, basic lifesupport, emergency readiness, wound care, CNAreview and more. These programs also includereimbursement for staff replacement so thatnursing homes aren’t left short-staffed whileworkers are in training.

Through the Fund, 1199SEIU nursing home workerscan take advantage of:

• One-on-one registration, counseling, and assessment

• Preparatory classes and programs includingbasic education, GED, college, English as a Second Language and Citizenship courses

• College tuition assistance and college programs in health care fields for workers looking to build new skills and upgrade to new positions.

For more information on accessing the 1199SEIUGreater New York Education Fund’s programs, contactJose Matta at (212) 494-0534.

The Greater New York Educat ion Fund:Providing the Training and SupportWorkers and Nursing Homes Need

Winter 2006-2007 EMPLOYER NEWS 3

It’s registration time for 1199SEIU families to applyfor academic scholarships and summer camp slots.Last year, more than 200 Greater New Yorkcollege students received financial support throughthe Joseph Tauber Scholarship Program, and 52Greater New York children aged 9 to 15 attendedovernight summer camps through the Anne ShoreCamp Program.

For more information on the Joseph TauberScholarship Program, call (646) 473-8999. Forinformation on the Anne Shore Camp Program,call (646) 473-6925.

Nursing Scholarships HelpAddress the Shortage

The Funds are working to address one of the health-care industry’s highest priorities – the ongoing nursingshortage. To help create a new pool of qualifiednurses, the 1199SEIU Next Generation RN Scholarshipprogram offers support to children of members in theclinical phase of a nursing program. To ensure academicsuccess, students receive financial support through aBenefit Fund scholarship, and a free N-CLEX nurse-licensing review course through the Training andEmployment Funds.

Applications are available now and must be submittedby the third week of March, 2007, for the followingacademic year. For more information, call (646) 473-6920.

Scholarship and Camp Opportunities Available Now for Children of

1199SEIU Members

SUPPORTING THE NEXT GENERATION OF HEALTHCARE WORKERS:1199SEIU MEMBERS CAN APPLY NOW FOR FAMILY PROGRAMS

1199SEIU members can access on-site training near where they liveor work at these Training Sites:

Manhattan - Main Office330 West 42nd Street - 2nd Fl.New York, NY 10036(212) 643-9340

Brooklyn25 Elm PlaceBrooklyn, NY 11201(718) 797-2109

Bronx2501 Grand Concourse &Fordham Road - 3rd Fl.Bronx, NY 10458(718) 562-3667

Staten Island790 Port Richmond AvenueStaten Island, NY 10302(718) 448-7482

Long Island50 Charles Lindbergh Blvd, 6th Fl.Uniondale, NY 11553(516) 465-4201

White Plains99 Church Street - 4th Fl.White Plains, NY 10601(914) 993-6607

Albany155 Washington AvenueAlbany, NY 12210(518) 434-1301

New Jersey 555 Route 1 South - 3rd Fl.Iselin, NJ 08830(866) 927-1199

New Jersey 134 Evergreen Place - 9th Fl.East Orange, NJ 07018(973) 677-3355

Last year, more than 200

Greater New York college

students received financial

support through the Joseph

Tauber Scholarship Program,

and 52 Greater New York

children attended overnight

summer camps through

the Anne Shore

Camp Program.

Winter 2006-2007 EMPLOYER NEWS 7

LETTER FROM THEEXECUTIVE DIRECTORS

We’re all aware of the challenges facing the

healthcare industry. In the wake of the Berger

Commission’s recommendations for the restructuring

and closing of nursing homes and hospitals,

we know that facilities are making extra efforts to

use their resources as effectively as possible. The

Family of Funds is no exception.

In this edition, you’ll read about

how the Funds are streamlining

common administrative functions

across the Benefit and Pension,

Training and Employment and

Child Care Funds to provide

more services more efficiently to

1199SEIU members and employers.

You’ll also read about the valuable programs that

the Greater New York Education Fund is offering to

nursing homes and nursing home workers, how the

Child Care Fund is supporting 1199SEIU families, and

programs 1199SEIU parents can take advantage of

now for the coming year.

We’re all in the business of caring. By giving nursing

home workers the support they need, we’re ultimate-

ly improving the level of patient care together.

Sincerely,

2 EMPLOYER NEWS Winter 2006-2007

Mitra BehrooziExecutive Director

Benefit and Pension Funds

Deborah KingExecutive Director

Training and Employment Funds

Vivian FoxExecutive Director

Child CareFunds

IntroductionThis notice, which federal law requires allmultiemployer plans to send annually,includes important information about thefunding level of the 1199SEIU GreaterNew York Pension Fund, EIN 13-6601940,PN 001 (Plan). This notice also includesinformation about rules governing insol-vent plans and benefit payments guaran-teed by the Pension Benefit GuarantyCorporation (PBGC), a federal agency.This notice is for the plan yearbeginning January 1, 2005 and endingDecember 31, 2005 (Plan Year).

Plan’s Funding LevelThe Plan’s “funded current liabilitypercentage” for the Plan Year was61.8%. In general, the higher thepercentage, the better funded the plan.The funded current liability percentage,however, is not indicative of how well aplan will be funded in the future or if itterminates. Whether this percentage willincrease or decrease over time dependson a number of factors, including howthe plan’s investments perform, whatassumptions the plan makes about ratesof return, whether employer contributionsto the fund increase or decline, andwhether benefits payments from the fundincrease or decline.

Plan’s Financial InformationThe market value of the Plan’s assets asof January 1, 2006 was $459,008,417.The total amount of benefit paymentsfor the Plan Year was $29,603,276. Theratio of assets to benefit payments is 15.5.This ratio suggests that the Plan’s assetscould provide for approximately 15.5years of benefit payments in annualamounts equal to what was paid out inthe Plan Year. However, the ratio does nottake into account future changes in totalbenefit payments or plan assets.

Rules Governing Insolvent PlansFederal law has a number of specialrules that apply to financially troubledmultiemployer plans. Under so-called“plan reorganization rules,” a plan withadverse financial experience may needto increase required contributions andmay, under certain circumstances, reducebenefits that are not eligible for the

PBGC’s guarantee (generally, benefitsthat have been in effect for less than 60months). If a plan is in reorganizationstatus, it must provide notification thatthe plan is in reorganization status andthat, if contributions are not increased,accrued benefits under the plan may bereduced or an excise tax may be imposed(or both). The law requires the plan tofurnish this notification to each contribut-ing employer and the labor organization.

Despite the special plan reorganizationrules, a plan in reorganization neverthe-less could become insolvent. A plan isinsolvent for a plan year if its availablefinancial resources are not sufficient topay benefits when due for the plan year.An insolvent plan must reduce benefitpayments to the highest level that can bepaid from the plan’s available financialresources. If such resources are notenough to pay benefits at a level specifiedby law (see Benefit Payments Guaranteedby the PBGC, below), the plan mustapply to the PBGC for financialassistance. The PBGC, by law, will loanthe plan the amount necessary to paybenefits at the guaranteed level. Reducedbenefits may be restored if the plan’sfinancial condition improves.

A plan that becomes insolvent mustprovide prompt notification of the insol-vency to participants and beneficiaries,contributing employers, labor unionsrepresenting participants, and PBGC. Inaddition, participants and beneficiariesalso must receive information regardingwhether, and how, their benefits willbe reduced or affected as a result of theinsolvency, including loss of a lump sumoption. This information will be providedfor each year the plan is insolvent.

Benefit Payments Guaranteed bythe PBGCThe maximum benefit that the PBGCguarantees is set by law. Only vestedbenefits are guaranteed. Specifically, thePBGC guarantees a monthly benefit pay-ment equal to 100 percent of the first $11of the Plan’s monthly benefit accrual rate,plus 75 percent of the next $33 of theaccrual rate, times each year of creditedservice. The PBGC’s maximum guarantee,

therefore, is $35.75 per month times aparticipant’s years of credited service.

Example 1: If a participant with 10years of credited service has an accruedmonthly benefit of $500, the accrual ratefor purposes of determining the PBGCguarantee would be determined bydividing the monthly benefit by theparticipant’s years of service ($500/10),which equals $50. The guaranteedamount for a $50 monthly accrual rateis equal to the sum of $11 plus $24.75(.75 x $33), or $35.75. Thus, the partici-pant’s guaranteed monthly benefit is$357.50 ($35.75 x 10).

Example 2: If the participant in Example1 has an accrued monthly benefit of$200, the accrual rate for purposes ofdetermining the guarantee would be $20(or $200/10). The guaranteed amountfor a $20 monthly accrual rate is equalto the sum of $11 plus $6.75 (.75 x $9), or$17.75. Thus, the participant’s guaranteedmonthly benefit would be $177.50($17.75 x 10).

In calculating a person’s monthly pay-ment, the PBGC will disregard any benefitincreases that were made under the planwithin 60 months before the earlier of theplan’s termination or insolvency. Similarly,the PBGC does not guarantee pre-retirement death benefits to a spouse orbeneficiary (e.g., a qualified pre-retire-ment survivor annuity) if the participantdies after the plan terminates, benefitsabove the normal retirement benefit,disability benefits not in pay status, ornon-pension benefits, such as healthinsurance, life insurance, death benefits,vacation pay, or severance pay.

Where to Get More InformationFor more information about this notice,you may contact the Fund Office at 330West 42nd Street, New York, NY 10036, orcall (646) 473-8666. For more informationabout the PBGC and multiemployerbenefit guarantees, go to PBGC's website, www.pbgc.gov, or call PBGC toll-freeat (800) 400-7242. (TTY/TDD users maycall the Federal relay service toll free at(800) 877-8339 and ask to be connectedto (800) 400-7242.)

Annual Funding Notice for the 1199SEIU Greater New York Pension Fund

Benefit Fund’sProtecting Our

Health ProgramReaches More Than

10,000 Members

Throughout the fall, more than 10,0001199SEIU members took part in theBenefit Fund’s Protecting Our Healthmeetings, nutritional workshops andhealth fairs. These events are teaching1199SEIU members to adopt healthierlifestyles through diet, exercise, ongo-ing relationships with their doctors,and regular preventive screenings andwill hopefully go a long way towardreducing healthcare costs associatedwith treating chronic conditions.

Due to popular

demand, more

Protecting Our Health

programs are being

scheduled for January

and later dates.

For more information on ProtectingOur Health, speak to your OutreachCoordinator or contact the OutreachDepartment at (646) 473-6930.

While the 1199SEIU Benefitand Pension, Training andEmployment, and Child CareFunds all provide differentbenefits, they are provided tothe very same members. Sincethe Funds use similar organiza-tional functions to deliverthese benefits, there is signifi-cant overlap in the Funds’administrative work.

That’s why the employergroups and the Union aresupporting an “all Funds”approach that would stream-line the Funds’ work, usingthe same systems to moreeffectively and efficientlydeliver services to both mem-bers and employers. Together,the Family of Funds collective-ly administers 20 Funds thatcover a range of needs acrossthe industry, including hospi-tals, nursing homes and homecare. Because the Funds workso closely together, it makes

sense to improve their opera-tions by integrating adminis-trative departments and elimi-nating duplication of work.The Funds already share fourcommon departments – Legal,Contracts and Collections, Com-munications, and Investments.

Through the fall, the CrossFunds Steering Committee –which includes Union andManagement Trustees as wellas the Executive Directors ofthe three umbrella Funds –examined ways to combineand manage common adminis-

trative functions. By the end ofthe year, the Funds will alsoshare Accounting and Finance,Audit, Facilities, Fraud andSecurity, Human Resources,and Information Technologydepartments, dramatically im-proving the ways the Fundsoperate and provide servicesto members and employers.

Winter 2006-2007

1199SEIU Family of Funds330 West 42nd StreetNew York, NY 10036-6977

First ClassU.S. Postage

PAIDNew York, NY

Permit No. 3700

IN THIS ISSUE . . .Protecting Our Health Reaches More Than 10,000 Members . . . . . 2

GNY Education Funds Provides theTraining and Support Workers and Nursing Homes Need . . . . . . . 3

Are Your New EmployeesReceiving Their Health Benefits? . . 4

Record Number of Members Register for Child Care Benefits . . . 4

Child Care Gala Meets Fundraising Goal . . . . . . . . . . . . . . 5

Nursing Scholarships Addressthe Shortage . . . . . . . . . . . . . . . . . 6

Scholarship and Camp Opportunitiesfor Members’ Children . . . . . . . . . 6

Cross Funds Administrative InitiativeEnhances Efficiency and Provides Better

Service to Members and Employers

Together, the Family

of Funds collectively

administers 20 Funds

that cover a range of

needs across the industry,

including hospitals,

nursing homes and

home care.