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The PSC-CUNY Welfare Fund ("Fund") is a trust established under
New York State law. It is the product of a Trust Indenture and a
Tripartite Agreement among the City University of New York
("CUNY"), the Professional Staff Congress ("PSC"), and the Fund.
The PSC-CUNY Welfare Fund is a Voluntary Employee Benefit
Association (VEBA) which is tax exempt under Section 501(c)(9) by
the United States Internal Revenue Code. The Fund is a supplemental
union welfare plan. It is a single-employer, public sector fund. As
such, it is not governed by ERISA and it is exempt from certain DOL
The PSC-CUNY Welfare Fund is governed by a Board of Trustees in
accordance with a set of by-laws which is reviewed and amended from
time to time. The Board is presently comprised of nine
union-appointed trustees and two CUNY-appointed management
trustees. The Fund provides benefits that are supplemental to the
basic City/ CUNY provided hospitalization and medical insurance
The Fund provides a package of supplemental benefits to the
instructional staff of the University, whether active, on leave or
retired (and in certain instances, members of their families,
dependents and survivors).Teaching and non-teaching adjuncts who
are eligible according to the collective bargaining agreements
between the PSC and CUNY are plan participants. The Fund also
covers specific titles outside the scope of the PSC bargaining
unit; full-time instructional staff excluded from the unit, those
on the Executive Compensation Plan, certain supervisory staff
associated with Buildings and Grounds and the University Chief
The package of benefits is determined by the Board of Trustees,
consistent with terms of the contract and in consideration of
expenses, contributions and other income.
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