When asked if Governor Andrew Cuomo has been actively considering early retirement options for the state workforce, spokesman Rich Azzopardi told Spectrum News, not as of yet.. By Ana Champeny, Director of City Studies, Citizens Budget Commission, Early retirement incentives (ERIs) are offered by state and local governments, often during fiscal distress, to reduce headcount and achieve savings, while avoiding furloughs or layoffs. LegiScan is an impartial and nonpartisan legislative tracking and reporting service utilizing GAITS and LegiScan API, Senate Civil Service and Pensions Committee, https://www.nysenate.gov/legislation/bills/2021/S4170, https://assembly.state.ny.us/leg/?default_fld=&bn=S04170&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04170. The savings under similar rates of voluntary separations would be $4.3 billion over five years (32 percent higher). Key findings were: The City of Los Angeles offered ERIs in 2009 and 2020. NYSTRS administers a defined benefit plan established by the New York State Legislature. But there are costs as well, including lump sum payments, pensions costs, payouts of accrued leave, and the costs of recruiting and training replacement personnel. Negotiations with municipal labor unions have not yet yielded these savings, and an ERI is under consideration., The CBC recently analyzed a NYC ERI proposal in the State Legislature (bills establishing similar programs for state and other local employees have also been introduced). The NYC proposal has two parts: one provides additional pension credits, while the other eliminates an early retirement reduction.. As of January 2021, tax revenues for fiscal years 2020 to 2024 (collections to date and current forecast) are $20 billion below January 2020 projections. Pursuant to The Actuary for the City of New York estimated that the additional pension contribution would average $110,000 per retiree, which the City would pay over four years, with a one-year lag (years two to five), while the average salary of a retiree would be $90,200. WebBut New York City officials have said an early retirement plan could save the cash-strapped city's school district $45 million. I can unsubscribe at any time. early retirement incentive age discrimination In addition, the act sets forth comprehensive requirements for electronic notarization.