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Get the most out of your NYSTRS membership. Pursuant to Public workers in New York could have an incentive to retire early under a proposal by a pair of state lawmakers unveiled on Thursday. This act shall be effective as of June 20, 2022. Spectrum: Moderate Partisan Bill (Democrat 8-1). But the states largest public employees union, Civil Service Employees Association (CSEA), doesnt appear keen on starting any conversations about early retirement incentives which wouldnt apply to all members. Early Retirement Incentives: Weighing the Risks for California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information, The states current year budget gap is now $14.5 billion, According to the NYS Division of Budget, over the next 2 years, the budget gap will grow to $30 billion. WebS05559 Text: STATE OF NEW YORK _____ 5559 2021-2022 Regular Sessions IN SENATE March 11, 2021 _____ Introduced by Sens. Others might share a personal anecdote about how the bill would affect them or people they care about. New York City, with a fiscal year 2022 budget of $95.6 billion, is facing Furthermore, for incentives increasing pension benefits, the actuarial cost to government can be spread out over time, which can increase near-term savings while deferring costs that may also violate the principle of intergenerational equity. 2023, Charter Communications, all rights reserved. The decision to take the ERIs is in the hands of the employees which is an advantage over furloughs or layoffs., The primary savings derive from the salaries that would be paid to the employee, assuming that the position is kept vacant or filled by an employee with a lower salary., 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. Weve already reduced spending by $4 billion year-over-year, Klopott said. If localities are considering an ERI, it is important to do a thorough analysis of the costs and benefits and commit to a strict hiring freeze, or theERI could actually cost more than expected. New York Citys Proposed ERI New York City, with a fiscal year 2022 budget of $95.6 billion, is facing severe fiscal challenges due