An Early Retirement Incentive Exists! But, what does it say?
April 6, 2021 pm30 9:31 pm
Seriously, can you read this?
Please tell us what it says.
This is from the New York State budget, just passed, or in the process of passing. Here’s the source.
9 Section 1. This act enacts into law components of legislation that
10 would enable the city of New York and the board of education of the city
11 of New York to offer a temporary retirement incentive to their employ-
12 ees, as well as to provide an age 55/25 years temporary incentive for
13 certain public employees. Each component is wholly contained within a
14 Subpart identified as Subparts A and B. The effective date for each
15 particular provision contained within such Subpart is set forth in the
16 last section of such Subpart. Any provision in any section contained
17 within a Subpart, including the effective date of the Subpart, which
18 makes reference to a section "of this act", when used in connection with
19 that particular component, shall be deemed to mean and refer to the
20 corresponding section of the Subpart in which it is found, unless noted
21 otherwise. Section three of this act contains a severability clause for
22 all provisions contained in each Subpart of this Part. Section four of
23 this act sets forth the general effective date of this Part.
24 § 2. Legislative findings. The legislature finds and declares that the
25 retirement benefits provided for in this act are designed to achieve
26 cost-savings for public employers and to avoid layoffs of public employ-
27 ees in this time of fiscal need. Therefore, the retirement incentive
28 benefit provided for in Subpart A of this act and the age 55/25 years
29 retirement benefit provided for in Subpart B of this act are intended
30 only to be temporary in nature for employees who are eligible to receive
31 and qualify for the applicable benefit during the applicable time peri-
32 ods specified within each Subpart. Further, nothing in this act shall be
33 construed to create an expectation of a future or continuing retirement
34 benefit for any public employee who is not eligible to receive and qual-
35 ify for the retirement benefits in this act during the applicable time
36 periods.
37 SUBPART A
38 Section 1. Definitions. As used in this act, unless the context clear-
39 ly requires otherwise:
40 a. "Retirement system" means the New York city teachers' retirement
41 system, the New York city board of education retirement system or the
42 New York city employees' retirement system, exclusive of the retirement
43 plans established pursuant to sections 13-156 and 13-157 of the adminis-
44 trative code of the city of New York.
45 b. "Teachers' retirement system" means the New York city teachers'
46 retirement system.
47 c. (a) "Participating employer" means the city of New York or the
48 board of education of the city of New York.
49 (b) "Educational employer" means a participating employer which is the
50 board of education of the city of New York.
51 d. "Eligible employee" means a person who is a member of a retirement
52 system who is an employee of the city of New York or the board of educa-
S. 2509--C 184 A. 3009--C
1 tion of the city of New York, but such term shall not include the
2 following persons:
3 (a) elected officials, judges or justices appointed to or serving in a
4 court of record;
5 (b) chief administrative officers of employers which participate in a
6 teachers' retirement system; and
7 (c) appointed members of boards or commissions any of whose members
8 are appointed by the governor or by another public officer or body;
9 e. "Eligible title" means any title where a certain number of posi-
10 tions in that title, as identified by agency, department, work location
11 or appointing authority, as the case may be, would otherwise be identi-
12 fied for layoff but for this act because of economy, consolidation or
13 abolition of functions, curtailment of activities or otherwise. However,
14 an eligible title can also include a title as identified by an agency,
15 department, work location or appointing authority in which positions
16 would not be eliminated but into which employees in titles affected by
17 layoff can be transferred or reassigned pursuant to the civil service
18 law, rule or regulation. The determination of eligible titles shall be
19 made by the chief executive officer of the city of New York or other
20 comparable official of a participating employer.
21 f. "Active service" means service while being paid on the payroll,
22 provided that (a) a leave of absence with pay shall be deemed active
23 service; (b) other approved leave without pay not to exceed twelve weeks
24 prior to the commencement of the designated open period; and (c) the
25 period of time subsequent to a June school term and on or before August
26 31 of the year for which an open period is designated for a teacher (or
27 other employee employed on a school-year basis) who is otherwise in
28 active service on the effective date of this act shall be deemed active
29 service.
30 g. "Open period" means the period beginning with the commencement date
31 as defined in subdivision h of this section and shall not be more than
32 ninety days nor less than thirty days in length, as specified by the
33 participating employer; provided however that any such period shall not
34 extend beyond October 31, 2021 for participating employers, and not
35 beyond August 31, 2021 for educational employers. For the purposes of
36 retirement pursuant to this act, a service retirement application must
37 be filed with the appropriate retirement system not less than fourteen
38 days prior to the effective date of retirement to become effective,
39 unless a shorter period of time is permitted under law.
40 h. "Commencement date" means the first day the retirement incentive
41 authorized by this act shall be made available, which shall mean a date
42 or dates on or after the effective date of this act to be determined by
43 a participating employer. The chief executive officer or other compara-
44 ble official of a participating employer shall notify the heads of the
45 appropriate retirement systems of the dates of each open period prior to
46 the commencement dates of such periods.
47 § 2. The determination of whether a title shall be considered eligible
48 shall consider whether the reduction of a specific number of positions
49 within a title would unacceptably:
50 a. Directly result in a reduction of the level of service required or
51 mandated to protect and care for clients of a participating employer or
52 to assure public health and safety;
53 b. Endanger the health or safety of employees of a participating
54 employer; or
55 c. Clearly result in a loss of significant revenue to a participating
56 employer or result in substantially increased overtime or contractual
S. 2509--C 185 A. 3009--C
1 costs. However, any title may be determined eligible if the vacancies
2 created can be controlled by the use of transfer or reassignment
3 provisions of the civil service law, rules or regulations or other
4 deployment of employees.
5 § 3. a. Eligibility for inclusion in the retirement incentive provided
6 by section six of this act shall be determined by seniority for employ-
7 ees of a participating employer; seniority shall mean the date of
8 original permanent appointment in the civil service of the city adjusted
9 to include veteran's credits for those entitled to receive such credits
10 pursuant to sections 80, 80-a and 85, if applicable, of the civil
11 service law, as established in the official records of the New York city
12 department of citywide administrative services, regardless of the juris-
13 dictional classification of the position or the status of the incumbent.
14 b. All eligible employees serving in eligible titles desiring to avail
15 themselves of the retirement incentive provided by section six of this
16 act shall provide written notice to his or her employer on or before the
17 twenty-first day preceding the end of the open period. Failure to
18 provide such written notice shall render the employee ineligible for the
19 retirement incentive provided by this act.
20 § 4. a. On or before June 30, 2021, a participating employer may elect
21 to provide its employees the retirement incentive authorized by this act
22 by (a) the enactment of a local law, or (b) in the case of a participat-
23 ing employer which is not so empowered to act by local law, by the
24 resolution of its governing body; provided however, no local law or
25 resolution enacted pursuant to this section shall in any manner super-
26 sede any local charter, provided further that, for an educational
27 employer such election must be made by May 31, 2021. The local law or
28 resolution shall specify the commencement date of the program and the
29 length of the open period or periods. A copy of such law or resolution
30 shall be filed with the appropriate retirement system or systems, and,
31 if applicable, on forms provided by such system. The local law or resol-
32 ution shall be accompanied by the affidavit of the chief executive offi-
33 cer or other comparable official certifying to the information contained
34 in subdivision c of this section.
35 b. The commencement date of an open period for eligible employees of a
36 retirement system of the city of New York who elect retirement benefits
37 pursuant to this section may be up to one hundred eighty days after the
38 end of the open period for other eligible employees, if requested by
39 such system.
40 c. Notwithstanding any other provision of law, the benefits provided
41 by this act shall not be made available to any person who (a) has
42 received any retirement incentive authorized by any provision of state
43 law, or (b) who receives, has received or is eligible to receive a
44 payment in a lump sum or in another form from a retirement incentive
45 pursuant to the provisions of a collective bargaining agreement or by
46 other arrangement with his or her employer, unless such person files a
47 written statement with his or her employer, a copy of which shall be
48 forwarded to the appropriate retirement system, that he or she agrees to
49 waive any right to such payment. If a participating employer has offered
50 a retirement incentive pursuant to the provisions of a collective
51 bargaining agreement or by other arrangement, such employer shall
52 prepare, and file with each retirement system, a list containing the
53 names and social security numbers of all persons described in this
54 subdivision. The employer is authorized, however, to exempt persons in
55 its employ from the provisions of paragraph (b) of this subdivision.
S. 2509--C 186 A. 3009--C
1 Such exemption shall be made part of the election made pursuant to this
2 section.
3 § 5. Notwithstanding any other provision of law, any eligible employee
4 serving in an eligible title who:
5 a. has been continuously in the active service of a participating
6 employer prior to the commencement date of the applicable open period;
7 b. files an application for service retirement that is effective
8 during the open period; and
9 c. is otherwise eligible for a service retirement as of the effective
10 date of the application for retirement shall be entitled to the retire-
11 ment incentive provided in section six of this act. If not otherwise
12 eligible for a service retirement, the following person shall be deemed
13 to satisfy the eligibility condition of this section: a person who is at
14 least age fifty with ten or more years service as of the effective date
15 of retirement (other than a member of a retirement plan which provides
16 for half-pay pension upon completion of twenty-five years or less
17 service without regard to age); or a member of a retirement plan which
18 provides for half-pay pension upon completion of twenty-five years of
19 service without regard to age who has not accrued, excluding additional
20 credit granted pursuant to this act, the minimum number of years of
21 service required to retire with an allowance equal to fifty percent of
22 final average salary under such plan, but has, with the inclusion of the
23 additional credit provided under this act, accrued such number of years
24 of credit.
25 § 6. Notwithstanding any other provision of law, an eligible employee
26 serving in an eligible title who is a member of a retirement system and
27 who is entitled to a retirement incentive pursuant to section five of
28 this act shall receive a retirement incentive of one-twelfth of a year
29 of additional retirement credit for each year of pension service credit-
30 ed as of the date of retirement, up to a maximum of three years of
31 retirement service credit at the time of retirement, provided, however,
32 that service credit provided under the provisions of sections 902 and
33 911 of the retirement and social security law shall not be included when
34 calculating the additional retirement credit awarded pursuant to this
35 act. For the New York city teachers' retirement system, the New York
36 city employees' retirement system and the New York city board of educa-
37 tion retirement system such incentive shall be available for all
38 purposes, including fulfilling the qualifying service requirements of
39 plan A and C, if applicable.
40 An eligible employee who is covered by the provisions of article 15 of
41 the retirement and social security law shall retire under the provisions
42 of article 15 of the retirement and social security law. The amount of
43 such benefit for an eligible employee who is covered by article 15 of
44 the retirement and social security law and retires under the provisions
45 of this section (other than a member with thirty or more years of
46 service in the New York city employees' retirement system, the New York
47 city teachers' retirement system, or the New York city board of educa-
48 tion retirement system) shall be reduced by six percent for each of the
49 first two years by which retirement precedes age sixty-two, plus a
50 further reduction of three percent for each year by which retirement
51 precedes age sixty. Such reduction shall be prorated for partial years.
52 The amount of such benefit for an eligible employee with thirty or more
53 years of service who is a member of the New York city employees' retire-
54 ment system, the New York city teachers' retirement system, or the New
55 York city board of education retirement system, or an eligible employee
56 who is a participant in the optional twenty-five year early retirement
S. 2509--C 187 A. 3009--C
1 program for certain New York city members governed by section 604-c of
2 the retirement and social security law, as added by chapter 96 of the
3 laws of 1995 or a twenty-five year participant in the age fifty-five
4 retirement program governed by section 604-i of the retirement and
5 social security law, with twenty-five or more years of service and who
6 is covered by article 15 of the retirement and social security law shall
7 be reduced by five percent for each year by which retirement pursuant to
8 this section precedes age fifty-five. The amount of such benefit for an
9 eligible New York city employee with five or more years of service and
10 who is a participant in the age fifty-seven retirement program governed
11 by section 604-d of the retirement and social security law shall be
12 reduced by one-thirtieth for the first two years by which retirement
13 precedes age fifty-seven plus a further reduction of one-twentieth for
14 each year by which retirement precedes age fifty-five. Such reduction
15 shall be prorated for partial years. There shall be no reduction for an
16 eligible New York city employee in a physically taxing position with
17 twenty-five or more years of service and who is a participant (i) in the
18 optional twenty-five year early retirement program for certain members
19 governed by section 604-c of the retirement and social security law, as
20 added by chapter 96 of the laws of 1995, or (ii) in the age fifty-seven
21 retirement program governed by section 604-d of the retirement and
22 social security law.
23 An eligible employee serving in an eligible title who is covered by
24 article 11 of the retirement and social security law shall retire under
25 the provisions of such article. There shall be no reduction in retire-
26 ment benefit provided that such employee retires with thirty or more
27 years of service at age fifty-five or older. The amount of such benefit
28 for an eligible employee covered by article 11 of the retirement and
29 social security law other than a member of a teachers' retirement system
30 with thirty or more years of service, a participant in the optional age
31 fifty-five improved benefit retirement program for certain New York city
32 employees governed by section 445-d of the retirement and social securi-
33 ty law, as added by chapter 96 of the laws of 1995, with twenty-five or
34 more years of service, or a participant in the optional age fifty-five
35 retirement program for New York city teachers and certain other members
36 governed by section 445-i of the retirement and social security law,
37 with twenty-five or more years of service, shall be reduced by six
38 percent for each of the first two years by which retirement pursuant to
39 this section precedes age sixty-two, plus a further reduction of three
40 percent for each year by which retirement pursuant to this section
41 precedes age sixty, provided, however, the foregoing reduction shall not
42 apply in any case where an eligible employee can retire pursuant to a
43 plan which permits retirement for service with immediate payability,
44 exclusive of this act, prior to the age of fifty-five. Such reduction
45 shall be prorated for partial years. The amount of such benefit for an
46 eligible employee who is a member of a teachers' retirement system with
47 thirty or more years of service, a participant in the optional age
48 fifty-five improved benefit retirement program for certain New York city
49 employees governed by section 445-d of the retirement and social securi-
50 ty law, as added by chapter 96 of the laws of 1995, with twenty-five or
51 more years of service, or a participant in the optional age fifty-five
52 retirement program for New York city teachers and certain other members
53 governed by section 445-i of the retirement and social security law,
54 with twenty-five or more years of service and who is covered by article
55 11 of the retirement and social security law shall be reduced by five
56 percent for each year by which retirement pursuant to this section
S. 2509--C 188 A. 3009--C
1 precedes age fifty-five. Such reduction shall be prorated for partial
2 years. There shall be no reduction for an eligible New York city employ-
3 ee in a physically taxing position and who is a participant in the
4 optional age fifty-five improved benefit retirement program for certain
5 New York city employees governed by section 445-d of the retirement and
6 social security law, as added by chapter 96 of the laws of 1995, with
7 twenty-five or more years of service.
8 An eligible employee serving in an eligible title who is not covered
9 by article 11 or 15 of the retirement and social security law shall
10 retire under the provisions of the plan by which he or she is covered.
11 The amount of such benefit shall be reduced by five percent for each
12 year by which retirement pursuant to this section precedes age fifty-
13 five, provided, however, the foregoing reduction shall not apply in any
14 case where an eligible employee can retire pursuant to a plan which
15 permits retirement for service with immediate payability, exclusive of
16 this act, prior to the age of fifty-five. Such reduction shall be
17 prorated for partial years.
18 An eligible employee serving in an eligible title who participates in
19 a retirement plan which provides for a retirement allowance equal to
20 fifty percent of final average salary upon the completion of twenty-five
21 years of service without regard to age and who is otherwise eligible to
22 retire shall retire under the provisions of such plan. Such employee
23 shall, at the time of retirement, be credited with one-twelfth of a year
24 of additional retirement service credit for each year of service credit-
25 ed under such plan as of the date of retirement, up to a maximum of
26 three years of retirement service credit. If such employee has not
27 accrued, excluding additional credit granted pursuant to this act, the
28 minimum number of years of service required to retire with an allowance
29 equal to fifty percent of final average salary under such plan, but has,
30 with the inclusion of the additional credit provided under this act,
31 accrued such number of years of credit, the benefit payable shall be the
32 percentage of final average salary that would ordinarily be applicable
33 to such individual upon retirement with such amount of credit (including
34 incentive credit), reduced by five per centum per year for each year by
35 which the number of years of service otherwise required to retire with
36 an allowance equal to fifty percent of final average salary under such
37 plan exceeds the amount of service credited to such employee under such
38 plan at retirement (excluding the additional retirement incentive
39 service credit provided pursuant to this act). Such reduction shall be
40 prorated for partial years.
41 § 7. a. Notwithstanding any other provision of law, any termination
42 pay or leave arising from accrued sick leave or accrued annual leave for
43 an eligible employee who has elected the retirement incentive provided
44 by this act and who is a member of the New York city teachers' retire-
45 ment system employed by the board of education of the city of New York
46 shall be paid in three equal installments during a twenty-four month
47 period commencing on such eligible employee's effective date of retire-
48 ment.
49 b. An employee of the city of New York who retires under the retire-
50 ment incentive provided by this act, who is eligible for terminal leave
51 pursuant to an applicable collective bargaining agreement or a personnel
52 policy or rule or retirement leave pursuant to section 3107 of the
53 education law or who has an accrued annual leave balance on the effec-
54 tive date of retirement shall be paid in three equal installments two
55 months, fourteen months and twenty-four months following such eligible
56 employee's effective date of retirement.
S. 2509--C 189 A. 3009--C
1 § 8. a. A participating employer, if it elects the retirement incen-
2 tive provided by this act shall be required to demonstrate the savings
3 of their election by either eliminating positions vacated as a result of
4 an eligible employee in an eligible title receiving the incentive
5 provided by section six of this act or demonstrating a compensation
6 savings such that the total amount of base salary paid for the two-year
7 period subsequent to the effective date of retirement for such eligible
8 employees in eligible titles to new hires, if any, who otherwise would
9 not have been hired by such employer after the effective date of this
10 act but for the retirement incentive provided herein shall be no more
11 than one-half of the total amount of base salary that would have been
12 paid to such eligible employees from their date of retirement for such
13 two-year period. A participating employer may also demonstrate savings,
14 however, by identifying a vacant position into which another employee
15 can be appointed, transferred, or reassigned pursuant to the civil
16 service law, rules or regulations, in which case the former position of
17 the employee so appointed, transferred, or reassigned shall be elimi-
18 nated. A participating employer shall make available its plans for
19 achieving the savings described herein.
20 b. The New York city department of citywide administrative services
21 shall prepare a report designating the title, grade level, salary, and
22 classification, according to appointing authority, (i) of each position
23 which is eliminated pursuant to subdivision a of this section, (ii) of
24 each position into which another employee was appointed, transferred, or
25 reassigned and the former position of such employee, and (iii) of each
26 position which is eliminated as a result of an appointment, transfer or
27 reassignment referred to in paragraph (ii) of this subdivision. Such
28 report shall be available no later than ninety days after the last date
29 of the open period related to such positions.
30 § 9. Nothing in this act shall be used to provide benefits that shall
31 exceed the limits contained in section 415 of the internal revenue code.
32 Provided, however, any service retirement benefit which has been reduced
33 because of section 415 of the internal revenue code shall be increased
34 when (and consistent with) the dollar limits in section 415 of the
35 internal revenue code are adjusted by the internal revenue service for
36 cost of living increases. Such increases shall not increase the benefit
37 in excess of the service retirement benefit otherwise payable.
38 § 10. Any eligible employee who retires pursuant to the provisions of
39 this act and enters or reenters public service as defined in subdivision
40 e of section 210 of the retirement and social security law and joins or
41 rejoins any public retirement system of the state shall if the addi-
42 tional benefit was provided pursuant to: (a) section six of this act,
43 forfeit the additional benefit authorized by this act at the time of his
44 or her subsequent retirement; or (b) repay to the participating employer
45 such additional contribution together with the appropriate interest as
46 determined by the appropriate retirement system.
47 § 11. Notwithstanding any other provision of law, if the service
48 retirement benefit of a member of a retirement system is subject to a
49 maximum retirement benefit, the additional benefit authorized by this
50 act will be computed by multiplying the final average salary times the
51 number of years of service credit granted by section six of this act
52 times the benefit fraction of the plan under which such member retires.
53 § 12. The provisions of section 430 of the retirement and social secu-
54 rity law shall not apply to any benefit or benefit improvement provided
55 by this act.
S. 2509--C 190 A. 3009--C
1 § 13. The pension benefit costs of section six of this act shall be
2 paid by participating employers as provided by applicable law for each
3 retirement system covered by this act over a period not to exceed five
4 years commencing in the fiscal year following the fiscal year in which
5 this act shall have become a law.
6 § 14. Where an employee is eligible to receive the benefit authorized
7 under section six and the retirement benefit provided for under section
8 five of subpart B of this act, such employee may elect a section under
9 which he or she will participate. In no event shall the benefits
10 provided for in section six of this act be received by any employee in
11 conjunction with the benefits of section five of subpart B of this act.
12 § 15. This act shall take effect immediately.
13 SUBPART B
14 Section 1. Definitions. As used in this act, unless the context clear-
15 ly requires otherwise:
16 a. "Retirement system" means the New York city teachers' retirement
17 system, the New York city board of education retirement system or the
18 New York city employees' retirement system, exclusive of the retirement
19 plans established pursuant to sections 13-156 and 13-157 of the adminis-
20 trative code of the city of New York.
21 b. "Teachers' retirement system" means the New York city teachers'
22 retirement system.
23 c. (a) "Participating employer" means the city of New York or the
24 board of education of the city of New York.
25 (b) "Educational employer" means a participating employer which is the
26 board of education of the city of New York.
27 d. "Eligible employee" means a person who is a member of a retirement
28 system of the city of New York and who is an employee of the city of New
29 York or the board of education of the city of New York who has attained
30 age fifty-five and has at least twenty-five years of creditable service
31 in a retirement system, but such term shall not include the following
32 persons:
33 (a) elected officials, judges or justices appointed to or serving in
34 court of record;
35 (b) chief administrative officers of employers which participate in a
36 teachers' retirement system; and
37 (c) appointed members of boards or commissions any of whose members
38 are appointed by the governor or by another public officer or body.
39 e. "Active service" means service while being paid on the payroll,
40 provided that (a) a leave of absence with pay shall be deemed active
41 service; (b) other approved leave without pay not to exceed twelve weeks
42 prior to the commencement of the designated open period; and (c) the
43 period of time subsequent to a June school term and on or before August
44 31 of the year for which an open period is designated for a teacher (or
45 other employee employed on a school-year basis) who is otherwise in
46 active service on the effective date of this act shall be deemed active
47 service.
48 f. "Open period" means the period beginning with the commencement date
49 as defined in subdivision g of this section and shall be ninety days in
50 length; provided however that there shall be only one such open period
51 and any such period shall not extend beyond October 31, 2021 for partic-
52 ipating employers. For educational employers who make election after
53 April 1, 2021, the open period shall begin immediately after such
54 election, and shall not extend beyond August 31, 2021. For the purposes
S. 2509--C 191 A. 3009--C
1 of retirement pursuant to this act, a service retirement application
2 must be filed with the appropriate retirement system not less than four-
3 teen days prior to the effective date of retirement to become effective,
4 unless a shorter period of time is permitted under law.
5 g. "Commencement date" means the first day the retirement benefit
6 mandated by this act shall be made available, which shall mean a date or
7 dates on or after the effective date of this act for participating
8 employers. The chief executive officer or other comparable official of
9 a participating employer shall notify the head of the appropriate
10 retirement system of the date of the open periods prior to the commence-
11 ment dates of such periods.
12 § 2. A participating employer, if it elects to participate pursuant to
13 section three of this act shall establish a commencement date for the
14 retirement benefit established under section five of this act in the
15 following manner: (a) for participating employers that are not the city
16 of New York, its governing body shall adopt a resolution establishing a
17 commencement date; and (b) for the city of New York the chief executive
18 officer shall issue an executive order establishing such commencement
19 date, provided, however, no executive order shall in any manner super-
20 sede any local charter. A copy of any such executive order or resolution
21 establishing a commencement date shall be filed with the appropriate
22 retirement system or systems, and, if applicable, on forms provided by
23 such system. The executive order or resolution shall be accompanied by
24 the affidavit of the chief executive officer or other comparable offi-
25 cial of a participating employer certifying the commencement date.
26 § 3. a. On or before June 30, 2021, a participating employer may elect
27 to provide its employees the retirement incentive authorized by this act
28 by the enactment of a local law or adoption of a resolution provided
29 however, no local law or resolution enacted or adopted pursuant to this
30 section shall in any manner supersede any local charter, provided
31 further that, for an educational employer such election must be made by
32 May 31, 2021. A copy of such law or resolution shall be filed with the
33 appropriate retirement system or systems, and, if applicable, on forms
34 provided by such system. The local law shall be accompanied by the affi-
35 davit of the chief executive officer or other comparable official of a
36 participating employer certifying the validity of such law.
37 b. The commencement date of an open period for eligible employees of a
38 retirement system of the city of New York who elect retirement benefits
39 pursuant to this section may be up to one hundred eighty days after the
40 end of the open period for other eligible employees, if requested by
41 such system.
42 § 4. Notwithstanding any other provision of law, any eligible employee
43 who (a) has been continuously in the active service of a participating
44 employer prior to the commencement date of the applicable open period,
45 (b) files an application for service retirement that is effective during
46 the open period, and (c) is otherwise eligible for a service retirement
47 as of the effective date of the application for retirement shall be
48 entitled to the retirement benefit provided in section five of this act.
49 § 5. a. Notwithstanding any other provision of law, an eligible
50 employee who is: (a) a member of a retirement system and (b) who is
51 entitled to a retirement benefit pursuant to section four of this act
52 may retire during the open period without the reduction of his or her
53 retirement benefit that would otherwise be imposed by article 11 or 15
54 of the retirement and social security law if he or she has attained the
55 age of fifty-five and has completed at least twenty-five or more years
56 of creditable service. An eligible employee who is covered by the
S. 2509--C 192 A. 3009--C
1 provisions of articles 11 and 15 of the retirement and social security
2 law shall retire under the provisions of articles 11 and 15 of the
3 retirement and social security law.
4 b. A participating employer may deny participation in the retirement
5 benefit provided by subdivision a of this section if such employer makes
6 a determination that the employee holds a position that is deemed crit-
7 ical to the maintenance of public health and safety.
8 c. Where an employee is eligible for the retirement benefit under this
9 section and the retirement incentive authorized pursuant to section six
10 of subpart A of this act, such employee shall elect a section under
11 which he or she will participate. The benefits provided by subdivision a
12 of this section shall not be conditioned upon a participating employer
13 making the benefits of section six of subpart A of this act available to
14 employees in their employ. Further, the benefits provided by subdivision
15 a of this section shall not be available in conjunction with the bene-
16 fits of section six of subpart A of this act.
17 d. The action of a participating employer in denying the retirement
18 benefit provided for in subdivision a of this section to any individual
19 shall be subject to review in the manner provided for in article 78 of
20 the civil practice law and rules. Such action for review pursuant to
21 article 78 of the civil practice law and rules shall only be commenced
22 by the individual that was denied the retirement benefit provided by
23 subdivision a of this section.
24 e. After making any such determination under subdivision b of this
25 section the participating employer shall notify the appropriate retire-
26 ment system or teachers' retirement system of its determination.
27 § 6. The pension benefit costs of section five of this act shall be
28 paid by participating employers as provided by applicable law for each
29 retirement system covered by this act over a period not to exceed five
30 years commencing in the fiscal year following the fiscal year in which
31 this act shall have become a law.
32 § 7. This act shall take effect immediately.
33 § 3. Severability clause. If any clause, sentence, paragraph, subdivi-
34 sion, section or part of this act shall be adjudged by any court of
35 competent jurisdiction to be invalid, such judgment shall not affect,
36 impair, or invalidate the remainder thereof, but shall be confined in
37 its operation to the clause, sentence, paragraph, subdivision, section
38 or part thereof directly involved in the controversy in which such judg-
39 ment shall have been rendered. It is hereby declared to be the intent of
40 the legislature that this act would have been enacted even if such
41 invalid provisions had not been included herein.
42 § 4. This act shall take effect immediately; provided, however, that
43 the applicable effective date of Subparts A and B of this act shall be
44 as specifically set forth in the last section of such Subparts.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY OF BILL: This proposed legislation, as it relates to the New
York City Retirement Systems and Pension Funds (NYCRS), would provide
for a temporary Early Retirement Incentive Program (ERI Program) to
allow certain members of the New York City Employees' Retirement System
(NYCERS), the New York City Teachers' Retirement System (TRS), and the
New York City Board of Education Retirement System (BERS), who are
employees of the City of New York (City) or the New York City Department
of Education (DOE) and meet enumerated criteria, to elect immediate
retirement with enhanced benefits.
The ERI Program consists of two parts and is contingent upon the
employer's election to participate in the Program. Part A would provide
S. 2509--C 193 A. 3009--C
to eligible members, determined by title, seniority, and enumerated
policy considerations, an additional service credit. Part B would remove
the application of early retirement reduction factors for qualifying
members. The benefits of the respective Parts cannot be combined.
Eligible NYCRS members would have anywhere from 30 to 90 days in an
open period to elect and retire under Part A or within a 90-day open
period following the commencement date to retire under Part B of the ERI
Program. Multiple open periods, not to exceed 180 days from the end of
an open period for other employees, may be requested by NYCRS. Should
the City or the DOE elect to participate in the ERI Program provided by
this Act, it would be required to demonstrate the savings related to the
election.
A member is eligible to participate in Part A of the ERI Program if he
or she:
* Is otherwise eligible for service retirement;
* Is at least age 50 with 10 or more years of service and is not in
a plan which permits retirement at half-pay with 25 or fewer years of
service without regard to age; or
* Is in a plan that permits retirement at half-pay at 25 years of
service without regard to age and would reach 25 years of service
considering the additional service credit provided in Part A.
A member is eligible to participate in Part B of the ERI Program if he
or she is age 55 or older and has at least 25 years of service.
In addition to the eligibility conditions above, members must also:
* Be in continuous active service preceding the commencement date of
the open period;
* For Part A - provide timely written notice of the intent to avail
himself or herself of the ERI and file for service retirement that is
effective within the open period;
* For Part B - file for service retirement that is effective within
the open period and otherwise be eligible to retire for service as of
the effective date of retirement.
Effective Date: Upon enactment and as determined by the respective
open periods contained in Parts A and B.
IMPACT ON BENEFITS: Part A would provide one-twelfth of a year of
additional retirement service credit for each year of pension service,
up to a maximum of three years of additional retirement service credit.
Some benefits provided under Part A could be subject to Early Retirement
Factors (ERF) as specified in the proposed legislation.
Part B would allow members to retire with an unreduced benefit if they
are at least age 55 with 25 or more years of service.
FINANCIAL IMPACT - OVERVIEW: There is no credible data available to
estimate the number of members who will retire under the current ERI
Program and potentially benefit from this proposed legislation. There-
fore, the estimated financial impact has been calculated on a per event
basis equal to the average increase in the Present Value of future
employer contributions and in the annual employer contributions for
members who would benefit from the proposed legislation.
The Present Value of future employer contributions is the net result
of the increase in the Present Value of Future Benefits (PVFB) and the
decrease in the Present Value of member contributions.
For the purposes of this Fiscal Note, the increase in Present Value of
future employer contributions was amortized over a five-year period
(four payments under the One-Year Lag Methodology (OYLM)) using level
dollar payments, the maximum allowable period under the proposed legis-
S. 2509--C 194 A. 3009--C
lation. This amortized value is the estimated increase in annual employ-
er contributions.
There will also be future savings in Employer Contributions assuming
that these members are not replaced. This additional savings is not
included here.
With respect to an individual member, the additional cost of this
proposed legislation could vary greatly depending on the member's length
of service, age, and salary history.
FINANCIAL IMPACT - SUMMARY: Based on the census data and the actuarial
assumptions and methods described herein, the enactment of this proposed
legislation would result in an increase in the Present Value of Employer
Contributions and annual employer contributions. The estimated pension
financial impact has been calculated as the average increase per person.
A breakdown of the financial impact by NYCRS is shown in the table
below:
Additional
Present Value of Estimated
NYCRS Future Employer Annual Employer
Contributions Contributions
($ Per Person) ($ Per Person)
Part A Only
NYCERS $80,700 $24,600
TRS 84,800 25,900
BERS 37,900 11,600
Average $77,900 $23,800
Part B Only
NYCERS $113,600 $34,700
TRS 68,000 20,800
BERS 98,400 30,100
Average $109,200 $33,300
Both A & B
NYCERS $96,500 $29,500
TRS 85,000 26,000
BERS 43,700 13,400
Average $87,700 $26,800
CONTRIBUTION TIMING: For the purposes of this Fiscal Note, it is
assumed that the changes in the Present Value of future employer
contributions and annual employer contributions would be reflected for
the first time in the Final June 30, 2020 actuarial valuations of
NYCERS, TRS, and BERS. In accordance with the OYLM used to determine
employer contributions, the increase in employer contributions would
first be reflected in Fiscal Year 2022.
CENSUS DATA: For purposes of this Fiscal Note, it was assumed that the
census data had the same age, gender, and service characteristics as the
census data used in the Preliminary June 30, 2019 (Lag) actuarial valu-
ations of NYCERS, TRS, and BERS to determine the Preliminary Fiscal Year
2021 employer contributions. Active members' salaries have been adjusted
to reflect estimated salary increases from June 30, 2019 to June 30,
2020.
The table below contains the census data for members who meet the
eligibility requirements and would be impacted by the proposed legis-
S. 2509--C 195 A. 3009--C
lation (Potential Elections), and for a subset of those members who
would benefit actuarially (Assumed to Elect).
NYCRS Potential Elections
Part A Only Count Avg Age Avg Svc Avg Salary
NYCERS 34,147 58.5 22.3 $83,900
TRS 31,727 57.7 21.2 101,300
BERS 9,736 60.2 15.8 49,900
Total 75,610 58.4 21.0 $86,800
Part B Only Count Avg Age Avg Svc Avg Salary
NYCERS 5,990 58.2 30.2 $88,600
TRS 569 58.0 26.9 110,100
BERS 430 58.6 29.5 72,700
Total 6,989 58.2 29.9 $89,400
Both A & B Count Avg Age Avg Svc Avg Salary
NYCERS 34,147 58.5 22.3 $83,900
TRS 31,727 57.7 21.2 101,300
BERS 9,736 60.2 15.8 49,900
Total 75,610 58.4 21.0 $86,800
NYCRS Assumed to Elect
Part A Only Count Avg Age Avg Svc Avg Salary
NYCERS 19,259 60.4 26.3 $87,600
TRS 11,436 61.3 27.0 109,000
BERS 3,318 63.6 21.6 51,600
Total 34,013 61.0 26.1 $91,300
Part B Only Count Avg Age Avg Svc Avg Salary
NYCERS 5,941 58.2 30.2 $88,400
TRS 530 57.9 26.9 109,900
BERS 423 58.6 29.5 71,500
Total 6,894 58.2 29.9 $89,000
BOTH A & B Count Avg Age Avg Svc Avg Salary
NYCERS 20,204 60.2 26.4 $88,000
TRS 11,588 61.2 27.0 109,000
BERS 3,331 63.6 21.6 51,900
Total 35,123 60.9 26.2 $91,500
ACTUARIAL ASSUMPTIONS AND METHODS: The changes in the Present Value of
future employer contributions and annual employer contributions
presented herein have been calculated based on the actuarial assumptions
and methods in effect for the June 30, 2019 (Lag) actuarial valuations
used to determine the Preliminary Fiscal Year 2021 employer contrib-
utions of NYCERS, TRS, and BERS.
S. 2509--C 196 A. 3009--C
The Actuary is proposing a set of changes for use in the June 30, 2019
(Lag) actuarial valuations of NYCRS to determine the Final Fiscal Year
2021 Employer Contributions (2021 A&M). If the 2021 A&M is enacted it is
estimated that it would produce increases in the Present Value of
Employer Contributions and annual employer contributions that are
approximately 1% larger than the results shown above.
To determine the impact of the elective nature of the proposed legis-
lation, a subgroup based on who could potentially benefit actuarially
was used. The Present Value of future employer costs (i.e. the PVFB less
the Present Value of future member contributions) of each member's bene-
fit was determined under their current plan and as if retiring imme-
diately under the ERI Program. If the Present Value of future employer
cost under the ERI Program was greater than or equal to the Present
Value of future employer cost under the member's current plan, then the
member was deemed to benefit actuarially.
Based on this analysis, the costs presented in this Fiscal Note are
borne only from current NYCERS, TRS, and BERS members who are employed
by the City and assumed to benefit from, and thus opt to retire under,
the ERI Program.
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the realization of the actuarial assumptions used, as well as
certain demographic characteristics of NYCERS, TRS, and BERS, and other
exogenous factors such as investment, contribution, and other risks. If
actual experience deviates from actuarial assumptions, the actual costs
could differ from those presented herein. Costs are also dependent on
the actuarial methods used, and therefore different actuarial methods
could produce different results. Quantifying these risks is beyond the
scope of this Fiscal Note.
Not measured in this Fiscal Note are the following:
* The offsetting reduction in salary due to retirements earlier than
expected.
* The impact of potential new hires replacing members who retire due
to the ERI Program.
* The initial, additional administrative costs to implement the
proposed legislation.
* The impact of this proposed legislation on Other Postemployment
Benefit (OPEB) costs.
STATEMENT OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief Actu-
ary for, and independent of, the New York City Retirement Systems and
Pension Funds. I am a Fellow of the Society of Actuaries, an Enrolled
Actuary under the Employee Retirement Income and Security Act of 1974, a
Member of the American Academy of Actuaries, and a Fellow of the Confer-
ence of Consulting Actuaries. I meet the Qualification Standards of the
American Academy of Actuaries to render the actuarial opinion contained
herein. To the best of my knowledge, the results contained herein have
been prepared in accordance with generally accepted actuarial principles
and procedures and with the Actuarial Standards of Practice issued by
the Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2021-19 dated April 5,
2021 was prepared by the Chief Actuary for the New York City Employees'
Retirement System, the New York City Teachers' Retirement System, and
the New York City Board of Education Retirement System. This estimate
is intended for use only during the 2021 Legislative Session.
974 Comments
leave one →
I couldn’t even get to the end. Wtf?
>
No
Sent from my iPhone
>
There’s going to be a Part A and Part B. Part A seems to be for age 50 to 55 (who are in the 25/55 plan) and will get 1 year for each 12 years of service up to a max of 3 years credit. Part B is for employees 55 and over. They won’t get the credit but will not be hit by a penalty to retire early. The City should adopt it by May end and from past experience, should give about 90 days. So anyone who qualifies and wants to participate may have till Aug. end to work. This seems to be the jist of it. We’ll see if there are any mods after the City adopts it. But the ball is on a roll now. Good Luck!
Thank you. If your reading of Part A is correct, that may make a bigger difference than Part B.
In either case many individuals would benefit. Frankly, though, I worry about stripping talent from the department. Teachers? But also principals. If they have a lot of openings, just imagine how few are in the pipeline, and how little experience they have.
Thanks Ray for making sense of something that does not make ANY sense. 🙏
So if I’m 66 with 21 yrs I will not get additional credit.
What if you are not in the 25/55 like myself. I am 52(will be 53 in September) with 29 years 3 month of service.
If you aren’t in the 25/55, then you are most likely in the regular(62) plan. You may be hit with a slightly larger penalty. I know someone in that category. Depends if you want to leave with a smaller pension or maybe have another job in private or are financially well off. You should contact TRS or your pension system. Good luck!
Are you saying a 5 percent penalty for every year that I am not 55? So in my case, a 10 percent penalty? You seem to have a good understanding of it but the whole thing makes no sense if everyone under the age of 55 is taking a 5 percent yearly penalty. Why are they even offering it to people under 55? Nobody will take it. Nobody is that financially well off-we are all teachers .
I am Tier 4-30 years and 55 years old to retire. I don’t retire at 62.
Hello Ray, under Part B, teachers can retire without penalty if they are 55 or older with more than 25 years of service. I don’t think Part A will necessarily benefit 55/25 teachers. For Part A, it seems that you have to be 50 or older with 10 years of service or more AND there is a 6% penalty for the 1st two years before the age of 62 and 3% per year thereafter. Although I bought into 55/25, this buyout may not benefit me because I am 57 with 24 years & 1 month of service and I might have a 21% penalty under Part A. Although I have the age, I don’t quite have the 25 years of service for Part B. Please give me some good news by telling me I am misunderstanding the terms of this new buyout agreement.
Hello Sophia, I think there most likely is good news for you. You could get 2 years credit for your 24 years of service putting you at 26 years. No penalty because you are over 55 and are in the 55/25. So you could potentially retire if the City approves it. We still need to see if NYC makes any changes or limits titles eligible. We were in our local meeting recently and this is what we heard. Stay tuned and check the TRS/NYCERS/BERS website for updates.
Goodluck and be safe!
Any word on health and hospitals?
@Ray I am turning 50 in August currently have a little over 26 yrs in longevity and opted into 25/55 back when it was made available to us by Elliot Spitzer. How will someone like me be able to participate should it become available for City teachers? Thanks in advance for clarifying for me.
Hello Seth, That’s cutting it close, one of the parts (part A ) says “employee Is at least age 50 with 10 or more years of service”. But I am not sure if the city adopts it lets say, by May or even June, does the eligible employee have to be 50 already or should he/she be 50 by the end of the open period of the ERI. In our meeting, they said NYCERS would have a longer window and would most likely end by Sept.. Not sure about TRS. Its a bit too early, I guess we’ll just have to wait and stay tuned. Reach out to TRS/UFT and check their website by May. If you really want to leave, I know how you feel. Hope it works out for all. Goodluck!
does anyone know if health and hospitals is included?
I heard from our local that HHC (along with NYPD and FD) may not be eligible since they are considered essential. We’ll just have to wait and see how the Mayor adopts it and who is eligible. We are almost there, hopefully by May we will know more.
Its going to be for all non uniform employees
Open period” means the period beginning with the commencement date
31 as defined in subdivision h of this section and shall not be more than
32 ninety days nor less than thirty days in length, as specified by the
33 participating employer; provided however that any such period shall not
34 extend beyond October 31, 2021 for participating employers, and not
35 beyond August 31, 2021 for educational employers. think I will make it based on this language.
I will be 50 before the start of the next school year
37 YEARS IN AND 63 YEARS OLD SO I WOULD GET40 YEARS CREDIT?
You are the first person I’ve “met” who outranks me! Ending my 35th year.
Drinks are on Richard OB!
My question also – I am a young old-timer 55 with 35 years. I want to know if we are eligible to receive one month for every year ????
In my opinion, you shouldn’t, and I wouldn’t give you anything. You leave on your own.
I think that’s why they would offer an incentive. The longer we stay, the more we cost. And at 58, I could theoretically go another 10 years, being young and healthy. But also not insane, so I want to go. I could have gone 3 years ago, so I’ve already cost them 4 1/2%. Had I known my pension would be so close to my income, I might have gone then.
Thanks for all the feedbacks. I have a unique situation. I just turned 53 years old and I have 33 1/2 years of service and had also opted into the 55/25 program back in 2009. If this goes thru will I be hit with a penalty just because I am 53? Thank you so much.
Tier 4. 55/30. Under normal circumstances for retirement. Where are you getting this reduction penalty for retirement before the age of 62???
How is it that mankind has developed language like this. Something so simple can read like OK if you retire now you get this….if you retire after you get this…simple clear…however mankind has developed now over time a language that humans cannot read or understand which defeats the purpose of “language”…..its truly amazing.
I am so confused
It’s pathetic!!!! 🤦♀️
So if I’m already eligible with full benefits, there’s no incentive is that right?
*. Is that right?
K, as I understand it you will be credited with an additional 3 years of service credit – 3 years is the limit. The union needs to get in the game here, though, and start breaking this stuff down officially. Hopefully soon!
Fingers hyper crossed.
I called the union and their answer was read to me. It included things like, major victory, but one more hurdle, to negotiate with the city, before the summer.
And the response to my email was:
Dear K,
I hope this message finds you well.
I apologize for the frustration this is causing you, at the moment the decision is still in the process of being decided. Please keep your eye on your email for any updates regarding this decision.
Best,
Briege
The decision is still in the process of being decided.
Helpful, right?
No, Kris, you may be eligible for extra months of service credit.
City still has to buy in, that was never a given in spite of a “verbal committment” from the city a few months ago, or so said Mulgrew.
Part A seems to be for age 50 to 55 (who are in the 25/55 plan) and will get 1 year for each 12 years of service up to a max of 3 years credit.
That’s what I’m reading as well. What’s with Part B though???? Do we have to qualify for both in order to retire early???
Why not make this easy and clear for people to understand? I just don’t get it!!
No, Anonymous, the parts are separate… you can only take advantage of one or the other, whichever works best for your specific situation.
I think if you are already eligible with “full benefits” that Part B would give you additional pension credit – one month for every year worked. If you have worked 36 years that would be 36 months – 3 years credit.
3 extra years for me would an extra 4.5% (of the average of my last three years salary)
i tried calling nycers to put a hold on my retirement but they claim they know nothing about this
I am a 64 year old secretary with 25 years of service. Can you advise me on how this ERI would affect someone in my age bracket with 25 years of service.
Of course you can retire with 2 years extra credit. You can enjoy your golden year! Cheers and stay healthy
who can we call or email to get clearer information?
If it is adopted the UFT will provide guidance.
What happened to Bill S559?
Why is it for only New York City employees , what about Long Island
Are you in the NYC retirement system? It seems anyone in that system would be eligible.
Eligible for what? To take a penalty and lose between 5 and 20 percent of your pension?
Part A seems to be for age 50 to 55 (who are in the 25/55 plan) and will get 1 year for each 12 years of service up to a max of 3 years credit.
Thank you for this information. Ray, I see what you mean, can you break it down a little more for those just under the wire by say… 9 months at 24 yrs and 3 months service at age 59? Does it mean a 15% cut of 60% FAS? Think Part A. would have to be selected?
I am not a lawyer, but this is how I read this: Part A and Part B are separate and cannot be combined. Part A is for those members who can benefit by having an extra month of service credited to their accounts for each year of service already given. So a member with 20 years of service in the system can get an additional 20 months toward retirement. Part B is the 55/25 part. It is a separate opportunity for those who did not buy in the first time around. A lot of the rest of the language is about how reductions to pensions will be figured, since members will still be able to retire even if they do not meet minimum requirements for an unreduced pension (i.e. age 62, age 55 and at least 30 years of service, or 55/25…).
if i have 21.8 years and am 62 and vested, do i get the opportunity for an additional 21 months to be credited to my time? is it like a gift?
You are correct. Employers will have the option to offer part A as it costs them money to offer until person reaches eligible retirement age.
Think so, Anonymous, and closer to 22. City still has to buy in.
If I am reading this correctly, Anonymous, then YES, and the additional credit would be closer to 22.
NYC gets incentive and the rest of us can go …
I agree should have been offered state wide!!!!
Anon 4/8 Yup… Merry Early Christmas
What happens if you bought into the 25/55 plan and are 59 years old with 24 years and 7 months in? In this case. Will I be given 1 month for every year worked, so I can retire with 27 years in?
That would be a combination of Part A and Part B and so, I believe, the answer is no. I also believe you would be eligible to retire anyway but maybe with a reduced pension. If this is all for real, watch out for the union’s online clinics to explain it all in plain English. They are usually very good about that.
If I am 58 due to retire in 3 years, I can leave without a reduction but do not receive credit for the 3 future years. Does not sound like people will leave.
Hello
i will be 55 in January 29 2022 and I am in the 25/55 program. i can retired in march 2022 with 30 years of service with no penalty. Would I still be eligible for the insentive
i submitted my retirement papers on 3-10. can i pull them back to get my extra months/years of credit based on this incentive? i called nycers and was told they have no information.
That’s an important question – I think it is addressed (in your favor) in what I read above – but don’t trust me – I am not a lawyer or a pension expert. If this is adopted keep asking your question until you get a definitive answer (before it is adopted you will only get conversations like this one)
thank you. can you please copy paste the part you say is relevant for me?
Is there anything in there for super old timers? I’m 58, with 35 years of service. I already have no penalty. Do I qualify for Part A? Additional service credit?
I am in the same position. Hopefully, we find out an answer soon.
@James If I hear anything I will post. Please do the same.
question if you are in the 25/55 already and you have the years but not age are they going to give you the 3 yrs and take the 5% off for every year you are not 55 yrs old? I have 27 yrs but my age is 52.
That is how I read it, Yvette. So your additional credit would take some of the sting of the reduction away. You definitely want to confirm with someone you trust at the union before you make a final decision, though. Good luck!
Thank you hopefully it all works out.
good question, i have 28 years , completed 55/25- but i am only 49 turning 50- if the penalty outweighs the incentive i have to stay (a 21% decrease after the incentive and 2 years credit) i might as well stay the 4-5 years and increase my pension by a ton
Absolutely, I am waiting to see what the difference would be. It’s sad that they are even putting penalties on us especially if it’s only 3 yrs age difference. The 3 yrs should be given for age or yrs to qualifyus for ERI. This way your penalties would be for only 2 yrs.
There is NO WAY anyone could retire at age 50 or 51 with that much of a penalty. Something here doesn’t make sense.
Sadly to say after working the numbers it only makes sense to wait until I reach 55 instead of losing almost $700-$800 a month if I take the package at age 52.
Im not 100 percent sure that this penalty stuff is definitely accurate. Ask yourself, does it make sense they even offer it? They want to save $$$. Nobody is leaving. Everyone will stay and we will drain the city dry. I know that me and my salary will. I don’t know where this Bill came from. Look up bill S5559 from Senator Griffo. No penalties in there. I don’t think any definitive information is out yet
I just read it Hopefully, it’s what is in the ERI. I wish they would have just posted the information.
You 100% right
My name became T!
They want all people who have not retired To retire, people who have surpased there age and speciaal retirement programs requirements. Long ago around 2006 or so an ERIwas offerde. Not many people opted in. So financial inventieve were added and payment of all sick leave etc were added only then City and other retirement systems got a decent amount of employees to accept It. My hope is language will change,because nycers is saying iT has not been sign and official language given so They Can not comment. My concern is how does part B Get no addition credit for years of service as an incentive to leave. If you Peruse various union websites and News letters, many different interpitations are out there on this ERI. Time Will tell. And hopefully nycers and teachers retirement system Will explain iT in simpele terms.
If you look at 2010 CBC report there is a line that says in part‘ any future incentives for retirement should included more for the employer. Lets see how iT Plays out, NYC nerds to lower headcount. That is why Mayor Deblasio supported an incentives. The various scenario’s of employees situations must be answered properly. I believe in 2 weeks we Will see. Also the Numbers crunchers know what They want to actieve. Also anyone who takes the incentive will have to wait Much much longer for their final Numbers to be calculated thru their respectieve retirement system.
What about someone who just wants to get out and who is a member of TRS and is 59 and has 11 years of service. Would I be able to take advantage of this and have 11 months added to my service?
Yes, IF you are vested AND with a considerable reduction to your pension. Remember, all of this is moot if NYC does not agree to go along with what the state has made possible.
JD
ID like to know who you are and how do you know all this?
Also, what happened to Bill S5559 that Senator Griffo penned. There is no mention of penalty in there.
I am a NYC teacher (hs math, in the Bronx).
The link I provided at the top is to the bill’s text. If you click “Action” you get what I’m copying, just below.
Notice that there are hundreds of pages in this bill. It is one of the budget bills. But this is the section dealing with early retirement.
I don’t know what happened to other the various bills. But as you can see in “Actions” this is the one that made it. It is part of a budget bill that the Assembly, Senate, and Governor are working with.
A03009 Actions:
BILL NO A03009C
01/20/2021 referred to ways and means
02/24/2021 amend (t) and recommit to ways and means
02/24/2021 print number 3009a
03/13/2021 amend (t) and recommit to ways and means
03/13/2021 print number 3009b
04/06/2021 amend (t) and recommit to ways and means
04/06/2021 print number 3009c
04/07/2021 reported referred to rules
04/07/2021 reported
04/07/2021 rules report cal.59
04/07/2021 substituted by s2509c
S02509 AMEND=C BUDGET
01/20/2021 REFERRED TO FINANCE
02/24/2021 AMEND (T) AND RECOMMIT TO FINANCE
02/24/2021 PRINT NUMBER 2509A
03/14/2021 AMEND (T) AND RECOMMIT TO FINANCE
03/14/2021 PRINT NUMBER 2509B
04/06/2021 AMEND (T) AND RECOMMIT TO FINANCE
04/06/2021 PRINT NUMBER 2509C
04/06/2021 ORDERED TO THIRD READING CAL.654
04/06/2021 MESSAGE OF NECESSITY – APPROPRIATION
04/06/2021 MESSAGE OF NECESSITY – 3 DAY MESSAGE
04/06/2021 PASSED SENATE
04/06/2021 DELIVERED TO ASSEMBLY
04/06/2021 referred to ways and means
04/07/2021 substituted for a3009c
04/07/2021 ordered to third reading rules cal.59
04/07/2021 message of necessity – 3 day message
04/07/2021 passed assembly
04/07/2021 returned to senate
04/07/2021 DELIVERED TO GOVERNOR
That’s great. But you have the inside information but the Union tells us nothing? The Union still LIES there is no buyout. Like they did ALL YEAR LONG.
Bills have been signed and just as I said in another response-time or money for the one month-it still hasn’t been decided but you seem to know that the penalty will be handed down. How is this. Look at Bill S5559. Did it disappear?
I’m 63 with 37 years in would I get the 36 months credit?
i am far from a Lawyer but i read Part A is for titles slated for layoff.
e. “Eligible title” means any title where a certain number of posi-
10 tions in that title, as identified by agency, department, work location
11 or appointing authority, as the case may be, would otherwise be identi-
12 fied for layoff but for this act because of economy, consolidation or
13 abolition of functions, curtailment of activities or otherwise. However,
14 an eligible title can also include a title as identified by an agency,
15 department, work location or appointing authority in which positions
16 would not be eliminated but into which employees in titles affected by
17 layoff can be transferred or reassigned pursuant to the civil service
18 law, rule or regulation. The determination of eligible titles shall be
19 made by the chief executive officer of the city of New York or other
20 comparable official of a participating employer.
I also heard as far as one month for every year of service… they still do not know IF you are getting the TIME or THE MONEY. Someone like myself at 53 years of age and 29 years of service, would get two plus year of time-no extra money and NO PENALTY. So this information being given here is still highly speculative.
I’ve been hearing buyout since September
Never once heard the word penalty
David, you haven’t heard the word “penalty” because the word being used is “reduction.”
Ok. Either word has not been said all year. A teacher making $124,500, 50 years old, 25 years of service. Gets 50 percent of the 124 then takes a 20-25 percent “reduction”, smiles and says thank you so much for all this money and retires??? You’re kidding, right?
That person is financially well off-they are a teacher.
Nobody 50, 51, 52, or maybe 53, would take this “deal”. They want to get rid of people. They are also talking about smaller class sizes. What does that mean, they need more teachers.
And plan to hire new, less expensive teachers. Maybe 2 for 1. A member is NOT required to take the buyout… and still may not have the option: no word on whether or not the City is going along with State on any of this.
I am 46 with 17 years service , TIER 4, and I did not buy into 25/ 55 back when it was offered to my tier in 2005/6. Would I be able to buy into 25/55 with this pending ERI? Its very unclear.
No shot
As explained to me by the union rep once the mayor picks the agencies it’s those agencies that decide part A or B for the retirees. We don’t have an option to pick, it’s the agencies pick option A or B because they’re the ones who will be paying us once those agencies have made the choice then you can log into NYCERS see the formula in hand and online you can figure out your numbers remember it’s to make it easier FOR THEM,not us
I don’t think so, Jen. it’s a one time deal, as written. Sorry.
I am in 62/5 as a city worker. I am 55 years old with 29 years of service. My understanding is that I would get 58 percent of my salary (2 percent for each year) as opposed to the hefty penalty which I would be saddled with if left before 62. I do not read this law as giving me anything better than that, which includes additional credit time
Hi, I work for one of the NYC Hospitals. I’m 57 with 34 years in the 62/5 plan. I got COVID very bad and I was very lucky that I made it. I cross my fingers everyday that I don’t get it again. I don’t understand this bill. If someone could please simply answer do I qualify? Would I get a full pension or what % of reduction, I’d really appreciate it. Thanks, Mary
City agencies should have people that know what is going on available to answer our questions. we need to know how this can affect us.
I’m sorry but I heard it wasn’t for people like yourself because you are an essential worker. I applaud and commend you for the job you guys have done. If you have the qualifications, leave. You certainly don’t need anyone tell you how precious life is.
that would be so unfair!
You are absolutely right.
Mary- I am in 62/5 as well. 55 years old and 29 years service. My understanding is that I would get 58 percent (29×2) of Final Average Salary. If in fact that is case, I am taking it
Thank you all for your kind words and guidance. Anonymous, if it’s 58% of the FAS and if I’m lucky enough to be eligible, I too will take it. It’s taking too much of a toll on my family, they worry. Thank you so much for responding, at least I have a clue as to what I might expect.
Appreciate you all…Mary
How do we calculate our pension?
Yvette, you should have an online TRS account. If not, go to the website and set one up. All of your statements, including your Annual Benefits Statement (ABS), are there. The ABS is the one you want to check because near the end of it, they give you an idea of what your pension would be if you retire this year or next or the year after that… Of course, it does not take a POSSIBLE early retirement incentive into account, but it gives you an idea. The TRS site also has a Planning Tool that will calculate your approximate pension for you after you plug in your data. You cannot access the tool without an account. Good luck.
I do but it automatically calculated for my retirement date and since I’m in the 25/55 it won’t let me change the date because if you leave any time before 55 you can’t get pension until 62.
The UFT does preliminary consultations. You might want to give them a call.
Yvette, if you are represented by the UFT, the number to call to schedule a preliminary consultation is 212-331-6311.
I’m with Nycers but thank s for the information i am sure someone can use it.
to the person who is with nycers, why arent they giving us the information we need to make informative decisions?
It’s all new so we don’t have a meeting until the 14th. I just happened on to this and it was very informative.
i submitted my papers in mid march before this ERI was out there and I was told I can rescind my papers. I would do that for a month so that I dont lose 22 months (i’ve been with city for 22 years and i am 63. who can i speak to about this??
I keep figuring out mine but it keeps leaving 3 zeros off! Something is wrong!!
I think this is the normal way but I’m not sure. Someone told me.
Number of yrs x 2% × fas ÷ 12
Example 30 yrs x 2% x 72,000 ÷12 = 3,600 monthly
Than you would Subject reduction amount.
I am 54 with 31 years of service. I have bought into the 55/25 will I be eligible and would I incur a penalty? I turn 55 at the end of the year.
Nobody knows if there will be any sort of penalty. You have enough time. I don’t think you will get anything extra. City has no money. They aren’t giving out extra money. I believe they will just give time-no money
I am 22/65. Would I be eligible for anything?
Best to stop speculating and wait for guidance from the unions. We waited this long, we can wait a little longer. Keep your hopes up?
The New York State Legislature has passed budget bills S2509C and A3009C, including an Early Retirement Incentive (ERI) {part KKK} and sent them to the governor on April 7, 2021. If and when the Governor signs the bill, the City will have the option of implementing it or not. The Mayor can deny any individual or title or unit deemed “critical” for revenue or public safety reasons. He can designate each agency’s commissioner to make these decisions for their respective agencies.
MEA Pension Consultant Jay Warshofsky has analyzed the bills’ basic points to note to potential participants:
The bills include NYCERS, TRS and BERS members only {subpart C.} NY State and local pension systems are not mentioned.
If approved by the Governor and the Mayor, the ERI in NYCERS cannot start before June 30, 2021 and end no later than October 31, 2021. The ERI in TRS cannot start before April 1, 2021 and end no later than August 3, 2021. The open application period for both will probably be 90 days. Any retiree must provide at least 14 days notice.
All pension members would retire under the rules of their current tier and plan. To be eligible they must have a minimum age of 50 with minimum 10 years pension credit.
Employees both age 55 or older and with 25 years or more of pension credit will not incur an age penalty.
The ERI provides one month additional credit for each year of credited service with a maximum of 36 months credit.
We await details and procedures from NYCERS, DCAS, OLR and each individual agency if and when our Mayor signs the executive order to initiate the process. We will share them with you as soon as we receive them and will schedule a Zoom seminar with Mr. Warshofsky to help answer questions that you may have after the procedures have been posted in your agencies.
Thank you. This begins to clarify much.
But the comment uses “we” – who is “we”?
Isn’t a school year only 10 months? Technically, we don’t get paid in the Summer, we just voted to spread our 10 months salary out over 12 months. In other words, ifI have 25 years of service, shouldn’t I get 2.5 years added to my credit?
VERY wishful thinking, Anon.
I am Tier 4.
The bills are such gobbly-gook
Simple question:
If I have 23 yrs of service today, and get one month credit for every yr worked, will I retire with (almost) 25 yrs of pensionable service?
How will my FAS be calculated? with my 21/22/ 23 yrs of salary data, or my 23/24/25 yrs of salary data…could make a big difference…
Any thoughts?
As I read it, Guiermo, FAS would be calculated with almost 25 years but there would be a reduction because of the 23. So still the reduction but from a higher start point. Hopefully, we’ll get the official guidance soon.
As I read it, Guiermo, FAS would be calculated using the almost 25 years but there would also be a reduction because of the 23. So still the reduction but from the higher start point. Hopefully, we get official guidance soon.
NO WAY. YOU DO NOT HAVE ENOUGH YEARS. you have 23 and you need 25. They are not pushing you to 25
A member is eligible to participate in Part A of the ERI Program if he
or she:
* Is otherwise eligible for service retirement;
* Is at least age 50 with 10 or more years of service…
I stand corrected. But it was originally:
50 and 25 years and
55 and 10
SOMEWHERE along the way, the numbers changed. I stand corrected BUT believe what you will until the dust settles.
I would not expect the FAS to change at all. Only the years of service credit get increased and any reduction due to age based on plan would apply. Nothing in there says to change the FAS for NYCERS tier 4 with service years times percentage times FAS type benefit.
I am Tier 4 (62 retitrement age normally). I am 55 with 29 years service. Do I simply get to retire without penalties, or do I get to retire and use my credited service as instead being 31 years and 5 months? Thanks
I suspect you will be better off with no age based penalty since it is 27% reduction for age 55 for the 62/5 plan. The 2.4 years extra service extra based calculation would still likely be subject to the 27% reduction. I suspect you would have a choice of A or B plan – but B may be better for you. Again you have to find out details when they announce it.
I am luckily on 57/5 and am 58 w/ 16 years, so only part A applies – just the extra 16 months service credit. Very simple for me – no other choice.
Yes, 25 years x2 percent a year = 50 percent of FAS – the reduction (based on your 23 years).
53 with 22 years. I would get 22months credit and
a 10 percent reduction. Am I correct?
I think so, Nicholas, but you’ll want to confirm with someone you trust at your union.
I’m 56 with 29 years teaching. I signed up for 55/25. Would I get any benefits from this ERI?
Franklin, it looks like you’ll get an extra 29 months of credited service toward your pension IF this ERI goes through. But you’ll definitely want to confirm with someone you trust at the UFT.
I am 54 with 28 years of service, Tier IV, would I get 24 months of service added? Could I wait until January when I am 55 to start collecting my pension?
I took a sabbatical 2 years ago. Will my lower salary for those years affected be used in the calculation for my Final Average Salary?
Absolutely!
Absolutely NOT. Sabbatical years or semesters are skipped over in the 3 year FAS look back. This is absolutely certain.
From tier IV retirement borchure on TRS:
Your FAS would generally be the average of your highest three consecutive annual salaries during
your periods of total credited service. However, if the salary earned during any year included in the three-year period exceeds the average of the previous two years by more than 10%, the amount in excess of 10% would be excluded from the calculation.
If the period used to determine your FAS is the three-year period immediately preceding your effective retirement date, and if you were on an authorized leave of absence at partial pay or no pay during that period, the leave would be excluded from
Cuomo has still not signed the budget bills. The City can’t provide any details until after it is signed and they issue local laws (I assume via City Council).
S02509 Enroll Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2021-2022 state fiscal year; extends the top rate of income tax (Part A); imposes a pass-through entity tax (Part C); relates to child care…
[Detail][Text][Discuss] 2021-04-07
DELIVERED TO GOVERNOR
https://www.nysenate.gov/legislation/bills/2021/s2509/
I am 58, 26 years of service and in 57/5 plan. I am currently eligible to retire without any penalty.
Please some one tell me if I will get any extra credit towards my pension with this ERI. Thanks.
IF the Governor signs and City opts to implement it, then, yes, it would seem that you do. Big IF’s, though.
It’s happening. No if’s,buts or ands. It would not have been talked about ALL YEAR if it wasn’t happening.
And you can take that, to the bank.
I am 50 years of age and have 27 years in. I am in Tier 4 and I did buy into 25/55. I originally thought I would qualify under part A with no penalty, because it reads ages 50-55 with 10 or more years. Am I to understand I do not qualify because the rules of my Tier have the age 55 requirement?
You qualify. There is no definitive answer if you will get a reduction or get time for your years of service. Your 27 years gives you 2.7 years but that only gets you to “53”.
I am 50 years old and have 27 years. I am in Tier 4 and also bought into 25/55. I originally thought I would qualify with no reduction under part A because it reads: 50 – 55 with 10 or more years of service. Am I to understand that I do not qualify because Tier 4 has an age requirement?
I am in same boat you are in, and I do believe we are going to be allowed because as I have read this thread you would need to have opted in to take advantage of part A. Unless I am reading it wrong
I am 58, 26 years of service and in 57/5 plan. I am currently eligible to retire without any penalty.
Please some one tell me if I will get any extra credit towards my pension with this ERI. Thanks.
I am 57, 26 years of service and in 57/5 plan. I am currently eligible to retire without any penalty.
Please some one tell me if I will get any extra credit towards my pension with this ERI. Thanks.
Feroz, IF the Governor signs and City opts to implement it, then, yes, it would seem that you do. Still some BIG IF’s, though.
Just realize also that the titles have to be approved by the mayor or if he delegates it to agencies, by the agency. Appears that they would have to determine if the position is going to be eliminated or can be back-filled with much lower cost for them to prove savings. If it costs them more to backfill the position, not sure they would approve it. No guarantees , but most likely if they can back fill with new tier 6 and lower pay employees, then more likely to be approved I suspect. That is all assuming it is approved by Cuome and City as well.
The comments above relate to managerial – not union positions. Unions may have their own rules negotiated based on titles involved.
any word from HHC?
I never realized that teachers were on the same level as doctors. They could hire three teachers off my salary.
There are either giving money or credit. If you are eligible to retire with no help, you won’t be getting anything.
i think thy want to replace us (tier 4) with cheaper tier 6 employees. there are people like us who want to retire but waiting on this ERI
no surprise there. private businesses get rid of the older employees too. sucks
Correct! But if they enforce such harsh reductions at age 50, 51, 52. They are going anywhere. Me at 53, 10 percent reduction, I’m gone. 54 year olds is a wash with the possible credit it money. I want it in time. I know that debate is still up in the air.
The way I look at it turning 50 in August, I’d rather go and work in another capacity to help make up for what I might to lose from the penalty, to not have to deal with stress anymore I’m out if they say we can go.
Unfortunately
It’ll be at least a 20 percent loss
like mentioned earlier nothing wrong with taking a new career to help to lessen the impact. Plus like you have said we don’t know for what/if anything will be actually available until they’ve informed us of any type of agreement.
I got an email back from one of the UFT’s officers – she helps to put together the pension workshops – and this is what it said: “The city is still negotiating with [the] UFT on the possibility of an ERI. We should have an answer soon.”
@Sophia that really doesn’t make sense. The whole point would be for the city to save money. The purpose of buying into 25/55 was for incase you wanted to leave after you hit 25yrs you would freeze your pension and being collecting at 55 if you are in tier 4. The way I am reading it is those of us between 50-55 will be allowed to retire and get up to 36 months of service depending on yrs. This being said based on your math are saying that everyone is going to lose 5 percent every year of their pension or just till they hit 62? or in our case 55? We paid into the program for a reason what in fact was that money for that was deducted from our checks till you hit 25yrs?
@Seth, then what happens to those of us who are 62 and have put in 21 years?
I’m not sure about that aspect, I just am speaking of how I read the information in Plan A for those who are 50 with 10 plus yrs in that opted into 25/55. If you read Sophia’s comment is what I was alluding to in my response. Guess we just have to wait to hear how it will wind up.
Let’s take care of New York City, the rest of the State doesn’t matter!!!!!!!!!! Talk about DISCRIMINATION. Cuomo needs to go. How is it right to just offer this to New York City and not the rest of the State. Aren’t we all helping to pay for this thru our tax dollars????
Talk about DISCRIMINATION!!!! Why is this Incentive only being offered to New York City, what about the rest of the State???? Isn’t every tax payer going to pay for this Incentive whether they are in New York City of not. Cuomo needs to go!!!! Is anybody going to be able to even take the First Part of this Incentive????
I read through all of the comments and am still confused. At 58 y.o. with 24 years service, is there eligibility for years credited without pension reduction? What does it cost me in this circumstance to retire early?
AP the anon…forgot, optioned into in 55/25 plan.
Looks like you’d qualify for an unreduced pension since the extra 24 months would get you 26 years (i.e. 52 percent of your FAS). But before you get too excited, a LOT still has to happen. I was at a pension consultation today and the UFT rep kept saying that the union was getting ready to advise all potential eligible members IF/WHEN they get the green light from the governor and mayor.
How do you know if he is getting time or money? You don’t. So how can you tell people one way or the other.
It’s in the bill. The proposed extra time = extra money. But nobody gets anything if the bill doesn’t become law.
Well, the Union broke the story. So the end is near. No. Time doesn’t equal money. They do not have to give you ‘money’. They could give you, for example, if you are 53 and worked 27 years, you get 2 years 3 months. The 2 years gets you to “55”, you leave with 27 years worth of pay. No extra money.
The bill was signed today by the Governor. Next step the mayor.
https://www.governor.ny.gov/news/governor-cuomo-signs-fy-2022-budget-and-announces-continuation-middle-class-tax-cuts-help-new
I meet the requirements for the ERI but already applied for retirement to take effect at the end of May 2021. Can I still claim the ERI if May 2021 is within the open enrollment period?
Anyone here over 62 with 25 plus years of service? Assuming this is signed do we elderly folk get an additional month per year for our service?
I am not over 62 with 25 but am pretty sure you get an extra 25 months IF IT GOES THROUGH. IT IS NOT A DONE DEAL YET.
Why are you yelling and it is going to go thru. Stop looking at half empty cups. And guess what. They are not going to give extra money. I HIGHLY DOUBT IT.
50 with 29.5 years in the 62/5
What kind of penalty am I looking at.. would it even be worth it to me??
Could be 5 percent for every year under 55.
Basically
You worked for free for 30 years
Not looking good for us under 50 then
55
No
David asking your thoughts would the penalty be till one hits 55? had they opted into 25/55?
I THINK 25/55 is a separate entity. I do not believe there will be a penalty whatsoever. Yes I could be wrong and would be will to admit I am wrong. I am just preparing myself for it. I’m 53 with 29 years. 25 years is 50 percent of what you make. NOBODY looking to jump ship is even on top salary. Yes, the 3% hits in May but it won’t mean much if anything at all.
So it looks like there is lot of confusion.
Let me put down the whole thing in a very simple language:
This ERI applies to people who fall in one of the following categories:
A. you are 50 and above with 10 years of service
B. you are 55 and above with 25 years of service
Both of the above categories will get one month/year towards pension, maximum of 36 months.
Also for all your vacation time you will be paid in three equal installments. First installment at 2 months, then 14 months and the last one at 24 months.
We don’t get vacation time first off, and secondly I believe one had to opt into 25/55 to fall into category A. Unless your implication is correct then people who are 50 and above who opted in should not incur a penalty as we paid into being able to retire at 55.
You should be rewarded at 55 for doing 25 years and when I get to 55 I’ll have 32 years. That makes no sense.
Dave wait I’m sorry are you answering me? I had asked based on your opinion I’ll be 50 in august and opted into 25/55 I currently have 26 and half yrs in the system. My question to you was, the penalty would that be till I hit 55 or is the penalty permanent?
Feroz can you tell mewhere can i find the language for part B getting the1 month for each year of service
https://www.wcny.org/budget-creates-pathway-to-early-retirement-for-nyc-employees/
So Feroz I didn’t hear any mention of the ” vacation money” you were referring, to and Senator Gounardes really didn’t mention anything more than what has been discussed in the thread. This being said I am hopeful that there will be the option for myself who will be turning 50, and opted into 25/55.
49 b. An employee of the city of New York who retires under the retire-
50 ment incentive provided by this act, who is eligible for terminal leave
51 pursuant to an applicable collective bargaining agreement or a personnel
52 policy or rule or retirement leave pursuant to section 3107 of the
53 education law or who has an accrued annual leave balance on the effec-
54 tive date of retirement shall be paid in three equal installments two
55 months, fourteen months and twenty-four months following such eligible
56 employee’s effective date of retirement.
S. 2509–C 189 A. 3009–C
Feroz – nice catch – forgot about that part. Adding to that part from MBF info, only the first check would have any DCP contributions apply – the other two payments would not have DCP contributions taken out:
If you have a 457 and/or a 401(k) Deferred Compensation Plan account, an amount equal to your current deferral percentage will be deducted from your Managerial Lump Sum Payment as a contribution to your Deferred Compensation Account(s), subject to the 457/401(k) annual contribution limit and required payroll deductions, provided that the Managerial Lump Sum payment is received by the Deferred Compensation Plan by the latter of two and one-half months after separation from City service, or the end of the year in which you separated from City Service. Any payments received after that time are not eligible for deferral to the Deferred Compensation Plan, in accordance with IRS regulations.
Does not apply to non-managerial titles – those require taking the days before the official retirement date, so if you have lots of leave, you would have to use it before the retirement date normally. If implemented, the time window for the incentive could mean losing some of those days if you don’t use them up before the incentive end date.
I’m still confused. Why can’t they have some webinars set up ASAP
I think they will pay for vacation time to non managerial employees also
I am just hoping they offer the time (one month per service year). That would give me enough to go with 20 years- even with the reduction because of my age- only 58- I am ready. I listened to the podcast, and it seems that the DOE could pick and choose what part of the ERI it wants. I didn’t realize until listening to the podcast posted above that the the fiscal situation is still incredibly bad even with the federal money. Layoffs are a strong possibility next year, so maybe they do what to replace Tier IV people with Tier VI people. Here’s hoping.
@K I am hoping they allow those 50 plus who have at least the required years that opted in to 25/55 when it was made available. Will be turning 50 at end of August.
David Vota- you said the union broke the story- where was that? Just curious.
At the UFT Delegate Assembly- these were the notes taken based on what Mulgrew said about ERI
–“Elections matter. Our endorsements are in the interests of our profession and livelihood, and then people make own decisions. We are looking at best state budget in 20 years, though it’s not yet official. Not yet signed by governor. There is an early retirement incentive in NYC. Nothing changed about it. Legislature approved in for non-uniformed employees. We now have to negotiate with this administration on terms and conditions. Will likely not be easy, but it’s been over 20 years since NYC had this. State had one nixed by Bloomberg for NYC. As soon as it’s signed we will get it out to all members who could qualify, basically people over 50.”
Then when asked questions:
Q–
Retirement incentive–Will we know by June?
A–ERI traditionally would be done by middle of June. We want it ASAP. Will be opt-in period. Will probably occur in summer, end in mid August. Will still negotiate this after bill is signed. Pension dept. on alert. Hopefully done in July. We have legislation. When it’s signed, anyone 50 or above will be notified..
thank you for sharing this information.
Not looking good even if it is signed by Cuomo:
https://nycmea.org/mayor-pumps-brakes-on-extensive-use-of-retirement-incentive/
Does it say the word teacher?
No- the daily news conference I saw – the mayor said he liked how the incentive was written- it is non-uniform entities- there are certain jobs you can’t have a shortage of especially now- police, fire, and medical. Teachers are replaceable. they do want Tier IV out and replace them with the much less expensive now and in the future Tier VI. The only reason we didn’t have layoffs this year is because the union agreed to take our payout from the last contract a year later. Next year with no incentives this year- prepare for layoffs. The federal money received this year does not prevent that.
K- do you think deep down that Mulgrew already knows it’s coming- I mean the approval by Debozo?
He does owe us and should do something like ERI for us. He kept half of our money for the retro. The only thing is disagree with is that everyone is replaceable. Did he say all that or did you add your own thoughts.
Do you have a link to the press conference K?
Two different unions share different takes on the issue it would appear:
At the UFT Delegate Assembly- these were the notes taken based on what Mulgrew said about ERI
–“Elections matter. Our endorsements are in the interests of our profession and livelihood, and then people make own decisions. We are looking at best state budget in 20 years, though it’s not yet official. Not yet signed by governor. There is an early retirement incentive in NYC. Nothing changed about it. Legislature approved in for non-uniformed employees. We now have to negotiate with this administration on terms and conditions. Will likely not be easy, but it’s been over 20 years since NYC had this. State had one nixed by Bloomberg for NYC. As soon as it’s signed we will get it out to all members who could qualify, basically people over 50.”
Then when asked questions:
Q–
Retirement incentive–Will we know by June?
A–ERI traditionally would be done by middle of June. We want it ASAP. Will be opt-in period. Will probably occur in summer, end in mid August. Will still negotiate this after bill is signed. Pension dept. on alert. Hopefully done in July. We have legislation. When it’s signed, anyone 50 or above will be notified..
Well Seth- the mayor and the counsel agreed in theory early on to the incentives but I have seen how he works so I will believe it when the union contacts me and says I have options.
If signed I believe TRS has a 90 day window that must be closed by August. That means teachers will know soon. As per link posted by anonymous earlier, attrition will be a factor in DeBlasio’s decision. Over 1,700 DOE employees have left on their own accord. We are being driven out. Why would De Blasio play with us this way?
then there’s this from the TRS website:The recently passed New York State budget includes early retirement provisions for certain public employees, which may include some TRS members. However, the City must first decide on the scope and other details before TRS can provide any information. We will post updates when available on our website and social media.
I just attended some workshops at the TRS and while they would not discuss the ERI, they did say that even after it is negotiated by the city, it has to go through all the legal work at TRS. This is not a bill gets signed by the governor and it goes out the next week. I would not be surprised if all the negotiations are quietly occurring as we write this because this has to get done in time for schools to fill vacancies with those on the ATR and new teachers.
I wonder if I will be able to take advantage as mentioned previously will be 50 in August, I know according to TRS I will technically retire at the very start of when I turn 55, August of 26, I wonder if it will be the same calculation that I may opt in, and it will be as of my 50th birthday.
There is nothing in the article above that reads like a game changer. The only quote from the mayor is about working with his union partners, which is what is required next if/when the governor signs the bill (which, by the way, Mulgrew said at a Bronx members only meeting yesterday he – as in Cuomo – has to do by Monday). Even the title of the article falls flat. The bill was written to prevent “extensive use of the incentive.”
Yes Anonymous, and if you read the bill, it applies to very specific groups. Now let’s see if they actually do anything with it. Senator Gounardes specifically said in a podcast that this was to prevent layoffs and shortages next year because while a ton of money was thrown at education and other areas, NYC’s fiscal situation is still VERY bad. We are just not feeling it yet.
K would you think people like myself who will be turning 50 over the summer will be able to take advantage? I know if the incentive doesn’t apply to me I would be working up until June of 26 and I’ll still be 54 but as of my birthday I would be able to start collecting my pension. Thank you in advance for your input.
Seth- I think it depends on when exactly you turn 50, what you pick as your retirement date, and when the buy in period ends. But remember the city doesn’t have to accept all parts of the bill. I myself am 58 but only have 19 years- if they give time, I can go- if not I have another year. This is definitely one of those things where we have to wait and see where the city/union negotiations take us.
agreed, like mentioned in an earlier post if I wait till I’m 55 I would actually be ending my teaching in June of 2026 when I am still 54 and according to TRS right now I can retire as of 8/29/26, I turn 50 August 29th so I would pick that as my date, I have currently 26 1/2 yrs in, opted into 25/55 as well when it was available. I am guessing if what Mulgrew said is accurate where he states over 50 and that the buy in period would be July to Mid August. Again agree we have to just wait and see.
Even if they let you go. Great! But you have 27 years. You’ll get 54% of 123,000, roughly. Then take a 20% reduction(I’m being generous). What do you get? Can you leave on that? In 20 years.
Reduction for how long? I bought into 25/55 where does that money go? To make up the difference I plan to start a new career, if given the option to go.I have had it.
You are only 50, right?
correct in August
According to JD, 5% off for every year under 55, but I do not agree that there will be a reduction
so are you saying the reduction would be till I do become 55? or would it be permanent in your opinion?
According to how jd sees it yes, a penalty for every year you are not 55. I, my friend, do not see it unfolding that way.
And like my wife said, ERI OR NOT, you, I and everyone else can leave at 50 now, you just get hit with a penalty. That’s why I don’t agree that there will be a penalty enforced with this ERI. They may just say, you’re 53, go with what you’d get but you’re not getting any more
and honestly I said that last summer, I said I bought into 25/55 for a reason, want to save money? let someone like me retire and start collecting their pension. I’m hoping this is what it turns out to be. I have had it. I have taught remotely this year and I have enjoyed it, but I’m burnt out to be honest.
Yes. 29 years here completed. I like it but it’s time to go.
you didn’t opt you had said correct to 25/55? Again I’m curious what becomes of that money that I put in towards it. Should we do hear that an agreement has been reached, which the more I read on here, the more I tend to think they’re working this out as we speak behind the scenes.
No. There was no point in opting in for me. When I turn 55, I’ll have 32 years. From everything I heard, the money you put in, you will get back. Of course. And I still say, they won’t say it now because a lot of teachers will shut it down for the year. People will disagree but to me, it’s human nature.
actually then we are in the same boat as I would’ve had 32 yrs in when I hit 55. I did it simply thinking once I hit 25 yrs in and If I wasn’t happy anymore teaching leave freeze my pension and start collecting at 55. I was just thinking if there was some sort of penalty they could for those who opted in use that money towards avoiding the reduction or penalty.
Yes. I am 53 and 29 years right now. I’d take the penalty, if there is to be one, and ride into the sunset.
And if they give time, I am out with 20 and sunset here I come!
The extra 55/25 money that members agreed to pay (1.8% per paycheck) is used to pay members’ pensions. The money has to come from somewhere, right? But that money alone is not nearly enough to pay a member’s pension for life. So the rest comes out of the billions and billions – I think it’s around 100 billion – of assets that sits in TRS managed accounts. The only refund a member who paid in to 55/25 is entitled to is half of the total IF he or she ultimately retires at 62 instead of the original 55.
Sorry. You’re wrong there, my friend.
Oh yeh, boiiiii. That’s what I think will happen. Would make me 55 and no yellow flag or red card pulled!
yes but if qualifications lower to 50 and people opted in for the program 55 something should be done to replenish that money or waive reductions to some degree if there are any
Never signed up for 55/25 because I started teaching at 22….I will be 51 on July 15. I believe I will have 29 years, 7 months, 10 days, as of June 30. Will I be eligible under this ERI? The more I read the more I am just unsure.
Following up……if the credits are applied that would bring me up to 32 years, 10 days…but, again, I never signed up for 55/25…..but tier IV…..55/30…..does it work or I’m just missing it by 4 months, 20 days???? This is so confusing! :-(
Not rely confusing. Are you 50? Do you have 10 or more years of service? Are you ready to deduct 5%for every year under 55 years old. Pretty simple.
Dave I asked you this once before maybe you didn’t see it “should there be a penalty or reduction” do you think that once people do hit 55, the reduction would go away? meaning they take away 5% each year all we hit 55 and then receive full amount of what we are entitled to?
No. I don’t think when you hit 55, it won’t change. What we get, will be what we get. For life
Never bought into 55/25 b/c at 55 I will have almost 32.5 years plus some thruway time I bought back to take me up to closer to 33.5. Just trying to figure out if I’d fall within the criteria to be eligible.
Pretty sure the ERI as written would apply to you: you’d get the extra credit – about 33 additional months – but would be reduced because of age (51, not 55), a reduction that would be applied if you chose to retire even without the ERI. The difference is the reduction is figured from the higher, extra credited number. IF it happens, and there are no guarantees that it will, the UFT will be reaching out to you to break it all down.
What about for me? I am 58 and 26 years of service. I am in 57/5 plan. Thanks
50 and 10 years are the qualifications. But are you ready to take a 20% penalty if enforced?
I also heard they are doing a “sliding scale”. Start at 55 then 54 the 53…so they don’t empty out the place
Honestly David- That is why the 50 and 10 years surprised me. I thought it would be 55 and above. I am 58, need the time to reach 20 and will go out with the reduction but I am probably more of a rare case. When it said 50 I was almost shocked. But it was the same criteria in 2010. I wonder why that is.
maybe to have a broader range to be able to get as many as possible to leave? I’m sure there are plenty of people who either can’t or don’t want to leave that maybe in the 55 and older category. Everyone’s needs and situations are different obviously.
To save money! The ERI is all about saving money – over the long term – for the city. You could also make the case that newer, less expensive employees would be more malleable, more likely to go along with the new chancellor’s initiatives.
It was 50 since last September
David- I just saw your last question- when I said teachers are replaceable- those are my words- I meant that you can hire two teachers for what you pay me- so it is worth it if you want to save money and gain more teachers.
Not to mention that new teachers ate TIER VI- another savings long term
Q–Early retirement incentive?
A–In both of one house bills. Trying to get in into final budget. Will be huge piece, and then it comes to city. When we pushed retro payment we got city to say it supported incentive. City has to abide by it. Keeping fingers crossed.
This was Mulgrew from the UFT Delegate Assembly from March 2021. If I am understanding this correctly- the city agreed to support incentives this year when the union agreed to take part of our contractual retro pay a year later (July 2021 instead of all of it last July). If the city pulls back from this, they will lose negotiating power later in the future and when the new contract has to be put together.
I am a school aide I’m in tier 4 57/10. I am 52 and have 9.64. I am planning on retiring when I hit 10 years. Does this benefit me at all? And how?
52 yrs old/will be 53 in Sep., 16years and 7months service. Tier 4, bought 25/55 service credit.
I will have 18yrs-3mos service credit with the incentive. Can someone tell me what my reduction would be? Thank you.
Joining the conversation late. I am tier 4 with 17 years service, 62 years old.
I did NOT buy into the 55/25.
Two multi-part questions.
First, from Mulgrew’s statements, and from this thread, it sounds as though I will…or is it may?…be able to apply those 17 years to add-on 17 months to my service record, and get a slightly higher pension.
Second, I am unclear on the “penalties” piece of the ERI: what the penalties are normally; and how the ERI will – or may – impact those penalties. (Does my age affect this second matter?)
Any clarification – particularly on the second, penalties matter – would be appreciated.
Thanks very much, btw, for the yeoman/yeowoman labor several posters have undertaken to explicate this – as best as is possible now – for quite a few others.
Don’t think a reduction applies because of your age. Hopefully the governor signs today, the mayor opts in and the UFT sends out the guidance that we need.
The more I read the more confused I get!!!
Perhaps someone could clarify for me:
I’ll have 24 years service in June, I’m 55 and a participant in 55/25- If ERI goes through, will I be bumped up to 26 years service and be eligible to retire with a 52% pension?
Thanks and good luck!!
It is unknown how and if they are giving credit. I doubt they are going to give ANY extra money. I also think 25/55 is a whole other ball game.
Hi Jerry
I think it goes like this:
Part A you are both 55 and have completed the 25 years you get 1 month and no penalties
If you do not have the age and the time, you the 1 month per year, but you also get penalties. Go to the NYCERS website they have a really good explanation of the eri
Part B
You must be 55
You do not get extra months, but you also do not retire with penalties
Jerry….it certainly seems that way.
F’n seems!
I am sort of in your position. So for each year preceding (before) 55 In your case 2 years after your birthday in Sept., mulitply 2 years x 5%=10% deduction – However, the terms are still negotiable. There is room to play with these numbers and according to last weeks UFT Executive meeting, once the UFT has the green light, they will work with DOE to present terms to mayor, who already agreed to adopt the ERI. No the incentive. You will get 16 months added to your 16 years and 7months bringing it to 18 yrs. 3 mo. x 2% = 36.6% of your final average salary. However, it is still unsure how the penalty will work. In your case, would it be 10% of off your final average salary before the 2% application (which would be more) or would it be 10% off of the 36.6% of your final average salary? No matter what, unless you have another income coming in, it would be difficult to live with our pension even at full award. I moved to one of the states that doesn’t tax our pension and where my mortgage is not even $500 for the same size house I had in NY and with more land. If you don’t take advantage of the ERI now, you will not be able to retire until you have reached your 25th year of service which means you will need to continue working another 8 years and few months.I have 2 years to go after 9/8/21 – my dad, my best friend, and 5 other neighbors have succumb to this virus. My mom died before she turned 54 and I have overcome death for the past 16 years. Although it seems I will lose 10% of my pension, I will not give another second to this job which I took so seriously until my best friend demanded on his deathbed that I promise him I was going to live my life and retire as soon as possible. I won’t break my promise. So, are you willing to retire at 36.6% (for every $10K= $3650 – 10%= $3285 per $10k so if your salary is either 89,890 93,675 (8B + L5) you’re looking at $3285 x 8.98 = $29,499.30 a year or $3285 x9.38 = $30813.30 a year. This is approximate.
Hi Alexia- Where does the 10%deduction come from? Lacking service years or missing 2 years of age shortage? (I will be 53 on 9/1/2021). I will have only 18 years and 3 months
Thank you so much for the calculation and encouragement! I’m sorry to hear your lose…
I agree with what you are saying. Diagnose with cancer and two kids ready to go to college(9th and 11th in Sep.). With two teachers’ income, we do not qualify for any college financial aid.
Sorry Alexia but you do NOT get 2% a year until you complete your 20th year of service. It is only 1.67% per year. 18 x 1.67 = 30.06 %
You on here have PIPE DREAMS if you think you’ll be retiring at the age of 48, 49, 49, 50, 51 52. We are teachers. Not CEO’s of Microsoft. Check the price of a gallon of gas. And you expect to live on 30.06% of X.
David- perhaps they are like me and they have other options- it’s just a discussion trying to figure things out in the event the city passes the ERI- we still don’t know if they will. Have a good night.
You’re dreaming if you think they won’t pass it.
Any update on Governor signing the bill yet?
Just this past fall, the mayor tried to get out of giving us the retro we are owed this summer, so I will believe it when the union emails me and says I can use the incentive.
Rest easy, grasshopper. He will not want to leave the city in shambles. Also, don’t you think he’s heard about ERI already???? He would have shot it down months ago. Hopefully, you are one of the qualifiers. Not someone on the outside lookin in.
David- just this past fall, the mayor tried to get out of paying us the retro we are getting this summer, so I will believe it when the union says it’s a go.
David- perhaps they are like me and they have other options- it’s just a discussion trying to figure things out in the event the city passes the ERI- we still don’t know if they will. Have a good night.
Well I think what some people are saying is that they plan to transition to yet another career This is my situation and I am also considering this. I have the same question as the aide from above, actually. I am 51 with 9.5 years. (I may have another few months service credit for subbing I have to apply for NOW). Will I be eligible for anything if I retire now? I still don’t understand the benefit. Even if I can pull the 10 yr. requirement together somehow, what would I expect to have added on? Just 10 months of a time credit, correct? In addition to a greatly reduced pension that I would collect starting at 55, yes?
Also, if I am 2 months shy of 10 years in August would I be ineligible? Thx if anyone knows. I was planning in putting in another 3-5 yrs. before starting my next life cycle, but if I gain from leaving earlier, I’d perhaps consider it.
for my understanding I turn 50 in 3 months, August 29th to be exact. If I opt in I would be allowed to retire effective my birthdate, and begin collecting my pension with 27 yrs in service or perhaps an additional 27 months added on to that as opposed to waiting till I am 55 to be able to retire and start collecting.
The governor signed the bill- now let’s see what the city council/mayor do with it.
When did Governor sign the bill?
today but it means nothing other than the city and mayor can choose to use it or reject it
health and hospitals?
I googled it and found nothing indicating the Governor signed the budget today.
https://www.governor.ny.gov/news/governor-cuomo-outlines-fy-2022-budget-reimagine-rebuild-renew
Anon-if you go to the state web site you can follow the bill- I saw that it was signed late yesterday.
https://www.nysenate.gov/legislation/bills/2021/a3009/amendment/original
Oh stop it already, will you. You must be 48 yrs old. Hahahaha.
No Dave- 58 and ready to go if they give time!
No Dave- 58, and ready to go!
ATTA BOY! The mayor will sign. And you can take that, to the bank.
Why are you so sure may I ask?
May I ask why you are so sure?
May I ask how you are so sure?
I know things.
Erika Cann
You need to check which tier you are in. Is it 5 or 6? You may have a 10 year vesting minimum which you don’t have yet. Plus you may also need 15 years to be able to claim health benefits after retirement. All important aspects to consider.
Tier 5 or 6, you ain’t getting out
David- how are you so sure he will sign off?
for what it’s work K I happen to know a few councilman who were suggesting this even before it started picking up steam. Councilmen from Staten Island were proposing this should be done.
He would have shot it down already. My bags are packed and I knew it since September.
GM, I’m so happy the bill got signed. David, I saw an article on 4/13
https://nycmea.org/mayor-pumps-brakes-on-extensive-use-of-retirement-incentive/
Do you know if the hospitals (HHC) is going to be part of the Mayor’s sign off? 🙏
https://council.nyc.gov/joseph-borelli/2020/11/02/borelli-calls-for-early-retirement-incentives-to-help-with-city-budget-crisis/
seth…this is from a year ago…..old news if you even call it that.
Seriously as mentioned before I said council members BEFORE it came to be a possibility in the state budget. Please read my previous quote prior to the link to the article. My point was that local political leaders were encouraging the mayor to act on this.
Thanks Seth- I always thought they needed to do this to prevent layoffs next year- they need to get rid of Tier IV. I just have a lack of trust in the mayor right now. He wasn’t exactly an advocate for us- he treated us like babysitters. And Mulgrew did say that we took the retro a year later to prevent layoffs this year in the event no federal money came. But Senator Gounardes and others have stated we need the incentive now to prevent layoffs next year. I have a feeling others will get incentives next year- the state etc. But that is just my opinion.
Senator Gounardes is well aware from a political perspective as well as a personal one. His mom who taught with my mom and is a E.C. administrator so he is well versed in DOE matters from both sides of the table.
I sent an email to the senator last week. No response
I am just wondering how long it will really take to make this official.
ANd Seth David Kasansky who is the pension guy at the UFT said Gounardes was very much behind this bill.
@k if you recall a person posted the interview he did on radio about this subject.
Seth- I heard it on a podcast I think. It was very interesting. Learned a few things from that.
Mulgrew can’t get the job done. It’s his fault.
@ David, while I agree with you based on the info we have been getting from different people on here with notes from the D.A. meetings I feel he knows more about what’s coming then he’s letting onto right now. Just my opinion.
Absolutely. 100 percent. They all know more. Mulgrew don’t wanna say because everyone that can retire, WILL SHUT IT DOWN FOR THE YEAR. IT IS HUMAN NATURE.
This has been coming since September. It’s just a matter of time. Sit back and enjoy the show.
This is behind a firewall. Does anyone subscribe?
https://thechiefleader.com/opinion/columns/editorial/early-retirement-intrigue/article_10df2b36-9ef5-11eb-929e-ffe0cb3ee0fe.html
I thank everyone for this thread. This has been keeping well inform and up to date on ERI. Please keep this thread going. Whosoever began it high five!
I am not a NYC teacher (Finger Lakes), but i have appreciated this thread immensely!!
My questions:
1.) I can’t seem to find anything that shows the Governor having signed this… Has he?
2.) If he has not, does anyone know why?
3.) If not, are there any “whispers on the wind” as to when he might do so?
Again, thank you for this thread and the clarity!!!
My apologies for the hasty comment questions… I just clicked the link for A3009C and read that it has been signed.
However, can you confirm that? I am trying to not let my hopes get too high :-)
https://news.bloomberglaw.com/daily-tax-report/cuomo-signs-new-york-budget-bill-enacts-middle-class-tax-cuts
Already signed but the ERI applies to NYC employees this year.
Thank you for the quick response!
https://www.nysenate.gov/legislation/bills/2021/a3009/amendment/original
Under A3009 – summary click “view all” and you’ll see the “part KKK” (ERI) is included.
I also wonder if given the fact that they’re not sure as to how schools are opening to begin with in September as well the possibility of the incentive has anything to do with Administration of preference sheets are on hold.
If the medical accommodations for staff do not change- we could never fully open- we have half the staff out at least. Out of 9 science teachers, we have 3 in the building. Out of 1575 kids less than 350 returned to in person. This is crazy. The mayor really thought a ton of kids were going to come back with the last opt in, and that did not materialize. That should tell him something. But the kids really need to be IN school.
If the medical accommodations for staff do not change- we could never fully open- we have half the staff out at least. Out of 9 science teachers, we have 3 in the building. Out of 1575 kids less than 350 returned to in person. This is crazy. The mayor really thought a ton of kids were going to come back with the last opt in, and that did not materialize. That should tell him something. But the kids really need to be IN school.
as of now all accommodations expire June 30…..I don’t think they will be renewed with all of the vaccine out there except for a case by case for serious issues.
They also need to ask the parents like K mentioned, there are still quite a number of parents still uneasy about sending their children, there’s going to be IMO a need for some teachers to remain remote.
I hope so because the in person peeps from my school are exhausted and the coverages keep on coming and we have more subs wandering around that somehow are never tested. It’s nuts.
Seems the teachers have taken over. But given de Blasio wants to exclude uniformed titles, you _far_ out number the rest of us! :-) But you will know the info first since the legislation requires the teachers do be done 1 month earlier, so please share details as you get them – thanks.
actually if you read the bill it specifically state DOE members.
it requires it because of TRS(our retirement system) needing the time to start preparing all the members who do opt for it to start receiving their pension, and because things need to be in place for Principals to have an idea for those who can retire prior to the 1st day of school and have people in place to replace those that leave over the summer.
As well as uniformed titles NOT included since they have a 20 and out retirement already.
Are CSA members included in this incentive?
They may be, have to see what the unions negotiate with city hall.
I hope so because the in person peeps from my school are exhausted and the coverages keep on coming and we have more subs wandering around that somehow are never tested. It’s nuts.
Not sure about other nonuniformed unions, but I have been told by pension consultants from the UFT that the union will be sending an explanation email out to all eligible members AFTER it has an agreement with the mayor.
For those in the UFT, I just received an email from the union stating that now that the bill has passed, they will be in negotiate program details with the mayor and NYC council. They asked for our patience and will notify members with the details and access to information sessions.
More BS from our Union
No Dave- no BS- until it is signed off officially by the mayor and NYC Council, it means nothing. The UFT offices are probably fielding dozens and dozens of calls every day.
What about CSA members? They belong to TRS as well. Are they included in the incentive?
Sent from Yahoo Mail for iPhone
ALL BS. I’ll say it again. ALL BS. what did they say ALL YEAR LONG-“oh no such thing as ERI. oh, Ho no buyout at all. Like I said ALL BS FROM THE UNION ALLLL YEAR.
@ David did you receive the email that K did?
Yes
Indeed.
@k are you a delegate?
No I am not- why do you ask? I am wondering if they sent it to all members or just those over 50????
Everyone
So we can stick their noses in it
Because of all the info you have provided like notes from delegate assembly and now this. I haven’t received any emails today like you did.
Because you have given info on notes from delegate assembly, and I haven’t received any emails today about this.
Ok so the reason you received it is you have already or will turn 50 by June 1st. Which is in my opinion unfair if I turn 50 before September of this year I should be given the opportunity to leave
I get it from people who take notes from the assembly. For example:http://nyceducator.com/2021/04/uft-delegate-assembly-april-2021.html
There is so much misinformation that I really try to go as close to the source as possible. No sense in getting my hopes up after such a trying year.
My question is how does anyone know already that it’s 50 before June 1st?
from what I heard supposedly that was the cut off date that was made, however again in my opinion and yes partially for my own gain but even for others who turn 50 with by the end of the calendar year or at least the start of next school year should be eligible to participate
I am over 50 and I haven’t received that email
wow I’m surprised most people I know did.
The school year is from July 1st to June 30th-at least that’s how our service years are calculated with TRS so June 1st does sound very early to me as well- I am 58 so maybe that’s why I got it.
I just called Manhattan office and they did say anyone over 50 now are the one’s who received it, the young lady although couldn’t say anything else because they don’t know anything else agreed with me that she didn’t know why someone gave me the information they did about June 1st.
The problem with the timing is this:
The recommendation is that you file your papers and get your final consultation three months before your date of retirement.
AND the recommended date of retirement is July 1 so that summer pay will provide you with uninterrupted income (because your first pension check may take a couple of months to arrive.) If you don’t have savings or enough credit, you may wind up with nothing coming in.
So. Three months before July 1 was April 1 and does it make sense to have a final pension consultation BEFORE we know whether the incentive goes through? And how will all of us who want to jump ship get our final consultations in time? (TRS employees better be taking their vitamins because there’s gonna be boatloads of us wanting service NOW.) And if we all wait till June 30th or whenever the opt-in is and we want July 1 as a retirement date, how will THAT work???
Or do we schedule now and just not know about ERI? For me it’s not going to be a dealmaker. I’m going ERI or not. If it happens I guess I can just consider it icing on the cake, but I would like to know before my final.
Does anyone know why they recommend a three month period between consultation and retirement date?
To beat the rush
The email from Mulgrew if you have not received it:
we are one step closer to an early retirement incentive. The state Legislature included an early retirement incentive in the final budget, which the governor signed on Monday. It puts us one step closer to securing the benefit before the summer. But there is still one more hurdle: reaching an agreement with the mayor and the City Council. We hope we can reach an agreement that provides this well-deserved opportunity for many of our members. We will work hard to negotiate these crucial details as quickly as possible. Please be patient. We will share the details with you as soon as we reach an agreement with City Hall.
@bill sucks I won’t be able to go supposedly the cut off is going to be June 1st for people to have turned 50. I will be 50 before the start of next school year people with birthdays leading up to the end of the year should be given this opportunity IMO.
Hi, I just wanted to say that this string is most informative and the best place to . I want to thank everyone here who has taken the time to contribute; whether you asked a question or answered one. Reading it all has helped me to better understand what ERI means for me. Thank you again and please keep it going!
unfortunately we still don’t a lot of particulars should deal be in place. For my sake I am kind of glad of that gives me hope after the information given be an employee at one borough office that wasn’t accurate yet.
I am just hoping that this doesn’t take forever.
Me either, the other thing that keeps resonating with me is what Mulgrew said about opt in period taking place over the Summer, which again leads me to believe I may be able to participate.
NYCERS site info: https://www.nycers.org/early-retirement-incentive
Please note that an eligible member can only file for Part A OR Part B. You cannot file for both.
* Part A: Eligible members are given additional qualifying service credit for up to three years.
* Part B: Eligible members may retire without early retirement reduction factors and are not given additional service credit.
Part A:
Eligible members must either be:
* Eligible for service retirement
* 50+ years old with 10+ years of service if not otherwise eligible to retire, OR
* In a plan that allows for retirement at 25 years of service, regardless of age. In this case, the additional service credit provided by Part A of the ERI may be used to reach the required 25 years.
Part B:
Eligible members must be:
* 55+ years old and have 25+ years of creditable service.
This was an excellent abbreviated summary- thank you!
After see all the information with this post I Went our local General video meeting with my union last week and nothing made any sense. I tried to tell them the information they gave us was incorrect but they wasn’t hearing me. Now this information is posted to the NYCERS website and just like that You see why the world needs teachers. Thank you all I am so glad I mistakenly found your post signed A CWA union member.
So Part B would benefit anyone who didn’t opt in to 55/25? It’s like a second chance at 55/25.
Is there an implied OR after
Eligible members must either be:
* Eligible for service retirement
[or, not and]
* 50+ years old with 10+ years of service if not otherwise eligible to retire, OR
* In a plan that allows for retirement at 25 years of service, regardless of age. In this case, the additional service credit provided by Part A of the ERI may be used to reach the required 25 years.
Or does it mean that you have to be otherwise eligible for service retirement AND one of the other qualifiers?
This summary seems to more clearly say that if you are already eligible for retirement, without penalty, under whatever tier or plan, you will get up to 3 extra years of service credit.
Am I reading that right? It’s clearer than the language of the bill, for sure.
The formula for part A is
final average salary x 20% x years of service divided by 12 = monthly amount
Part B is
If you’re 55 years and older and have over 25 years of service you can leave no extra credit given and no reduction
Part B is simple-there is no ERI
What is the 20% for? Your whole thing makes no sense. My numbers don’t come out
FYI..On the NYCERs site it says the following Agencies are excluded from ERI:
New York City Transit Authority
MTA Bridges and Tunnels (Triborough Bridge and Tunnel Authority)
New York City Housing Authority
New York City Health and Hospitals Corporation
New York City Rehabilitation Mortgage Insurance Corporation
New York City Housing Development Corporation
City University of New York
New York City School Construction Authority
Municipal Water Authority
Departments of the State of New York which had formerly been departments of the City of New York, where members of NYCERS are still employed
So it basically leaves, us. Teachers.
My gut tells me the other groups will get an incentive next year. JMO though
No shit. Not for another 20 years will this come around again.
Police, Sanitation, Fire Department and many more
https://www.nycers.org/early-retirement-incentive
No chance. There are out at 20/22 years…..
Tier 4
62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
57/5: 1/30 for first two years prior to age 57; additional 1/20 per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
There will be to penalty or reduction
But some like myself who are going out with 20 with the additional time do incur a penalty I think. That’s what I planned anyway.
What is you age? Last buyout, there was no penalty.
58
So what is the incentive for Part B?
“Eligible members must be:* 55+ years old and have 25+ years of creditable service.”
Will Part B people receive max of 3 years credit?
Please read anonymous above- summarizes very nicely 4/21
No. Part A and B cannot be combined. Part B will be for people who did not opt into 25/55 when it was open. They can now retire with 50% without working 30 years. They would incur no penalties. They do not get the extra time added.
but wouldn’t a teacher who was 55 or older with more than 25 years take part A and get extra years added on? I don’t get how part B would be an option for them.
For the way it looks to me, nobody is getting any bonus to leave. I think it’ll come down to them saying, you can go. It looks as if WE are the only ones with an “early retirement incentive”. For anyone keeping score.
Additional info from NYCERS – next steps:
For City of New York employees, a Local Law must be passed by City Council and signed by the Mayor stating that the city is electing to participate in the ERI by June 30, 2021.
For NYC Department of Education (DOE) employees, a resolution must be passed by the Board of Education and signed by the Chancellor electing to participate in the ERI by May 31, 2021.
If the City of New York and/or the NYC Department of Education elect to participate in the ERI, they must establish an Open Enrollment Period.
If the City of New York and/or the NYC Department of Education elect to participate in Part A of the ERI, they must identify which titles are eligible to participate.
Lemme put it to you this way. He signed off on it last October.
I posted the information for Tier 4 members from this fact sheet.
Does anyone know how the ERI will be configured for folks like me who opted in to 55/25 and have reached age 55 but not 25 years. I currently have 21 years. Are we just eligible for part A. The amount of service credit I’m eligible for is still shy of 25.
You may be entitled to only 42 percent of your FAS
Part A For every year they will give you 1 month to add to your time so you will have an extra 21 months to add to your time. .
You will probably not qualify for part B as you need to have both Age and service year to retire under Part B.
What if you are 60 with 25 years in and you opted for the 55/25? Can I get 2 years credit and retire with 27 years in?
Next Steps
For City of New York employees, a Local Law must be passed by City Council and signed by the Mayor stating that the city is electing to participate in the ERI by June 30, 2021.
For NYC Department of Education (DOE) employees, a resolution must be passed by the Board of Education and signed by the Chancellor electing to participate in the ERI by May 31, 2021.
If the City of New York and/or the NYC Department of Education elect to participate in the ERI, they must establish an Open Enrollment Period.
If the City of New York and/or the NYC Department of Education elect to participate in Part A of the ERI, they must identify which titles are eligible to participate.
Does this mean that the mayor doesn’t have to approve? Or that if the DOE wants to participate they have to elect to participate before the mayor makes his final decision?
Mulgrew stated in his letter that it went to the mayor and city council and then we would know- the above is probably all part of that process. I have a feeling it will happen earlier than May 31st only because summer school is supposed to be a huge program this year- some may want to teach that before they retire- I imagine that is all part of the negotiations. But at least we will know something by that day- the waiting to find out is the hard part.
the incentive in 2010 took effect on June 1,2010, and people had till August 31st to retire. I looked it up before to kind of use as a comparison as to what may happen here.
In case you haven’t seen it:
https://www.uft.org/news/you-should-know/qa-on-issues/early-retirement-incentive
Hi,
(52 yrs old/will be 53 in Sep., 16years and 7months service. Tier 4, bought 25/55)
I took a sabbatical last year(2019-2020) and I am supposed to work 2 more years after the sabbatical. I am working this year but I need one more year
I will have 18 years and 3 months of service with the incentive(16months). Does anyone know if I can retire with this ERI? I hope so…
Relax, grasshopper. It’s all done. Are you on the outside lookin in? Sounds like it
If you read everything from 2010 it’s seems everything is exactly the same in terms of what was agreed upon so far.
The only reason I thought it might be earlier or at least the info about who it applies to might come out earlier is the Summer Rising Program. This is going to be much larger than the typical summer school so the ERI might affect those who want both to teach in the summer but still retire.
One could still technically work it, and have their retirement commence at the conclusion. Like myself I would officially be retired as of August 29th the day I turn 50. Like mentioned earlier if this does go through along similar guidelines, this would be the same for me in 2026, my last day of “teaching” would be the last day of school, but my retirement date would be August 29th the day I turn 55 if we didn’t have the incentive or if I couldn’t take advantage of it.
Unfortunately, at age 50, you aren’t getting much and don’t count on the city giving you anything extra
Seth- I really hope it works out for you!!!!
@k same for you. I am really ready to move on and do something different if I have to. Been working since 1993 when I started as a Para.
It’s gonna be good and work out fine for 50 and up.
Am I correct that health and hospitals is not included?
No way.
Look on nycers website. It list agencies not included and has health and hospitals
Ok. I thought you meant something else. My apologies.
David- I admire your confidence- I really do.
@David why are you back and forth with people? If I am 50 with 27 yrs of service close to 29 based on what it says I will get 58 percent of my salary, and be free to work elsewhere. It’s weird how you saw your thoughts to people. I wish all the best.
Good luck with that other job. Not to burst your bubble of a second career. I did also here they will get rid of 55’s and over. The 54’s then 53’s… if they did that, I highly doubt that it’ll reach you. That job at Burger King will just have to wait!
ok that last statement was totally out of line. No need to be a jerk. It was wrong. Plus where do you get all of your “info” from about this sliding scale. WHEN NOBODY who works at the union knows precisely what is transpiring, and this is coming from a person I’ve known all my life who is a Pension consultant.
Trust me. I’m just laying out possibilities. I’m also guaranteeing the Mayor will sign. I got the 411.
myunghae
Your 18 years will give you 30.06% and most likely at least a 10% reduction. You’ll get 20% pension if you are lucky. Plus your sabbatical most likely is a problem as well. If I were in your shoes I’d work till I’m 62, call it a career and get my money back from 55/25, which all this time earns 5% interest compounded monthly. Instead of collecting a whole 22K pension (if you could retire because of the sabbatical) you’ll get at least 70K+. Who knows what max salary will be then (53%+).
Anyone who pays into 55/25 is only entitled to half of those extra payments IF he or she works ’til 62 instead of 55, 56, 57…
Question @Seth permalink
April 22, 2021 am30 7:53 am 7:53 am
One could still technically work it, and have their retirement commence at the conclusion. Like myself I would officially be retired as of August 29th the day I turn 50. Like mentioned earlier if this does go through along similar guidelines, this would be the same for me in 2026, my last day of “teaching” would be the last day of school, but my retirement date would be August 29th the day I turn 55 if we didn’t have the incentive or if I couldn’t take advantage of it.
In reference to this, do you think I put in papers now with a retirement date of 7/1 I would still be able to opt in? I’m afraid they’re going to say, well, you were going to retire anyway, no ERI for you.
I am 52 with 30+ years. Did not buy into 55/25. Is there a 5% penalty for each year I am under 55? Doesn’t seem to be much of an incentive for me.
It seems that way however the incentive time of 30 months (2 1/2 years) “MAY” also apply to age which would then only put you 6 months (2 1/2% penalty) out which is what I am looking at also..we will have to see.
Pretty sure it doesn’t apply to age, only service. And remember the City might elect to implement Part B only, which would mean months per years (Part A) does not apply to this particular ERI.
Seems unlikely both wouldn’t apply since senators, assembly people, the unions and council people all worked to put this bill together. However, you never know until it’s signed and done. I think a sticking point is the age- when the person turns 50 might be an issue. But again, all just my opinion.
Can someone please tell me if this incentive includes NYC Asst. Principals? Thank you.
Are Asst. Principals included in this ERI?
maybe Dave Vota can give some insight. He apparently has more intel than even the negotiators do.
Among a lot of other things, the city and unions are negotiating which titles are to be offered the incentive.
Lots of people going to upset and I hope not me please please, I am ready and praying
Here is the best breakdown I’ve seen yet of where things stand:
https://www.nycers.org/early-retirement-incentive
I agree with you, I actually have copied and pasted some of the info from there on here. In addition I went back to the last time a buyout was offered and it was very similar to the one mentioned now. The only caveat being where people who opted into 25/55 if they’ve met their 25 yrs they won’t be penalized for being under 55.
That is a great breakdown- I just hope it it comes sooner rather than later although I realize they have until May 31st- help me to keep my sanity the rest of the year. You know when it does come, it’s coming out in an email at 4pm on a Friday.
lol @k probably right. It seems that back in 2010 when this was also presented it took was made official on May 31st as well and then people had a 90 window from that point to declare to opt in and retire.
August 31st just seems kind of late to me given the hiring that will have to take place, but they did it back then so why not?
The city can tell us to decide in 30 days. That can do what works for them.
What about if you’re Tier 4, 25/55, age 57, with 23 years of service? Would I receive a penalty for leaving this summer?
I agree and don’t agree with the breakdown because if that is “it’”, then there is no negotiation, correct? Also, if they negotiated back in October about keeping half our retro and the Mayor has to sign, then he has to sign Part A-which involves everyone because he held on to plenty of 50 and overs money. And if he only picks Part B, well then that is a complete injustice.
agree with you there David
Thanx, brotha.
Agree and I also believe that its not just negotiating that takes place- the TRS and UFT and everyone else involved as well has to get all their ducks in a row with information sessions. The TRS said that there are legalities also that have to be worked out. The agreement could already be in place but then everyone else needs time to roll this out. Mulgrew specifically said he tried to keep that second half so let’s see what they do. But ultimately- I believe they want to get rid of as many Tier IV and older as they can. BUT that is just my opinion- they need the savings short and long term.
Here’s the subject line I received in an email from our wonderful Pres.. Seth, we still need your help getting smaller class sizes
I deleted it immediately- this is the reason we didn’t get the ERI despite giving up the retro- and it’s only select schools getting smaller class sizes. And they are hiring teachers knowing the money isn’t going to be there long term. So when layoffs are threatened, what will the Union make us do then? What will we be forced to give up? Raises in the new contract? A longer work day? Sorry, I cannot support that.
Good for you. I won’t either. Maybe ERI next year?? The City is already BLOWING THE MONEY on fixing street corners that do not need to be repaired.
it’s so wrong on so many levels. He can’t even have a town hall in regards to this matter to hear it from the members.
Where do you see which agencies are excluded? I saw it a week or so ago but now it isin’t there. Do you know why?
Read every link provided still unclear. Currently have 28 years 10 months 52 yrs old. Would be able to leave April 2024 with 31 yrs 10 months. Seems like I fall into uncharted territory. Thoughts?
What are you talking about. You’re over 50 and 10 years…. what are you reading???
I am talking about leaving with 61 odd percent of my salary in 2024 at 30 yrs I am reading the links above and not understanding what amount I “could be offered/penalized” that would be below that $$ if I left with this ERI. Just asking?
If the ERI as negotiated by the UFT and mayor applies to you, the union will contact you to review with you your own specifics… or so they said.
I think that is true about the union contacting you because I am 58 and got the last email but my colleagues under 50 did not. So there may be truth to that. Have a great weekend!
K believe it or not someone on here posted they hadn’t received one and they’re over 50
I asked and to a teacher- if they were over 50 they got it but my CL made sure the union had our email addresses- I am forever amazed at the number of people who never signed up or update their info to get notifications, emails etc. from the union.
Steven, if the city goes along with Part A (months for years), then it seems like you would be credited an additional 29 months BUT with a reduction that could be quite substantial. Let the process play out, though, and wait to see what the UFT has to say about your specific situation. They said they would contact members who will be impacted.
I just want to tell you all how much I am enjoying all of your comments. It’s great to see the perspectives and I just think this thread is so funny. It’s difficult dealing with the uncertainty and you are all great therapy. I am not a teacher but might be eligible for the eri under NYCERS. Please don’t stop.
Hard choices for many. The “ Early retirement age reduction factors will apply clause” does not make it an Incentive to leave for many employees. Hopefully during the negotiations with the Mayor, the unions can get this clause removed to really make it an Incentive for employees to leave.
I do not see a penalty or reduction, as some call it, coming. Last ERI, there wasn’t. They kept our retro, they negotiated back then with him, you keep, you sign. We do not deserve a P or R. IF there is, they win again. If he signs only Part B, that’s and injustice and it basically doesn’t give anybody anything.
David-
Section 186 above unless I am applying it wrong says: shall be reduced by six percent for each of the
49 first two years by which retirement precedes age sixty-two, plus a
50 further reduction of three percent for each year by which retirement
51 precedes age sixty. Such reduction shall be prorated for partial years.
This would not apply to those with 55/25 even if they got the additional months but for everyone else like me, it appears to apply.
But I did not know last time, they negotiated with the retro. Mulgrew has already said we are getting it. It would be foolish to publicly say that and then teachers wouldn’t get it- even the ones who are not looking to retire. Back then- was it only teachers who took the early retirement that gave up the retro?
62 means nothing to me. I’m Tier IV 55/30
David, I don’t see what the retro negotiation has to do with this ERI. Or the last ERI, for that matter. Apples and oranges. Different strokes for different folks. This has to make dollars and “sense” for it to happen. That is what the reductions are all about, too. A reduced pension is the price a member pays for benefits paid out over a longer, ERI-induced period of time. It is what used to be called an opportunity cost.
and I am guessing that’s why it says that a member who has 25 plus yrs in that is in 25/55 and is 50 will not incur a reduction because they paid for the opportunity to leave early.
The way I have calculated it for myself anyway is that the extra time (if they offer it) will give me 20 and some extra and age wise I will incur a 15% penalty for the right to retire early and thus receive my pension for a longer period of time. The extra time benefit makes more sense to offer than not- otherwise where is the incentive?
If they give the extra time which makes the most sense (because that’s the incentive for many), I go out early but get a reduced pension to receive it longer. I go out a 20+ a little extra but because of my age, I get less- I expect that because I will get it longer.
They negotiated with the Mayor-you take 1/2 the retro and it you do and an ERI comes out-you must sign it. Forward thinking by the Union
50 or over I mean
Seth- I feel stupid because I honestly don’t know the answer- it says :Early retirement age reduction factors will apply under the following conditions:
Tier 4
62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
57/5: 1/30 for first two years prior to age 57; additional 1/20 per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Age reductions are prorated for partial years.
Are these all programs you ‘buy’ into like 55/25?
@k the 55/25 is that program. If you look on TRS website it gives you the program you are on, and I believe it may say it on your stub as well. I am not 100 percent sure as to what others who may have come into TRS later category they fall into given their age.
ignore my last comment, I thought it stated it somewhere but not seeing it right now.
Name: Seth
Retirement Plan: S25
on your monthly statement it says it.
I have a preliminary session on Thursday so I am going to ask because quite honestly at 58 with 19 years as of 7/1- I don’t know that I fit into any of them, and I checked TRS and my paystub and I may just not see it. I know that I never signed up for anything like the 55/25 so I will ask Thursday.
Part A
1/12 year additional service credit per year of pension service
Maximum additional service credit is three years
Early retirement age reduction factors will apply under the following conditions:
Tier 1
5% per year prior to age 55
Tier 2
Members who are age 55 or older with 30 or more years of service have no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Basic Tier 2 62/5, 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
Tier 4
62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
57/5: 1/30 for first two years prior to age 57; additional 1/20 per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Age reductions are prorated for partial years.
Part B
Eligible members can retire with an unreduced benefit
Part B does not provide additional service credit
Riddle me this… how does this ERI as worded, incentivize a tier 4 62/5 employee- 60 years of age and not in a 25/55 plan, to leave city Payroll
Everyone should write to their NYC City Council members and ask them to support the ERI both parts A and B. I am writing to all council members in all the boroughs. I just finished Manhattan and the Bronx.
https://council.nyc.gov/districts/
Can a person who is below 55, (in the 55/25) avail the Part B with no additional service credit but No penalty ? I got almost 25 years. But I’d take the no penalty vs. extra service credit. Wonder how that will work.? Of course, it’s got to be blessed by the Mayor and the Council. Still a long way to go.
Not really a long way to go, my friend.
The way I read the bill, Ray, Part B is for those who did NOT sign up for 55/25 when it was offered but have both the age and years. Those members would be eligible to go without a reduction. They would not be eligilbe for the additional months for years credit because that’s Part A and the bill says A and B cannot be confined. LOTS to wait and see about, though, as you say.
So basically, Part B, is good for nothing. People with the age and years, should go. They do not deserve anything extra.
Part B won’t work. There wanna get riddance people. There aren’t all that many in that group.
Anonymous : your right yet At the time, chapter 96 of the laws of 1996 for the 25/55 program from what i remember, the cost to buy in was around 11.25% Total. Many people at the time took iT because of the rumors of layoffs and privitization. Many did not because of Total % taken from their check. Then within a short period of time the cost factors of the buy-in went down to like 7.25 % or lower due to Some changes and adjustments. Some unions complained, yet There was no Re-opener. Only title that had a reopener was auto mechanic because the language was written wrong or Some Technicality. My hope is the unions and citycouncil Will adjust the Bills Part A & B language to make the ERI really an Incentive for people to leave city service.
I do believe that Part A will be used but also, things will be negotiated. My worry is, I can see the Mayor not going for A. But like I said earlier, he kept 1/2 of our retro-and he apparently agreed to sign an ERI for the $$$$. So it’s time for him to step up and do the right thing.
David, the mayor can go along with Part A and still play hardball with the titles, with who’s in and who’s out. I think that’s where things get down and dirty.
I don’t see that happening. 50 and 10 and 55 and 25 are going to be the numbers.
What do they mean by titles because I didn’t see any of that last time when I looked back at 2010?
And 50 and 10 tells you that they are giving time otherwise there was absolutely no point in adding it.
K: My lunderstanding is, Mayor signs onto the ERI, he gets to Decide what titles hè will target. They are called targeted titles. And so the proces starts as to each agency offering the ERI and to which titles they can loose. If you go back and reed “ the chief leader paper “for the last 3 weeks, the articles points Will make you think even more about possible scenario’s playing out. One that stands out is that the Mayor Will want something from all the unions, say like change in health care cost etc. Things things that make you go hmmmm.
Tom- he got something last year- our retro payment delay
I have no doubt though that he will want something in return but I don’t think the titles etc are the problem- I think it is what you said. This incentive is to prevent layoffs NEXT year. It makes sense long and short term but the new contract is coming so no doubt he will use that, and healthcare costs are always an issue. So I can see him saying- yeah everyone can retire but what about…….. in return. I do believe this will go through as written but something will be given back. But you may not know that until later on down the road.
He already got something, HALF YOUR RETRO HE HELD ON TO
It’s time to step up and do the right thing
David- I agree -doesn’t mean he will do it. I do think the negotiations are more contract/healthcare cost related than titles and such plus all the unions have to prepare for the rollout- that takes time.
ok so a coucilman on Staten wrote to me and said city council is awaiting for the DOE to submit their plan.
What plan?
I am guessing whatever the union and DOE workout. He didn’t say.
Seth- that means the email goes out May 28th- Friday at 4 pm. LOL
@K here’s the exact words: It passed the state legislature, still waiting for the DOE and other agencies to come out with their plan
Hon. Joseph C. Borelli
Member of the City Council
That’s why I am joking and saying the email will go out with the news as late as possible because we are waiting on the DOE- May 31st is memorial day this year so the Friday before at 4 pm!
I’m sticking to titles, the rest is a separate, contract-related negotiation.
@Tom or anybody.
“If you go back and reed “ the chief leader paper “for the last 3 weeks, the articles points Will make you think even more about possible scenario’s playing out.”
The ledes of the Chief Leader are very intriguing but you need a subscription. I’ve checked every library resource I can find and no one has an online subscription that gets around the firewall. Do you know a way?
What does 50 and 10 mean exactly?
50 years or older and 10 or more years of service
I do not know if this means anything, but today Mayor De Blasio laid out his proposed budget for next year. The charts on the NYC website breaks down the proposed spending by categories for not only the next year, but for the following three years as well. Expenditures for pensions jump almost 8 percent for the next year. Then, for each of the next two years they only increase about 2 percent each year. During the last year, expensitures decrease slightly,
So what does that mean?
It might not mean anything; it just seems like a lot of additional money is earmarked for pension payments during the next year as opposed to future years. Then again, the budget also allows for more city employee hires as well.
It seems nycers removed the list of agencies that aren’t eligible from their website. Hmmm?
hospital workers are gonna go nuts if they aren’t included
David, you are awesome and so is Anonymous.
Part B is for people like me who are in the 62/5 plan, have the years but not the age. I’m 56 w/ 31 years of service. It would benefit me in that I wouldn’t get 20% reduction
Aren’t you tier iv? 55/30?
I was on sabbatical 2 years ago so my salary took a hit. When I spoke to someone at TRS about calculating my final average salary they said they won’t use that year. And yet at this point by my calculation they are using it. Who actually calculates my FAS? DOE, TRS, UFT?!?
TRS, but when they do their pension benefit estimates on the annual benefit statement it doesnt skip over the sabbatical year so comes out erroneously low. When they do the ACTUAL benefit calculation they will skip over the sabbat year and then calculate. In your next years ABS the estimate will pop up since the sabbat will be over 36 mos ago.
Verona, I’m with David: it looks like you are eligible for an unreduced pension even WITHOUT the ERI.
TRS
But don’t they get the numbers from the DOE?
Yep, then add ’em up and divide. You can do it yourself using the payroll portal.
Is the CSA union included in the incentive? I am trying to find this out.
Yet to be determined… who’s in and who’s out is what is being decided next.
Thank you! Fingers crossed.
Well, I am not a teacher. I do understand the desire to retire early though. I just think one has to get all the ducks in a row first, and I mean all of them!
I do think the administrations are looking to get rid of teachers who are so-called Old School and replace them with those who have been indoctrinated with the anti-USA process and the sooner this happens the sooner the country goes to the devil!
Early Outs are a good thing if one can handle the expenses. I know your health insurance has a good retirement package and that is a very hook to hang your hat on as the cost is just uncontrollable no matter who is in office.
Hopefully I am incorrect about the reason for the early outs-and the Best to those who take advantage of it–I did it at 50 and that was 26 years ago!
Be well.
Bob
I have a relative who is a teacher and it seems that the more experienced teachers are not as savvy with the technology and also they cost a lot. I’m pretty impressed with this generation of kids, though and have hope in the future. Win-win -win for the experienced teachers, the new ones who need jobs, the kids and the City for lowering costs.
Congrats on your 26 years of retirement! Wow that you were able to do that comfortably!
how dare you!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! say veteran teachers aren’t tech savvy. THat’s a real unfair generalization. I am a 27 yr. veteran teacher who has been able to teach remotely without any issues whatsoever. Thank you very much. It was a very insulting remark to give to an entire generation of people that you don’t know each and every one of us.
Mah brotha, I’m 29 years at the rock. This new stuff has passed me by.
Well that maybe true David in your own feelings about yourself, for Verona to make a broad based generalization about people’s technology aptitude based on age is not fair to say.
Did I say that it passed ME by???
I was absolutely NOT referring to anyone.
yes you said it did as far as yourself,Verona was making a generalization and here’s your quote exactly: Mah brotha, I’m 29 years at the rock. This new stuff has passed me by.
And your problem with it is??
This is the blog owner.
The remark was insulting. Noted. Move on.
@jd2718 thank you, and I’m sorry.
oh my. not my intention at all Seth – I was just repeating what my sister (teacher) said she thinks the admin’s perspective is. I am not qualified to judge. tone and nuances get lost here.
oh my. it was not my intention to insult anyone. I was repeating my sister’s take on the admin’s interest in turning over the positions to the next generation. She is a teacher – I am not and do not have any perspective on this. I apologize Seth – my whole family are teachers except me…..I couldn’t cut it. I wish you all you are hoping for with this incentive. Peace,
David, I’m not a teacher- I’m in the nycers 62/5 tier 4 plan which does have a reduction if you aren’t 62. Also, my agency was originally on the list posted by nycers as not eligible but they took down the listing posted above about the excluded agencies. If anyone has inside info from a City council person on who is “in” and who is “out” – that would be great. I know teachers will be in for sure – at least for Part A or B. Who else?
Thank you David and Anonymous
My apologies, V. That’s the “problem” with this scroll. We are all doing different jobs.
Under Part A, if you are 50, in Tier IV, bought into 25/55 and have 26 years of creditable service, you meet the 50yrs. of age/10years? So the “eligible” means you can go with no reduction, but no additional time added either. Is that right?
@ anonymous This is how I have interpreted it as well.
except it is also states the following:1/12 year additional service credit per year of pension service
Maximum additional service credit is three years. So we would be getting an additional 26 months.
for which, Part A or B?
Part A
1/12 year additional service credit per year of pension service
Maximum additional service credit is three years
Early retirement age reduction factors will apply under the following conditions:
Tier 1
5% per year prior to age 55
Tier 2
Members who are age 55 or older with 30 or more years of service have no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Basic Tier 2 62/5, 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
Tier 4
62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
57/5: 1/30 for first two years prior to age 57; additional 1/20 per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Age reductions are prorated for partial years.
That’s all great and wonderful but they have negotiated a thing yet. It will not be what you have written.
no need to be a Debbie downer. Seriously, a person asked a question and I provided them with Information that is in the budget. Why so argumentative with me over almost everything I post?
Thanks. Hopefully this is the case.
Hello. I am at CSA member. I bought into 55/25. I have over 25 years of service. I am going to be 50 in September. Am I eligible?
I have a friend who turned 55 this past September, he didn’t return to school after June even though he didn’t officially retire till the beginning of September till he turned 55, so maybe you would be allowed to opt in, and have it take effect when you turn 50. I am in same boat except I turn 50 in August. fingers crossed
Most likely NOT….the cutoff for educators will be Aug 31. But your reduction would be way too much even if you were eligible.
The overwhelming majority of workers eligible to retire under A5884 would be in Tiers 3 and 4. These workers no longer contribute a percentage of their salaries toward their pension plans. They would be replaced by Tier 6 workers who pay a minimum of 3 percent and a maximum of 6 percent toward their pensions.
The savings to state and local governments in salary and benefit costs would far exceed the extra capital required for pension contributions.
Our politicians provided lofty rhetoric and catchy soundbites in the last year to rally New Yorkers weary of the pandemic and all the associated social and economic costs. “We are one New York” and “We are New York Tough, Smart, United, Disciplined and Loving” were just a few examples of this.
Were these empty words? Or do equity and impartiality really matter? If so, then A5884 or similar legislation must pass this legislative session and Cuomo must sign it into law.
he signed it.
Hey genius, it’s been signed already. Catch up with the times…up to the BOE/DOE, City Council, and the mayor now.
Any other pension Bills or bill would take quite a long time to pass thru Senate and assembly , then Will sit on a govenors desk. If you peruse the Nys Senate Bills there is a handfull of them that just get put into the next years session. This years bill ERI # 3009A, turned to #3009B then turned to #3009C was a budget bill for this years budget. NY Senate and assembly were able to get iT and many other items valued at billions of dollars aggreed to by Cuomo thisyear because of his lossof political clout.
the person said they opted in for 25/55 therefore assuming they have 25 yrs in they won’t be charged a deduction to retire at 50. Read the breakdown of the bill carefully.
Tier 4
62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
57/5: 1/30 for first two years prior to age 57; additional 1/20 per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Age reductions are prorated for partial years.
Word I got from a legislatieve aide is the Bills and laws language can not be Changed. There Goes my hope WaaaaaaTho i vaguely remember a ERI years ago, maybe 2006 orearlier that actual cash was given and all time was paid out and years of service credits given. Could the negotiations” that the Mayor and unions speak of possibly ADD some enhancement. Funny thing 50% of people i meet really want part A and 50 % want part be.
IMO which I’m sure a member of this thread will ream out for, Mulgrew has said that basically anyone over 50 will be allowed should there be an agreement to go, so I would think “plan a” will probably be used. Again just my opinion which I know someone will contradict my thoughts
I am in total agreement with you because that is how I am reading it also —Part A qualifications—anyone between 50 to 55
not over 55???
I don’t see any positive in Part B. I need A anyway.
im guessing they will want anyone over 50 to take it so they will offer both parts and hope to get those financial savings by having people take the reduced benefit and i’m hearing they will expand to all agencies – part b only. anyone else hear that? Parts A and B for TRS only, part b for other agencies?
Verona – I see what you mean – nycers removed the part about excluding anyone.
My union had a meeting with NYCERS about retirement. When asked about the ERI they said that things are changing as negotiations are taking place, so nothing is written in stone this is the reason they are unable to answer any questions about the ERI as of yet. They only said to make sure we checked and made sure that all our credits was in the NYCERS database because people brought back time and it’s not showing up. They also said that we are able to buy back any time from working summer youth if we were 16 yrs old and older. If we worked the election polls we can also buy back that time. And also any reductions to our pension is permanent.
Where did you hear that?
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction.
In other words if you are 50+ and 25 year of service, you retire with no reduction.
In a physically taxing title, not sure if Teachers or any most white collar jobs fall in that category. I know Welders, Electricians , traffic enforcement agents qualify.
@Ken yes but some of us teachers who are tier 4 were allowed to opt in to 25/55 when Elliot Spitzer was governor and we paid into it, so I would guess those who did participate would have what the paid go towards the penalty being waved, however I am sure one member of this thread will say I am wrong, just stating my opinion.
As stated by NYCERS Physically taxing positions in the 25/55 or the 57/5 pay an extra 1.98% on top of the 1.85%, if you don’t pay both of those then you are not in a Physically taxing position and will have to pay the deductions. Tjose only paying 1.85% are not included in the no reductions if you are under 55yrs old.
50and 25 years, no reduction, where did you hear that?
just read up on it. It says for those who are in 25/55 and have met the 25 yr mark there’s no reduction, because money had been taken out of our checks till we hit 25 yrs to make up for the time should one have left before they hit 55. They would have froze their pension and started to collect when they hit 55 and were officially retired. Have a pleasant day and stop refuting every comment I make thank you.
Why??
Nothing has been discussed. Right? So how can this or anything be for sure? Enjoy your day. ?
As stated by NYCERS Physically taxing positions in the 25/55 or the 57/5 pay an extra 1,85% and 1.98% if you don’t pay both of those then you are not in a Physically taxing position and will have to pay the deductions. the 25/55 and 57/5 people checked their statement on line while on the video meeting and found we was not in a Physically taxing position and will have the deductions. NYCERS ALSO also have a list of those positions.
Thank you very much Yvette for this info!
This is NYCERS list
“Physically Taxing Titles – New York City Employees’ Retirement System” https://www.nycers.org/fact-sheet/physically-taxing-titles
Yvette teachers are not part of NYCERS, we are part of TRS, which I’m sure someone will comment that I am wrong here. When Elliot Spitzer was governor for the blink of an eye, he signed a law giving teachers a 25/55 program where we had money deducted out of our checks until we hit 25 yrs. That money was to make it so if we left the system before we hit 55 we would then freeze our pension and begin collecting at 55 without penalty. So I am guessing teachers who bought into 25/55 should have the reduction waived for this very reason. Then again I am sure someone will say I am wrong but just stating my take on the situation
I’m seeing you must be 55/25 in your normal plan.
RETIREMENT PLANS
Tier III and IV members participate in either the
“basic” retirement plan or the Age 55 Retirement
Program, as described below.
Basic Retirement Plan
In general, you would be eligible to receive unreduced
retirement allowance payments under this plan if one
of the following statements applies to you:
• You are at least age 62 and you are vested;* or
• You are at least age 55 and have at least 30 years
of Total Service Credit.
In general, you would be eligible to receive reduced
retirement allowance payments under this plan if the
following statement applies to you:
• You are between the ages of 55 and 61, you are
vested,* and you have less than 30 years of Total
Service Credit.
*Most Tier III and IV members become vested upon
attaining five years of Total Service Credit. However,
Tier IV members whose TRS membership began after
December 10, 2009, and who are working in a
title represented by the United Federation of
Teachers (UFT), become vested upon attaining ten
years of Total Service Credit.
Age 55 Retirement Program
The Age 55 Retirement Program provides eligible
members with the option to retire with unreduced
benefits as early as age 55, provided they meet
applicable service credit requirements. The Program
includes “55/25” provisions and “55/27” provisions.
The “55/25” provisions generally apply to most eligible
members whose TRS membership date was on or before
February 27, 2008 and who opted into the program.
The “55/27” provisions generally apply to eligible
members whose membership date was after
February 27, 2008 or whose membership status as of
February 27, 2008 qualified them for these provisions.
The “55/27” provisions also apply to members covered
under Chapter 504 (i.e., eligible Tier IV members who
joined TRS after December 10, 2009).
Only employees of the Department of Education
(DOE) or participating Charter Schools may participate
in the Age 55 Retirement Program.
In general, you would be eligible to receive UNREDUCED
retirement allowance payments under this program if
one of the following statements applies to you:
• You are covered by the “55/25” provisions, are at
least age 55 as of your retirement date, and have
attained at least 25 years of Total Service Credit; or
• You are covered by the “55/27” provisions of the
Age 55 Retirement Program, are at least age 55 as
of your retirement date, and have attained at least
27 years of Total Service Credit.
In general, you would be eligible to receive REDUCED
retirement allowance payments if the following
statement applies to you:
• You are between 55 and 61, you are vested, and
you have less than 25 or 27 years of Total Service
Credit (as applicable under your program’s
provisions).
Service Retirement Plans and
Benefits for Tiers III/IV
@Yvette, I am telling you that the 55/25 plan for Tier 4 was a special opt in program that was put into law read the following: On February 27,2008, New York City teachers were given an option of retiring at age of 55 with full benefits after 25 years–rather than 30. The law, signed by Governor Eliot Spitzer, gave teachers and other school employees a 180-day window to opt into earlier retirement plan.
To qualify, current teachers had to make additional pension contributions of 1.85 percent of salary until–whichever is later–June 29, 2008 or the date the individual reached 25 years of credited service
I saw that but you still have a deduction if you don’t meet both 25,/55 .
This is from the TRS
The “55/25” provisions generally apply to most eligible
members whose TRS membership date was on or before
February 27, 2008 and who opted into the program.
The “55/27” provisions generally apply to eligible
members whose membership date was after
February 27, 2008 or whose membership status as of
February 27, 2008 qualified them for these provisions.
The “55/27” provisions also apply to members covered
under Chapter 504 (i.e., eligible Tier IV members who
joined TRS after December 10, 2009).
Only employees of the Department of Education
If you are under 55 years old their is a reduction under that plan. Unless it’s physically taxing in which case there would be an extra 1.98% on top of the 1.85%.
n general, you would be eligible to receive unreduced
retirement allowance payments under this program if
one of the following statements applies to you:
• You are covered by the “55/25” provisions, are at
least age 55 as of your retirement date, and have
attained at least 25 years of Total Service Credit; or
• You are covered by the “55/27” provisions of the
Age 55 Retirement Program, are at least age 55 as
of your retirement date, and have attained at least
27 years of Total Service Credit.
In general, you would be eligible to receive reduced
retirement allowance payments if the following
statement applies to you:
• You are between 55 and 61, you are vested, and
you have less than 25 or 27 years of Total Service
Credit (as applicable under your program’s
provisions).
Service Retirement Plans and
Benefits for Tiers III/IV
then what pray tell are the going to do with the money that they took out of my check from 2008 to last year? The money has to go something in my pension.Otherwise it should be given back. I have a feeling one of 2 things will happen, members who contributed will either have it waved or may have a deduction till they turn 55 if they are in fact under the age of 55.
They said we will get back if we retire at 62 yrs instead of 55 yrd old. We paid the 1.85% so that we can retire at 55 instead of 62 but we have to meet but factors. Age and Service. So basically we lose our money.
I seriously doubt if you opt into the ERI that some provision won’t be made for that money you paid. We are in theory going to be using it NOW. As we are retiring sooner. I think we need to see how this plays out. Back when it was said there wasn’t a pandemic causing the city to be in the deficit that it is in play.
also Yvette what you are posting is what’s listed in the provisions for retirement under normal circumstances without an ERI
and if you look on the main page of TRS it clearly states they can’t comment on anything till an agreement is met, therefore we need to see how this plays out.
Absolutely. The truth.. The union only stated we should know our retirement plan in order to understand why we have reductions under Plan A.
I understand your point. I am on the same boat and started paying the extra 1.8% from day one 25 years back. So they should waive the penalty just as the 62/5 will not be penalized if they are under 62. If they waive the 5% we want get the extra service credit, which is fine since the penalty is much more especially if one in their early 50s. We’ll just have to see the fine print when it is released. Goodluck to all!
I’m hoping they just take away all the penalties at the final hour and let us just leave in peace. Hoping for the best.
I think there are quite a few in the same situation and will all agree about waiving the penalty. Let’s hope it works out for all.
So there is hope i can get PartB with the added service credit foreach year being i live in my own little happy world toquote Bob Ross :) I have always wondered in General why Any non uniform worker could not retire with 25 years of service and Being at Least 55.
Thru our discussions keep in mind the Mayor has not officially signed into effect a NYC budget, rumor is iT will be in June and ERI specifics would come out also.
Also keep in mind that for TRS members we should know by May 31 (memorial day), whether that means May 28 or June 1 and then there will be an opt in period. I certainly pray sooner than later since if it goes through I want July 1 to be my retirement date. Fingers crossed.
We Will know Soon enough if those dates are set in stone. I was just passing info from NYC council speaker johnsons Office
Yes, how is that going to work? The union recommends three months between filing and the actual date. What are we losing by filing papers so close to the actual date? I’ve been told repeatedly that July is THE retirement date to choose so as not to have interrupted income. How is that going to happen if we have to wait and see if there’s an ERI? I’m afraid if we put in papers now, they’ll say, sorry, you’re not included. Does anyone else see this as a problem?
Hey Yvette. You are so informative!. Do you mean if I’m in basic plan in nycers 62/5 and i’m 56 with 30years I won’t have a reduction under the ERI? Or are you saying I won’t have a reduction normally?
Also, I’m not finding information about which agencies are included/excluded – I’m worried because I’m not a teacher. I may be moving out of the area and hope to have information soon so I don’t lose out by “retiring” without the ERI.
As the union stated nothing is written in stone yet. If you leave under part B and are 55 yrs old or older and have 25 or more years there is no reduction.
If you leave under Part A if you are over 55 with 30 yrs you have no reductions.
So you are good with either plan they elect under the current conditions. Hopefully for the rest of us under 55 they let us leave with no reductions. Good luck.
Tier 4 62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. **For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
Regarding your first two statements, in the DOE, those are normal retirement numbers. Nothing gained, nothing lost.
That’s interesting that teachers have a no reduction after 55 already. Good for you – you deserve it! If they offer me Plan A, it is better than Plan B because in addition to no reduction I would get additional service credits, right?
Is the ERI only for union members or managers too?
In the DOE, Part B doesn’t do a thing for most of us. Those are the people that can retire now, ERI or not. Those are practically our regular retirement numbers. B keeps me at work another 2 years. It’s Part A or nothing for me and people between 50 and 54. If there is a penalty, I don’t see anyone 51 or 52, taking it. I’m 53, I’ll take the loss and move on
Question: If you bought into 55/25 and are 59 with 30 years would the incentive for that person be nothing.
Sign up for Part A and get 30 months service credit most likely.
Here is my new thought and question, one that I have not see addressed anywhere. This is for all of us Part A’ers that are 50, 51, 52, 53 and 54. If you retire at those ages, has anyone heard that YOU WILL NOT BE ABLE TO COLLECT YOUR PENSION UNTIL YOU TURN THE AGE OF 55? If you are 50 and retire and don’t collect for 5 years, well then, God Bless You and please tell the rest of us how to live on no paycheck and no benefits for 5 years. Please don’t tell me you will get another job. Because that job will not pay you what THIS JOB pays you(us).
makes no sense I can do that now. I could’ve done that last year when I hit 25 yrs.
take a look at eri of 2002 to see how it was executed in nyc
Good Morning Everyone😃
I am a TRS member in the 55/25 plan 54/22–I am just wondering why are we speaking about reductions/penalties when it is not stated in Plan A of ERI 2021. By the way thank you very much Jonathan for this forum.
Here’s the wording from Part A and it does mention age reduction penalty:
Part A
1/12 year additional service credit per year of pension service
Maximum additional service credit is three years
Early retirement age reduction factors will apply under the following conditions:
Tier 1
5% per year prior to age 55
Tier 2
Members who are age 55 or older with 30 or more years of service have no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Basic Tier 2 62/5, 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
Tier 4
62/5: 6% reduction for each year of the two years prior to age 62; additional 3% each year prior to age 60. For members with 30 or more years of service, there is a 5% reduction for each year prior to age 55
57/5: 1/30 for first two years prior to age 57; additional 1/20 per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
55/25: 5% per year prior to age 55. For members with more than 25 years of service in a physically taxing title, there is no reduction
Age reductions are prorated for partial years.
Anonymous ME
Thank you very much for informing me Seth.👍🏼
I’ve been saying that all along. No penalty. But. Did anybody here if you are 50 51 52 52 53 54, you cannot collect money until you’re 55th birthday. IS THIS TRUE????
This was the 2010 ERI and seem to basically be the same as the 2021. Hopefully this helps
IF YOU ARE CONSIDERING RETIRING UNDER PART A
What is the incentive provided by the ERI-2010 for those who are eligible to retire under Part A?
An eligible full-time employee who is a member of NYC-TRS and chooses part A of the ERI-2010 will
receive additional service credit to be counted towards the calculation of the yearly retirement benefit. Under
the terms of the ERI-2010, the incentive is equal to one (1) month of extra service credit for each year of
creditable service, as of the date of service retirement, up to a maximum of 36 months of additional service
credit.
How does the additional service credit benefit my pension?
The additional service credit is added to the calculation used by NYC-TRS to determine your annual pension
benefit amount. For example, a NYC-TRS Tier III/IV member with 30 years of service will receive an
additional 30 months, or 2 years and 6 months of additional service credit. The member’s pension benefit
amount would then be based upon 32 years and 6 months of service. Assuming the employee retires with a
final average salary of $100,000, the base pension provided by TRS under the ERI-2010 would be approxi-
mately $63,900 annually. Without the extra service provided by the ERI-2010 the same employee would be
entitled to approximately $60,000 annually. Using this example, the employee would earn an extra $3,900
annually for life by participating in the ERI-2010.
As a result of the 2000-02 contract, did members in Tiers I and II get up to two additional years added
to their service credit?
Yes. If you were affected by this change, calculate your years of service by first adding the additional years
of service credit from the 2000-2002 contract, then adding the ERI-2010 service credit to your base pension
service credit.
Can I retire under the ERI-2010 with immediate payment of benefits even if I am under age 55?
Yes. The ERI-2010 allows NYC-TRS members who are otherwise eligible for service retirement the
opportunity to retire with immediate payment of benefits, even if you are under the age of 55.
Is there a reduction in my benefits if I retire under the age of 62 with immediate payability?
Yes. A NYC-TRS Tier II, III/IV member (except those who are age 55+ with 30+ years of service) who
chooses Part A and retires under age 62 with immediate payability will receive a reduction in benefits, Retiring
under Part B will eliminate the age-related reduction if you have more than 25 but less than 30 years of service
and are at least 55 but less than 62; however, Part B does not provide additional service credit (see below).
IF YOU ARE CONSIDERING RETIRING UNDER PART B
Who is eligible to retire under Part B?
Full and part-time instructional staff employees (except those in Executive Compensation Plan titles) between
the ages of 55 and 62 who are members of NYC-TRS, with between 25 and 30 years of service credit.
What is the incentive provided under ERI-2010 for those who are eligible to retire under Part B?
NYC-TRS members who are eligible under Part B will receive a pension benefit amount without an age-
related reduction. Service credit is not offered under Part B of ERI-2010; however, eligible Tier II members
still receive up to 2 years of service credit as a result of the 2000-02 contract.
VERY INFORMATIVE-THE BEST SO FAR!!! Thank you.
But I don’t see anything about ages from 50-54 TRS.
@ Yvette I still think that given how this changes the narrative, the people who opted into 25/55 may benefit without a reduction or maybe the reduction just till they turn 55. Only my opinion. I could be wrong or could be write.
In our Nycer meeting they stated all reduction will be final No one asked about being able to collect our benefit as soon as the package go through for people under 55 but Nycer did state that we will be getting a partial payments under normal circumstances it 6-9 months but because of the ERI it will be much longer. So anyone expecting 2% x yrs will only get 1.5% × yrs until they go over all the paperwork and calculate our permanent pension check.
I’m TRS. so we’d get some when we go with the ERI. Papers go thru, we get the rest. That’s normal.
Yvette can you please give your interpitation again of that last sentence with the ** from your post dated 4/28 again. What throws me off is does iT mean anyone in Tier 4 62/5 with 30 years, Will not incure the 6% and the possible 3% reductions because of having the 30 Years.
It seem as if part A states under 62/5 if you are 55 and have 30 years there seems to be no reductions.
Think you. I agree yet i i Will be very happy once this whole ERI thing is over :) and everyone gets something good for their situation.t
We all are waiting and hoping for it to be over with the best possible deal for us. Wishing all the best.
To be or not to be….(a retiree) is the question. This seems like its going to be the longest wait yet. So close yet so far :) Even when and if it is approved, some will have to read the fine print , crunch numbers and think hard before saying Yes. Hope it works out in everyone’s favor.
Absolutely, i only have 3 yrs to go, but if I can leave earlier it would be a blessing 🙌 and I’m sure many others feel the same. Please let the fine print be in our favor.
I know this is probably a silly question. Does this mean after age 55, the 5% reduction per year penalty stops? I am Tier IV, over 25 years and almost 50. And, does this mean that we can start collecting or are we still waiting until 55 to collect. Thank you in advance.
I have the same question Rose waiting to hear about it, still probably will go but just as mentioned waiting to hear the agreement and how we are affected if in fact we are with some sort of reduction.
Depending what is passed, if you are 55 or older with 25 years you can go with no penalty, if you are 50 or older with 10 years you can go with a 5% penalty per year under 55. So for example, your FAS is 100K – 20 years in would be 40K pension – but you are 50 years old- minus a 25% penalty – 40K minus 25% = 30K pension forever. I hope that makes sense.
it does, but like some of us have been discussing if one opted into 25/55 there may not be a penalty should you have your 25 yrs in already. Everything is speculative until we here the details of what was or is agreed upon when it happens
I am 60. I bought into the 55/25 program. What happens to all the money I have paid into it?
At that rate, NO SHOT at anyone 50, 51, 52 going.
Also, hopefully my Union negotiates that 5 percent down. Some.
Under 50, do you collect your money immediately or do you have to wait til 55 to collect?
David under 50(depending on when one is turning 50) I would say won’t be allowed. You would have to be 50 or turning 50 by a certain time this year, is how I see it. I don’t think someone whose going to be 50 in 2022 or after would be allowed to opt in. Again this how I see it, doesn’t make It correct or wrong.
I APOLOGIZE. I meant under 55. What do you think?
No worries, I don’t think that’s much of an incentive, back when I opted in to 25/55 I did it for the fact that I knew that once I hit 25 yrs I could “leave” freeze my pension, and then start collecting when I am 55, so if they offered something like leaving now without pay I don’t see how people would take advantage of it when it’s already something people can do without any incentive.
Thanx!
Basically you have to just piece all the information together. Until they come up with a official ERI signed by the Mayor it’s a guessing game. At least we will be more informed at that time .
What if you’re tier 4, you bought into the 25/55, will be age 54 soon and possible 20 years of services credit after they add on the additional services credit (presently by mid June I’ll have 18 years and 6 months). Can anyone let me know how my calculations go? Thanks!
40 percent of your FAS.
You will have a 5% reduction and they will give you 18 monthd services credit. Under the current conditions hopefully things will change but until then this is what you are looking at.
If I didn’t do the ERI, do you know what would be the difference if I retired a year later at 55 with 20 years and in the 25/55?
40 percent of your FAS but I don’t know since you won’t have the years needed to reach 25, you would have the age but not the years.
and then you would collect 95% of that….5% penalty for a year under 55, or prorated….I’ll be 54.5 in July so I am looking at a 2.5% penalty.
unless they waive the deduction because of opting into 25/55.
Everyone here needs to keep in mind that under this law the mayor has the authority to decline to implement the ERI at all. So there could be nothing in it for anybody. Hope for the best, yes, but prepare for the worst.
While I do think everyone’s well aware of that, the fiscal state the city is in, I feel that they’re going to put something into effect. You have councilman who were suggesting this last year and you have senators who come from the city that saw to it that it was put into the budget. I do agree we need to wait and see but we also need to think positively that a deal will be reached that’s fair for people to take advantage of.
“THINK POSITIVELY” Yes, definitely that!
That’s true but with the passing of the last stimulus, NY along with NYC got Billions in federal funds. Someone said, they are trying to find ways to spend that. While it would help if the Mayor left some as reserves for future, I don’t think he cares much as he’s on his way out and seems to be going on a spending spree. It will be on the new Mayor to tackle long term finance of the city. Time will tell. Best!
He’s signing. Don’t you worry. Enjoy your evening.
That’s been stated 1,000 times. You must be 49.
Dave can we stop with the 49 yr old nonsense please. I am 49 and should things go how they have in the past people who turn 50 over the summer will prob get the chance to go as well. @ Ken did you listen to Senator Gounardes’s interview the money coming although it helps we are still going to be in dire straits for years to come, which is why this was put into the budget to begin with.
Ok I apologize. But for it to come this far I do not see him shooting it down. We cool?
@Seth, I agree with you, we are not going to continue receiving the Billions every year. This is most likely a one shot deal. I heard that the politicians feel the revenue from Tax on the rich and pot sales will substitute but I don’t think it’s no where close to the billions we got.
@ David I agree with you that it’s going to happen, I wonder how many times it’s been put in the budget and the City didn’t adopt it? That would be an interesting piece to find out, I know Bloomberg did I think
does #34 mean if we don’t have the years there is also a service deduction. meaning if you are 52 with with 22 yrs they in the 25/55 they will give you 22 month and take 15% for age and another 5 % for yrs.? totally 20% reduction
If such employee has not
27 accrued, excluding additional credit granted pursuant to this act, the
28 minimum number of years of service required to retire with an allowance
29 equal to fifty percent of final average salary under such plan, but has,
30 with the inclusion of the additional credit provided under this act,
31 accrued such number of years of credit, the benefit payable shall be the
32 percentage of final average salary that would ordinarily be applicable
33 to such individual upon retirement with such amount of credit (including
34 incentive credit), reduced by five per centum per year for each year by
35 which the number of years of service otherwise required to retire with
36 an allowance equal to fifty percent of final average salary under such
37 plan exceeds the amount of service credited to such employee under such
38 plan at retirement (excluding the additional retirement incentive
39 service credit provided pursuant to this act). Such reduction shall be
40 prorated for partial years.
I’m sorry. This cannot be. Why and how could anyone take and BE EXPECTED TO TAKE 15, 20 or 25% reduction. That makes ZERO sense at all.
They wouldn’t waste the time to put it in print. We are city workers not brain surgeons.
The more I read this the worst it gets. Hopefully when they finally make the offer this worry would be for nothing. I’m so ready to go but not with all these reductions/penalties. I would rather just do my 3 years at least i will have 30 years by than and have my whole pension.
You’re 100 percent correct-not to take the reduction. Nobody knows if there even will be a reduction. If they tell you there will be one, THEY ARE LYING. Nothing is in stone yet. Hang in there.
so they’ve added a PD to the calendar next year. I wonder if that’s part the give back
Got a link to that calendar?
https://www.schools.nyc.gov/about-us/news/2021-2022-school-year-calendar
the kids finish school on a Monday in June and we have to come in Tuesday for a PD day
As the ERI plays out JD2718 may need to start another thread on Medicare Advantage Plans being discussed with MLC and the City
News about the eri has gotten pretty sparse. Do you think it will happen?
negotiating tends to do that to a subject no?
There are other negotiations going on too Seth- not just the ERI- they just got finished with the negotiations for more money because of multiple modalities and overages in the number of students per class, negotiations are ongoing with retired members medical plus even if the ERI is set, the uft and TRS among other organizations have to get ready to prepare members. This is definitely not a shake hands deal and okay, everyone- retire. The real work begins after the deal is set so I am sure everyone is under a no talking mandate until we make the announcement.
Yes, negotiations underway for retirees’ medical benefits… so we can pay back THEN what they may give us NOW
seriously where in the world do you see me saying such a thing? I simply said I wonder if this is part of the negotiations where things need to be given back to get what is wanted.I never said that was the ONLY thing being addressed.
and my point to the young lady who asked why it was quiet was that very point that during negotiations nothing will be said in public till there’s a resolution one way or another.
I was just agreeing with you Seth- there’s lots of negotiations about different things going on now so of course it gets ‘quieter’. Health care costs have continued to sky rocket and the pandemic sure didn’t help so I imagine every organization is trying to save somewhere- no offense intended.
understood thanks for clarifying your point.
Ever since the co pays went up several years ago, there were rumblings about the city wanting more from retires or active members, this Medicare plus is a real bargain chip amongst other things the city wants in tbargaining on the budget before it spends its stimulus on members ERI. Word on the street is the EMS ranks will be getting long long awaited a wage bump when the final budget is rolled out
You seriously gotta be kidding me.
I am 52 years old and 21 years of service. Can anyone let me know how my calculations go? Thanks!
you would get an additional 21 months of time unclear if it’s time That would only be though 44 percent of your salary.
IF City agrees to Part A
There is no IF. the members will either pick A or B. It’s not up to the mayor to pick A or B. It has been picked.
Part A
Part B
And get used to it-everyone that already meet the requirements to retire with age and years of service-you are not getting anything extra-
Tough break.
David, Part A explicitly says those who are already eligible to retire are included for that option, so no, that is not true that they will get nothing. Assuming title is eligible for the incentive, we will get some service credit under Part A.
Maybe but I don’t seeing them agreeing to paying someone more who is 58 years old and 37 years in the system.
The City can choose Part A, B or both as per NYCERS site.
In 2010, City did not choose to participate, but CUNY did.
In 2002, City did and details are in this PDF: https://www.osaunion.org/online/jul02/2002Incentive.pdf
If they choose to apply Part A, they can’t pick the parts of it – just the titles that are eligible. So those eligible to retire already can apply for Part A in those titles and those that lack age having % decreases applied. Someone could become eligible if they only are within months of service requirement and have the age already and service years to get those additional months needed, so would then retire without any reductions. Below age is a big hit though for Part A (low age is best if they can be eligible for Part B).
Hoping City goes for both A and B and does not significantly limit titles. Same for BOE. Would be very frustrating if City chose not to participate like 2010.
What about your vacation and sick time? Are we going to get paid for them or we have to used them before the retirement?
Feroz, for managers, normally vacation time is lump sum, but the incentive says it will be paid out 2 months, 14 months, and 26 months after the retirement date. First payment will include any DCP contributions (% normally withheld), but none apply to pension time. Sick time is still subject to the normal rules – I think it was 1/3 if you have 60 days or more, but not sure when it would be paid – probably part of the 3 payments I suspect.
Part A or B can or both may be elected by mayor and trs. Or they can elect partB only. Was there other wording that I disputes this. Anonymous A will satisfy the lowering of headcount once the titles are finalized
David–I think that’s exactly why they’d pay to get rid of us long-haulers. You can get 3 young’uns in exchange for me, and I could if necessary, work another decade at 1.5% per year, in addition to contractual raises. I’m expensive. My worry is that if I put in papers now, they’ll say, well you were retiring anyway, you get nothing.
KP, assuming that you are a teacher, the only thing you have to “worry” about is if you put in your papers today with a July 1 date of retirement and then they go ahead and offer an ERI with a 30 day window that opens July 15. The good news is in that event you would be able to change your retirement date. You can change the dates (and your mind) all the way up to June 29. You are not officially retired until the date on your submitted retirement papers.
Thank you Anon! You’re the first one to address this issue. I’m just nervous about a no-backsies clause.
has anyone heard about other agencies besides TRS? I am not a teacher but have years though not age in the 62/5 basic plan. Are they reopening the 25/55 for everyone? Thank you for being so informative — I don’t know where you get your information but it is so much more than I’ve been able to get!
The ERI is not only for the Teachers Union. I work for DEP myself. :) This by far has been the most informative thread. I always look forward to updates by David & Seth…hoping you get that lock in by the time you to 49 Seth. I turned 50 in April, and I’m in the 57, 23 in 🙏
@ Paula thank you. I imagine based on our Union stating people who are at least 50 will be able to retire at the end of the school year and me being 50 before the start of next school year I can’t really see why I wouldn’t be allowed, but until anything is for sure I’m being cautiously optimistic.
Hi Seth, I really think you will be fine. I was looking at the ERI in 2002 and 2010. It seems that they started processing Part B first and Part A employees left later. Let’s hope we hear soon.
Paula :)
@Paula I wonder if any hire ups have an inkling this is going to come to fruition. My principal just announce our end term party, and while we knew of one person who was for sure retiring already she said it could be very possible that there will be others to be honored aside from the one person we already know about. Fingers crossed.
Hi Seth, it’s going to happen. I’m fairly confident on this. I was in the HR Unit for the last 2, ERI’s. With DEP, it seems that they feel it will be offered, but don’t really think people close to 50 wil jump on it. I would be really surprised if Plan A and B are not rolled out. For me, I’m just waiting on final # on penalties.
Paula :)
Explain what you are talking about. “Part a and b are not rolled out…”. It’s based on that, no? I agree, how could anyone 50-52 do this? No way. It is DEFINITELY going to roll out. You don’t think the mayor would have shot it done by now? We’ve been talking about it since last summer and to talk about it for that long, it is not a rumor.
I think that’s what part B is for people who aren’t in TRS – if you are between 55 and 62, Part B makes sense.
WL
-I joined 55/25 provision. I am 61.8 month old and have 27 years of service in TRS. Am I eligible under Part B of the ERI and will get 27 months as service credit? Doe that mean my pension will be calculated as 29 years and 3 months if the ERI goes through? Just want to make sure my understanding is correct.
My personal feeling and it is as good as anyone else’s on here, if you meet all requirements on your own, you are not going to get anything extra. Hopefully I am wrong. I hope everyone gets what they need to retire.
Hello David,
I am getting really confused here. Given my age (61.8), year of service (27 years) and had joined the 55/25 provision, will I eligible under part A or part B?
I think you can go now, with no “help”. I also think we will be able to pick, A or B, which ever work best for your situation. I know the 1 month for every year…., is out there but I don’t see them giving it
Hi David,
Hope all is well :)) Feels like I know you from your posts. 🤣. In regards, to being surprised it’s not rolled out, I meant just that. The delay we have now waiting is primarily on the titles they will allow. Not all Agencies will be able to opt in due to the critical operation roles. On my end, I know they don’t expect many to accept at 50 – 53. But, all of our life circumstances are different. I know some that can definitely swing it.
I can’t wait to hear the final. It can be sometime June before we know more.
Paula
Definitely. I’m 53. I’m gone reduction/penalty or not.
My plan is to go out the door and run that Burger King that David promised I could run that he owns. LoL.
Hahahahahahaha
That was funny. I always wanted to try boxin the fries!
David & Seth, the banter between you both makes me laugh!
Seth, since I’m a Vegetarian. I will just have to get a shake at your future Burger King, lol.
thanks Paula while I was merely breaking his chops on the last comment, I do in fact intend to start a new career should we get the offer to retire early. So I very much have a plan to compensate for my loss in income or my wife may also go back to work and I’ll stay home and take care over lo
My brotha, it’s all in good fun. I am pretty confident that we are out of here
5:35…..I KNOW you can go since you are 55+ and 25+….BUT, if you go when you are 62 (on your birthday – I assume in 4 months) not only will you get your pension but you’ll also receive all the monies you put into 55/25 back. If the ERI goes through and you’re 62 before Aug 31 you’re in the best shape anyone can be in.
Hi Paula. Any news on other agencies like EMS, H+H, Transit? Doesn’t the city council have to pass something and how do we know where that is? Thank you.
Hi Bina,
I’m not sure on these Agencies. I thought I heard somewhere Transit was not opting in. I will post when I hear more. :)
Paula
It’s discouraging, as reported in NYC Educator blog:
“DOE–When you’re near the end of an administration things get weird. Primary in June has made it weirder. Admin wants to remain relevant, so city budget is a fight for us. Have not engaged in Early Retirement Incentive.”
Hopefully, it’s just the art of the negotiations. I could see why it would be difficult for the City to agree, while there is so much resistance to get fully back in school.
So, the City drives a wedge between the potential eri eligibles and returning teachers.
Paula, your optimism is super!
when was the article written and by who, and how are we to beleive whatever the source is of this information is credible?
❤ Thank you. I just truly feel it’s a done deal. It’s down to title negotiations, praying for reduction amount negotiations, etc.
I have to say this this thread is a majority of teachers and us interlopers from other City Agencies. You all work extremely hard in a thankless job. I truly hope this works out. Life is way to short.
Paula
ignore my last post, just read the blog.
I’m 52 and 3 months of age. I’m 29 years and 5 months as a Dean/teacher…… I fully paid for 55/25. Worked per session to up my pension…. is it worth taking the penalty or waiting,,,, I calculate like around a $800 a month difference if I stay another 2.5 years. I do love getting 2.5 years of pension b4 reaching age 55…
you may not have any penalty, depending on what they deem a physically taxing job which teaching according to some falls under this category while most would say it doesn’t, If it does the fact that you are in 25/55 and have reached the 25yr criteria the penalty would be waived, now our dear friend David will tell you A. he doesn’t believe there will be a penalty for anyone, and B) he also thinks people are just going to be allowed to leave under part a or part b without any added time.
City has not been cooperative in negotiating ERI according to Mulgrew.
http://nyceducator.com/2021/05/uft-executive-board-may-10-2021-city.html?m=1
Only problem with his statement is how do we know he’s just saying this to make it look like it’s being dragged out till the end of May. What was the give back for making people come in for PD after the last day of school? I have feeling it’s already been discussed(just my opinion). We don’t for sure what has really gone on behind the scenes. Just like the Chancellor and Mayor didn’t know about the calendar, who made sure that the PD day was added before it went out?
We just had our local meeting last evening (not a teacher but work as an administrator) and we were told that it will happen. They are just not sure if they may limit the eligible titles. By the end of May , we should have an idea. I heard today at 4 pm there’s a townhall with UFT. Maybe you can get some info. On there. Good Luck all.
@Ray based on what was said supposedly at the meeting that Mulgrew had with his hire ups, I think he’s keeping things close to his vest and probably will say the same to the town hall.
Another waste of time townhall. He’s really on our side.
Ok @David don’t shoot the messenger. I am listening to the town hall right now. Deblasio is basically not do anything about anything. ERI and other issues. This being said Mulgrew said that he sent a letter to City Hall. He also we handled this at the national level, and the state level, now it seems the biggest fight is going to be at the city level. He said we’ve had so many battles to fight over the last 15 months so we have one more, we will fight every step of the way. He also mentioned city council is on board with the ERI as well.
I’m listening. Keep it on. You may hear me.
And remember. He may not be telling truth If potential retirees know in June they are done, that could lead to a MAJOR SHUTDOWN.
he also stated that updates on this issue will probably start coming more regularly. If anyone else is listening please either add to this or correct me if I have misunderstood anything that was said.
Stupid article. Have not engaged????? We’ll engage-DO SOMETHING FOR US. Busy time of year???? Teacher and Nurse appreciation??? You’re kidding right??? Who cares about that. Appreciate us my way-get to talking about ERI and get it done. Give me a break already. Stop dragging your feet and denying the ERI. Enough already.
David I think what you have been saying all along how it’s kinda of done already but are making people wait so they just don’t throw up their hands and say I’m done don’t have to work anymore may have something to do with it.
Yes. You’re right. I forgot about that one.
Well although he didn’t say much about it but I just heard Mulgrew say that the mayor and city have to be forced to address the ERI- the union has done all the heavy preliminary work and supposedly the city hasn’t even looked at it for the DOE. Mulgrew said it was like they had to show who has all the power.
@K you just summed up what I said no? scroll up, and let me know
@Seth- seriously this mayor has to be forced? The city council is on board- this really does seem like more of a power trip, right? I didn’t get the impression at all that it is not happening- he blew over the topic in like 60 seconds- pushing it 90. There are 20 days left to get this done- I am laughing Seth- remember when I said Friday at 4 pm before memorial day weekend- you watch- he will drag his feet til then just so he can hold it over the union. Geez- what a guy!
it’s because he needs to be spoon fed everything on what to do, maybe ms. deblazio would be more cognizant of how to run a city.
WHY WAS HE ALLOWED TO KEEP 1/2 OUR RETRO AND GIVE IT TO US IN THE NEXT FISCAL YEAR???
I also say the reason he didn’t spend much time on the topic I think goes back to what @Dave has mentioned it’s been decided already and they need to just wait till last minute so people just don’t say I don’t care anymore I am done. I also find it interesting he didn’t get into why the calendar has the extra PD after the last day of school for the kids. I wonder if that’s a give back to the agreement. If they have one yet.
Looks like the ERI is not happening.
what where did you hear that?
where did you even hear that?
@LindaI wouldn’t say that Linda- he blew over the topic way too fast- if it was no deal- he would have said so- JMO.
K I actually think your time frame is probably right, it will probably dawn on him May 28 at 459 PM that he’s supposed to make a decision on the subject. It seems more like he doesn’t have a clue as to what he is doing as opposed to not wanting to do it.
Exactly. :)
@Linda- I wouldn’t say that- he has been way too quiet on this issue and blew over a very important topic in record time at the town meeting. I just get the feeling this is one of those things that is going to be dragged out. I am just curious though about what titles mean for example? Does anyone know? Seth? David? Is it like elementary teachers, middle school teachers?
Teachers have to be at the top. But I think it’ll include everyone in the school system.
You’re right. He blew through it and paid it no mind. I am on to ask a question. I’m here for you guys.
In high school – titles are further divided math, science and special ed teachers are needed – the city could fight to keep those titles.
he said absolutely NO to pitting license(subject area) against each other.
All for one and one for all. There are thousands of teachers, in all subject areas, ready to be hired.
someone did raise that question about subjects and or titles etc. Unless I heard him wrong it almost sounded as if that’s what still needs to be decided. He also said the only thing he did say that he would understand is if they said that there would be a limit to a percentage of those of age to go.
Seth- can you give me an example of the “limit to a percentage of those of age to go”? I am not sure I get that. I am 58- I am only doing 20 so it’s either this year with additional time or next year- I am gone.
I think it means teachers, paras, social workers, etc.
I’m listening but I’m not happy about what I am hearing.
You are all getting down…except Paula.
Paula, you are the best!
where do you see me getting down? I am merely stating what was said on the Town Hall?
❤🙏 Thank you… I have faith it will work out. The bill was signed on my 50th Birthday! I do feel badly for the essential trade workers like transportation, electricians, etc. They won’t be included.
Help me to understand, please. If I am in the 25/55 program, 57 years old, with 23 years of service. Will I be able to retire this year with this incentive, without penalty?
According to Carl Heastie the council speaker the New York City council, his legislative person said “ sometime in June we will hear about the mayor signing the final version of the budget that starts 7/1, and something about the ERI will be mentioned also at that time. Give his office a call, the woman was polite and firm while not letting anything totally out of the bag… I am curious to see if the TRS commencement date is set in stone or not. Or might it be moved to like 6/4, that still gives a 90 day window for employees to opt in… Disclaimer: I know nothing about how long it takes to set up and schedule new teachers for a brand new school year… As for any union officials statements or wording, we have all be in this game a long time, rumors start, then run wild. And in the end most will be happy with Chapter 59 of the laws of 2021….Off topic::: If you read today’s Chief Leader there is article about the Medicare Gap discussions with the city, mulgroove and the MLC. Plus a few lettters to the editor on the subject from readers.
thank you for what appears to helpful information and good news for many of us. @K want to start a pool as to when DEbozo says something lol
I may have mistakenly thought the announcement had to be made by May 31st but that is probably just the deal being set- not that we have to know by that date. I still say it’s a Friday at 4:59 pm so we can’t call the uft offices and ask questions.
really only breaking your chops a little, I do think it is probably the deadline for them to agree on it, and with it falling on Memorial Day I would say we probably hear something during that week.
Knowing Hizzoner, he’s late on most things. Seems like this could drag into the first part of June.
Before blogs like this, negotiations happened in relative silence. But the back and forth was just the same. Patience people.
Exactly Anonymous
True- still nerve wracking but true
Is there an option/incentive for one month for every year worked for people over 60 with no penalty?
Right now there is nothing.
Paula,
Have you heard any tidbits about what titles might make the eligible cut at DEP? Anything about Admin Engineers?
-Thanks!
Hi,
I will find out more about Admin titles & get back to you. I heard SEE’s won’t be eligible. But, I will definitely check with our Old Timers that know more :)
Paula
Question. I am a 57/5, will be 59 in July but got a promotion August 2019. 27years of service. How will my final average salary be calculated? Will they prorate the additional 27 months for the best of 3 for 5 years? Thank you.
Nothing says FAS calculation would change. Only service time is increased (by 27 months in your case at the 2% max rate) to calculate the pension amount. Assumes Part A is offered, we are in the titles that are permitted, and our agency is able to save money to approve it ( ie no backfill, or lower salaries with new tier 6 employee).
Thank you. It looks like I am here for another 3.5 years. LOL
https://www.nysenate.gov/legislation/bills/2021/A5884/amendment/A?utm_content=NEW_SAME_AS&utm_campaign=subscriptions&utm_source=ny_state_senate&utm_medium=email
This is new…
Yes. I saw that yesterday. When are negotiations going to begin.
Dave, for all we know they are ongoing as we speak, there maybe a no talk order while it’s going on.
Well, that makes me feel better!!
I don’t think it’s new, it’s just this year’s version of last year’s bill. The one that “passed” was a new version of an old bill as well. Tick, tick, tick, tick, tick…
I seriously think that it is time to say one way or the other. They are keeping everyone hanging. It also isn’t fair to keep principals hanging either. As we say, “S&@$ or get off the pot.” We’ve heard about it alllllll year. We all knew it was for real.
I also think the principals know, as I mentioned in a previous my Principal made mention of it when she sent info on end term party, that we know of one retiree and there maybe a few more we honor after May 31.
I think the bill that passed only supported DOE and NYC and the new bill is another try to include for the rest of NYS, as originally drafted.
I was under the impression that it was only for the abs. Of Ed.
There were multiple bills, ones for NYS , NYS Education only, and NYC with at least two versions. Ultimately the budget text included the NYC version that included DOE and other agencies, but not NYS. All politics.. Anyway, David, you apparently haven’t read any of the actual bill text – making opinionated posts with mis-information. I Vota u down!
If you are referring to who is and isn’t included in ERI, it was posted here-all of the job titles. It looked to me it was for DOE only. I apologize if I offended you. Especially if you are on the outside lookin in. Wave to me on the 15th hole on September 9th.
Also, IF YOU THINK YOU KNOW ANYTHING, put your name down. Anonymous, haaaaaa.
But if the state budget already passed, wouldn’t that bill be for next year?
But Anon- if the state budget already passed, this bill might be for next year?
Bill A5884A says it is for NY State employees for 2021-2022 fiscal year. The bills passed from the budget were for NYC only and are what apply for the City agencies and DOE. As per NYCERS site, BoE has to approve DOE incentive and City Council/Mayor for other agencies. Still waiting to hear from BoE first, then City Council/Mayor in that order given the deadlines from the state budget bills.
DOE deadline is May 31. I am sure they will extend it. Just to waste more time. They knew and we knew about this ALL YEAR LONG. Now they drag their feet. Total waste of time.
What happens if you are currently on sabbatical?
Do you still owe the 2 years or will you be given the opportunity to retire early as well?
K,
I think the ERI for NYS employees and municipal employees outside of NYC can be passed separately from the major budget bills that have already been approved. But, I don’t see any relevance to DOE or other NYC employees. The budget approval already appears to provide for them if DOE and NYC opt in and approve eligible titles by the end of May (DOE) and June (NYC).
That’s interesting- I did not know they could do that.
Is this bill similar to ours with a part A that gives time? I have not read this bill.
(a) “Retirement system” means the New York state and local employees’
retirement system, the New York state teachers’ retirement system, the
New York city teachers’ retirement system, the New York city board of
education retirement system or the New York city employees’ retirement
system, exclusive of the retirement plans established pursuant to
sections 13-156 and 13-157 of the administrative code of the city of New
York.
This is in the beginning of the bill and appears to include the NYCTRS- this bill takes away all the early retirement reductions providing other terms under the Tier are met. Am I reading this wrong?
Why does this include the NYCTRS if it already has an ERI bill that passed?
If you read section I at the beginning it includes the NYCTRS- my question is why?
Timing. There were a number of bills about this topic. The one that made it to the budget was the one focused on nyc only. Now they might be moving on the one that included all public employees in NYS (inclusive of NYC).
But that might be confusing- which one do we use? As far as we know- the previous bill is the one the uft is dealing with the mayor and city on- this bill includes no time but the reductions are gone for 55 and over. I am just assuming this won’t be NYC teachers. I guess time will tell. The other bill makes more sense overall but who knows.
There will be no reduction, in my HO.
There were many bills submitted – only what passed would apply. If BoE/NYC does not adhere to the bill requirements, I doubt the NY State process would re-issue another bill for the City to use again this fiscal year. The bill as passed doesn’t appear to let BoE or the City change the due dates for May 31st and June 31st. Either the City acts or loses the opportunity for this fiscal year to implement an ERI.
List of some of the bills _submitted_ in NY State – guess it is easy to submit and have it go nowhere:
100% NY A05088 Intro Establishes a temporary retirement incentive for certain public employees who are above age fifty-five and with twenty-five years of service.
[Detail][Text][Discuss] 2021-05-20
To Assembly Governmental Employees Committee
99% NY S05559 Intro Enables public employers to offer an age fifty-five with ten years of service or age fifty with twenty-five years of service temporary retirement incentives for certain public employees.
[Detail][Text][Discuss] 2021-03-11
To Senate Civil Service and Pensions Committee
99% NY A05087 Intro Provides a temporary retirement incentive for certain public employees (Part A); provides an age 55/25 years temporary retirement incentive for certain public employees (Part B).
[Detail][Text][Discuss] 2021-02-10
To Assembly Governmental Employees Committee
99% NY A05884 Intro Enables public employers to offer an age fifty-five with ten years of service or age fifty with twenty-five years of service temporary retirement incentives for certain public employees.
[Detail][Text][Discuss] 2021-05-17
To Assembly Governmental Employees Committee
99% NY S02722 Intro Provides a temporary retirement incentive for certain public employees (Part A); provides an age 55/25 years temporary retirement incentive for certain public employees (Part B).
[Detail][Text][Discuss] 2021-02-22
To Senate Civil Service and Pensions Committee
99% NY A04548 Intro Authorizes certain public employers to offer temporary retirement incentives (Part A); provides an age 55/25 years temporary retirement incentive for certain public employees (Part B).
[Detail][Text][Discuss] 2021-02-04
To Assembly Governmental Employees Committee
99% NY S04170 Intro Authorizes certain public employers to offer temporary retirement incentives (Part A); provides an age 55/25 years temporary retirement incentive for certain public employees (Part B).
[Detail][Text][Discuss] 2021-02-02
To Senate Civil Service and Pensions Committee
96% NY A06486 Intro Establishes an age 55/25 temporary retirement incentive for certain public employees who are members of the teachers’ retirement system.
[Detail][Text][Discuss] 2021-03-19
To Assembly Governmental Employees Committee
I think what we have been talking about is that, at least for me, the date the city has to agree to the ERI is may 31 but the city or union may not necessarily announce it that day. These bills get submitted every year but the city is going to have financial difficulties next year when the federal money runs out. The ERI is one way of several options they may need to use to avoid layoffs etc. It is the waiting game that is killing us. :)
@ K “It is the waiting game that is killing us.” That is so very true! Who knows, by next Friday, we may hear something. Cheers!
I think you are correct but by waiting, you’re screwing the principals. Also, the mayor took 1/2 our retro and delayed payment. So now he has now more money to take and nothing to threaten us with to avert layoffs. Which is total nonsense.
According to the bill, the city must let us know by May 31 (Memorial Day) if it will participate in the ERI, so does that mean May 28 or June 1….I think June 1 because then there also must be a 90 day opt in period. June – 30 days, July – 31 days, and August – 31 days….but you must give at least 24 hours notice if you are retiring so you must let them know by August 30 at the latest for a August 31 retirement date, hence that would be 91 days, simple math.
You actually need to give 2 weeks notice to your Principal I believe it was said somewhere if you are deciding to take the offer. One could still opt in and tell the powers that be your date of retirement is ….. and you are still giving them enough notice to fill your position. Even with open market you have up until the first week of August normally to be able to transfer and that also only gives principals x number of weeks to fill positions, therefore you don’t think they will be preparing by interviewing people in July in case they do need to fill positions?
Of course they will. It’ll be announced, if it is to be, soon than later. I’m standing behind my theory-you think last year’s COVID19 shutdown was bad, this would be worse. Nobody would do anything. I’m sorry but that’s the way I feel. It’s human nature. “I’m done, why do this. What are they going to do to me?”
I’ve been hearing and talking about since last July. They would have shot it down already.
What I’m trying to understand is about the credit given. I’m 50, will be 51 in August, and have 33 years with the DOE. I don’t need the credit for the years. Can it be applied to the age so my reduction would be lower?
So did you opt into 25/55 if so you may not be penalized depending on what they consider a physically taxing job
Last buyout, there was no reduction.
Yes. I opted into the 25/55 years ago.
@Kim so if you read closely it states for those who are 50 or over and met the 25 yrs and are in 25/55 there’s no penalty under a physically taxing job
Should be mentally. I’d take physical or mental any day
If one is 54 years old with 22 years of service would one qualify for any part of this early retirement incentive? This person is in the 55/25 tier IV program
@ David I do believe it does qualify because depending on what grade level one teaches some have more physical challenges everyday especially in the younger grades. I do agree though and wonder if mentally does in fact fall under physically taxing.
50 years old and you have 33 years with the DOE??? So you started when you were 17???
10.
@Anonymous. Yes. I was 17. Had just graduated high school in June and started with the DOE in November.
I am 52 years old 29 years of service. in 30/55. Any Penalty?
Haaaaa
That is exactly me! In the end, I do not believe that there will be one, nor bonus money for people to leave.
It looks like something going to happen in end of June. Just the following email from my HR department.
NYCERS will be hosting a Comprehensive Pre-Retirement Planning Seminar (CP-RPS) for 2021, on Tuesday June 22, 2021 from 9:00 am to 1:00 pm. Representatives from the City’s Office of Labor Relations (Deferred Compensation and Health Insurance Plans) and the Social Security Administration will be collaborating with NYCERS to offer this event.
This seminar is specifically designed for Tier 4 members enrolled in the 62/5, 55/25, and 57/5 Plans and Tier 6 members in the 63/10 Plan. Details about the eligibility requirements to attend are as follows:
fingers crossed
Did the federal government screw this up by giving the city all the money they neede?
We had the same retirement sessions at other agencies earlier – they have been scheduling it for some time now.
Here is my question. Did the federal government screw this up, FOR ALL OF US, by giving the city enough money to avert layoffs?
David, you may be right on that. De Blasio doesn’t see a need and is increasing staff and pushing the problem to the next mayor. So it is possible that nothing is offered this year and instead is looked at next year or the year after instead. All we can do is wait until May 31st [for BoE] and June 31st [for rest of City] to see if anything happens. But the City Council was pushing NY State for the ERI, so if City Council does not issue a law to allow it by end of June, it would be very unusual given they were pushing for the ERI in the first place. So hopefully they go ahead by June 31st for the non-Education part of the City and the BoE does the same by May 31st.
After what we did, I did, as teacher(s), let it go thru and give us something, for once. I bailed his ass out when he needed my(our)money and he kept 1/2 my(our)retro money that is 12 years owed to me. AND we get the rest in July, THE NEXT FISCAL YEAR. How convenient for him.
you are all forgetting one thing that federal Money will only go so far eventually it’s going to run out. I agree with the fact city council was pushing this last year which is why I feel it’s going through. It’s been eerily quiet since the town hall meeting from Mulgrew’s side. He did say he was going to have to give more frequent updates on the situation I am wondering if he in fact has been in negotiations with him
I hope you’re right.
That’s great Feroz but your email was cut off – what was the eligibility requirement?
@Anonymous. Yes. I was 17 when I started with the DOE. I had just graduated high school in June and started working for the DOE in November.
There’s just about one more week for the DOE to get in on the ERI. Say it happens in June, will we be left out? After all the pushing about getting it passed at the state level, seems like its stuck here, which most saw it as already approved. So close yet so far.
@Ken do you honestly think they’re going to alert the public during negotiating? Also the last time it happened it was announced in June. Just because there’s the May 31st deadline, doesn’t mean it will be announce Friday because don’t forget this year the 31st falls on memorial day. Who saw anything approved by the way?
Trying to be positive. Not easy though!
did you listen to Mulgrew’s town hall?
I listened. Explain what I didn’t hear. Like more questions about the ERI takin from the queue, like mine. Mayor doesn’t want to negotiate but it was ok to take and hold our money for another 9 months into THE NEW FISCAL YEAR. WOWWWWW, MR. MAYOR, WE BAIL OUT THE CITY AGAIN. Now give the teachers the opportunity to retire at a “young” age, like the rest of the city workers. Someone, tell me that I am wrong.
@ David, He didn’t say he didn’t want to negotiate, what he did say was that the Mayor needs to be spoon fed everything and that he’s taking forever to get important matters resolved. Was it any different than last summer when he waited till the zero hour to agree to delay the opening of school and have some plan on how to open reasonably safely?He does everything last minute never planning ahead. He doesn’t understand how you need time when it comes to schools that you can’t magically snap your fingers and say ok schools open for everyone and start tomorrow. You have been an educator for how many years? surely first off you have a sense of logic and common sense both of which our beloved mayor lacks.
Yes. You’re right. I’ve been teaching for 29 years. I understand what you are saying. Also, did the federal government mess this up for us because now the city has money? You talked me off the ledge.
and here is a perfect example of his incompetence: De Blasio changes his mind: Sgt. Ollis 5K run back on. Not sure where you are from but this is from the Staten Island Advance On-line addition that just broke this story.
@David again city council members and Senators( specifically Senator Gounardes) have said the Fed Money is a quick fix it will eventually run out they need to do things to prepare for the long haul not just this year ahead financially.
Yes. I agree with that. I guess we will see if he wants to the city in shambles.
Kim, I didn’t think that was possible.
Could’ve been a paraprofessional at the time. No? That’s how I started out.
@Seth I’ve been a secretary since November 1987.
Not the whole thing but with the ERI they may have to fight to get it approved maintaining equity for all lic, Lets see if we hear something next week.
I’m pretty sure we will here next week, plus someone on here spoke with a member of the City Council Speakers office who said that Deblasio is expected to discuss the budget in June and will be addressing the ERI at that time.
Let’s hope it works out for all. Fingers crossed on hands and feet :) Enjoy your Sunday!
to you too, agreed all eligible should be given the opportunity to go
I thought it was interesting that Mulgrew’s email tonite stated the city wants only certain DOE titles to get the incentive but the union knows that sets a bad precedent. The city is afraid of a broad incentive because they feel they will have a shortage of qualified staff. So it isn’t that the city is against the ERI. But then right after he says that, the email says WHILE YOU WAIT- and then it lists web sites to help you get ready for retirement. Talk about mixed messages.
@K can you share? as since I am not 50 yet I am assuming is why I didn’t receive said email thanks in advance. At least we know they are talking.
also leads me to believe again he knows this will go through. I wonder if any titles would they say no to? It would seem they would want the higher salaries out to save money.
Seth- basically- all it said was what I said. The titles are the issue NOT the ERI itself. But the union is clearly against only certain titles getting the ERI. I believe this is what happened last time it passed as well, but that is just my opinion.
This morning my principal said she was having to attend a conference call with the Chancellor about hiring. I wonder if this has to do with being prepared on having to hire more people with the ERI coming to fruition.
The conference was about ATR placement (in most cases, continuing this year’s placement for all of next year, at least)
That makes sense Seth because remember part of the ERI says that the people used to replace those that retire have to cost less- they have to show savings. That’s the point of the ERI- to save money short and long term.
Good evening. Doesn’t the City Council need to approve it? There’s no legislation from them yet. I looked on their website and the only thing was a resolution asking the State to pass a bill during the State budget negotiations. Also, according to the bill, nyc has to notify the state of its intention on part A by 5/31.
so city council is awaiting the city and doe to agree to adopt it first before they render their input, in addition several council members were encouraging deblasio to do this already last summer. One other note the 31st is Memorial Day for all we know it could be decided on Friday and not announced publicly till after Memorial Day
Man- we should have started a pool! LOL
For CSA members, this message was sent yesterday:
Mayor has until Monday, May 31st to make decisions regarding eligibility. While we still hope for and expect his decision by the end of the week, CSA has taken the proactive step of providing the Mayor with a plan. We will update you as soon as we have accurate information to share.
Thank you for sharing. Hope they decide and we hear something before the long weekend ;-). Cheers.
Supposedly today came and went in the City Council without the E.R.I. being on the agenda.
and maybe that’s because his anus hasn’t said which titles he’s agreeing to? We still have tomorrow, who knows what will be decided upon to even given that Monday’s a holiday perhaps it gets done Tuesday?
According to Carl Heastie the council speaker the New York City council, his legislative person said “ sometime in June we will hear about the mayor signing the final version of the budget that starts 7/1, and something about the ERI will be mentioned also at that time. Give his office a call, the woman was polite and firm while not letting anything totally out of the bag… I am curious to see if the TRS commencement date is set in stone or not. Or might it be moved to like 6/4, that still gives a 90 day window for employees to opt in… Disclaimer: I know nothing about how long it takes to set up and schedule new teachers for a brand new school year… As for any union officials statements or wording, we have all be in this game a long time, rumors start, then run wild. And in the end most will be happy with Chapter 59 of the laws of 2021….Off topic::: If you read today’s Chief Leader there is article about the Medicare Gap discussions with the city, mulgroove and the MLC. Plus a few lettters to the editor on the subject from readers.
Sequence of Events is as follows: For City of New York employees, a Local Law must be passed by City Council and signed by the Mayor stating that the city is electing to participate in the ERI by June 30, 2021.
For NYC Department of Education (DOE) employees, a resolution must be passed by the Board of Education and signed by the Chancellor electing to participate in the ERI by May 31, 2021.
The City wants specific titles in the DOE? Terrible job on our Union’s part ALL THE WAY AROUND THIS YEAR.
The City is acting like it is going through the motions. I believe they have no intention of reaching an agreement (and likely have not since the stimulus money made it through congress and the NY State budget created new revenue streams).
ERI makes sense for the City if it is broke today, and is willing to deal with extra cost in the future. It is like a payday loan. No one takes those unless they have no choice. The City has a choice.
I explain a little more here.
Total bullshit. We helped out the City.
The Union should call their bluff and say we will take specific titles.
Hi David,
Do you still believe there will not be a reduction for people below age 55/with less than 25 years?
Unfortunately I don’t see anything happening. If the sticking point is specific titles, we are dead. There was no penalty at the last one-I was told. I’d take the penalty and go. I could care less about the money. Just let us go. We deserve it.
Thank you very much for your thoughts David And all the best for us.
This looks like it is dead. While there’s still a tiny bit of time, the City likely has no interest in getting it done.
I wrote more about this
with so many people close to retirement already, the City will probably not go through with this now. People need to understand that promises are made and yet seldom kept.
What are you talking about?? Every year, people are close to retirement.
Because of the pandemic’s effects on people’s health (physical and mental) a greater number of teachers, not just in NYC, than usual are going to be putting in their papers. I anticipate many schools and districts will have trouble filling vacancies.
The shortage of administrators, since there are close to zero in the pipeline, may be far worse.
The pandemic won’t be better next year?
People will be leaving teaching this year in greater numbers than usual. That’s just what’s happening.
That’s another factor that explains the City’s non-negotiating posture.
Latest message from CSA
Early Retirement Incentive
As per the state law on early retirement incentives, the Mayor has until Monday, May 31st to make decisions regarding eligibility. CSA has taken the proactive step of providing the Mayor with a plan, but please be reminded that the city may still inform the state that it will not offer such incentives at this time. We will update you as soon as we have accurate information to share.
Seth thanks for copying and pasting my previous post. My outlook is it will happen. And all the political players and union players will take credit for it. As Veteran city workers we’ve been there before, regardless of the verbiage coming out from the politicians and union officials. Yet it does not stop the multitude of questions and scenarios we all have. In my view all the particulars and details are set, minor issues need or will be needed to be tweaked. Also look all the various senate ERI bills that are being put in each year, none have advanced to governors desk and signed since 2010. The City and TRS wanted this ERI in the State Budget , and the State Senate obliged, and Governor signed it, period Stop.
I hope you are correct, and agree that the city elected officials pushed for this to happen for a reason. The question remains will the bozo listen to what the city representatives are asking to be done and will he follow suit.
HE HAD ALLLLLLLL YEARRRRR TO KILL IT? WHY NOW???
I hope it does. BUT. do you think they are going to do anything the next three days????
I agree and when I did my consultation Wednesday I got a more positive than negative vibe from my pension consultant. And I was told that the title they are worried about is…are you ready for this….PRINCIPALS- not teachers. I was told principals are going to leave in droves. Our new chancellor has to be worried about that because that falls on her, but they too were treated poorly this year. It can’t be worry about the pension system because the UFT would never have entered this agreement if it was detrimental to the pension system they need to keep- Mulgrew specifically said that. The city council has been all for this as have been many senators – most of whom have stated that this is to prevent future financial issues. In years past, yes, every year, ERI bills are put forth so the senator/congressman can look good to their constituents but this year is different. This federal money will not last forever. This is an opportunity for them to hire more teachers at less pay that they are going to need to implement these new programs and smaller classes they claim they can do somehow with no building space. It is also an opportunity to hire a more diverse work force- people who are multilingual AND less expensive. Do I trust the city? Absolutely not. But I still think there is a chance we will get it. JMO
Well said surprised in a way that the CSA members appear to be the sticking point however I do see that this would be indeed a concern.
That’s what he said- I was thinking special ed, high school chemistry and physics- titles like that- he said principals. I was also very surprised and also surprised we are being grouped with them.
That is csa’s problem, not ours.
GIMMIE A BREAK. We should NOT be grouped with principals.
Don’t forget they are part of TRS first of all so therefore that’s what the bill that passed, so you should see where the title is being grouped in. I guess maybe UFT and CSA are trying have a united front on this and work together. Just my opinion.
Same union???
@David not same union but Principals, APs, etc are all part of TRS so their titles would fall under the agreement.
@K then following statement which someone shared maybe why it was put out there that CSA is trying to get the hold up resolved: From CSA:
Early Retirement Incentive
As per the state law on early retirement incentives, the Mayor has until Monday, May 31st to make decisions regarding eligibility. CSA has taken the proactive step of providing the Mayor with a plan, but please be reminded that the city may still inform the state that it will not offer such incentives at this time. We will update you as soon as we have accurate information to share.
The City had ALLLLLLLLL YEARRRRRRRRRR to say no to this. The Mayor was happy when he took my retro back in October, right??? So they are going to kill it in the last few days?
From CSA:
Early Retirement Incentive
As per the state law on early retirement incentives, the Mayor has until Monday, May 31st to make decisions regarding eligibility. CSA has taken the proactive step of providing the Mayor with a plan, but please be reminded that the city may still inform the state that it will not offer such incentives at this time. We will update you as soon as we have accurate information to share.
Trs is one thing and the Union is another. We should not have to bargain with them.
David for all we know he’s agreed to the UFT. Read the above statement from Anonymous, CSA must have sent this message out and actually now it’s the second time I’ve seen it on different occasions because maybe in fact their the ones in negotiation with Debozo.
Haaaaa, DeBozo. I love it. So if he agreed to UFT and not with CSA, are we as teachers, screwed? I will anxiously await your reply.
and when it comes to the law Deblasio has to be the one to say yay or nay and to what titles. Perhaps he’s holding out till Monday before making a decision as a whole.
Technically, he could approve it by Monday and we would hear about it officially by Tuesday. I heard from a friend who is in Nycers that the deadline for all other agencies is 6/30. So they could get it but if ours is not approved because of the Principal shortage,…… all bets are off.
WE should have NOTHING to do with principals.
David he “maybe” making his decision on Monday, and as to whether or not all ,some or none of the members of TRS are being allowed to partake we are just going to have to wait to hear the “official word”.c
I understand. Can he say teachers not principals?
I would also think publicly, he will be saying yay or nay.
Can’t believe we’ve coming so close and didn’t make it. Such a shame, considering many thought that the city would approve but that state would be challenging. Goes to show the leadership we’ve had for the last 8 years. If there’s any consolation, he’ll be out of the office in about 6 months.
Ain’t nothin over til it’s over.
Did CSA members agree to postpone their retro until July? Teachers gave the city an interest-free loan.
That’s right. Those of us closest to retirement gave up the most. What do we get in return for it? NOTHING. Do something for us now. Do not tell me by giving up the money, layoffs were averted. There weren’t enough teachers to begin with.
correct me if I am wrong doesn’t it say somewhere that he can say which titles are eligible and which aren’t?
I don’t want to be too optimistic. But, it seems every significant negotiation has to come down to the wire. This way, each side can say they never rested in pursuit of their objectives, which couldn’t be fully met. So, nothing good would have been announced in advance. I hope there are a few more encouraging comments coming to take into the holiday weekend.
But, I am a Met and Jet fan…
Either way, thanks so much to JD 2718 and all of you posters that have made this more bearable.
Best of luck!
I hope you are right. I am so tired of the DOE political games. If it happens I am out and not looking back. It would be nice if the UFT were to say something before the close of business today. Any kind of update to let us know if there is any reason to hope.
Agree, grateful to have discovered this blog and comment thread. It helps knowing there are others feeling the same.
Go Mets
Yes. This thread was EXCELLENT! Even tho I know some of you hated me, it was certainly informative and entertaining! Thanx JD. I do have one question-who is Seth?
I am why?
Sometimes I cannot tell who is who on here!
Okay Anon- your mets and jets fan actually made me laugh out loud- THANK YOU!. I guess we will have to wait and see but I won’t lie- if there is no ERI for the UFT and CSA, I will be angry. I will be angry because we gave up spring break and 1/2 the retro- for what???? I am 50-50 here. I always knew it would be right at the end too Anon- so both could say they put up a fight- they are as dramatic as the kids we teach sometimes. At any rate- everyone enjoy the three day weekend!
Don’t forget about the four days the owe us last year.
Keep the faith 🙏🙏🙏❤
You are correct, Seth. From the legislation, Lines 18, 19 and 20: “The determination of eligible titles shall be made by the chief executive officer of the city of New York or other
comparable official of a participating employer.”
… which tells us that if the UFT was serious about holding the line on all or none as far as titles, then they should have been fighting for it while it was being hammered out in Albany, during the legislative process. Were they fighting then, are they fighting now?
… And if they weren’t serious then, as it appears they were not, then stop pretending now and make the deal.
The City raised some licenses/not others recently.
It was a surprise.
But it looks like they do not want to stop negotiating – they just want to make sure an agreement is not reached.
Sorry
Unfortunately there is no evidence that a deal is close, and some evidence that it is not. Further, there’s very good reasons for the City not to want a deal to be reached.
It’s ok to wait until it’s actually over – but best not to build up hopes.
“Best not to build up hope…” Agreed, JD2718. For this to work, there needs to be a component built in somehow that addresses potential teacher/admin shortages. All along that was the case, something some of us have been advocating for. It is easily done, too – theoretically, anyway – by relaxing requirements for new teachers/new AP’s, P’s… Post-pandemic, people who need the work can get the work (and benefits) instead of the handout and the system probably gets some quality let alone inexpensive help. Let’s face it, you don’t need to go to school to teach. That’s not what the teacher schools would have you believe but it’s true. And you don’t have to have a degree in administration to be a principal. Another money/power grab. OR just put a limit on the # of people/titles that can go. It’s called a compromise.
JD, you write that the unions were “surprised” by the mayor’s “some licenses/not others” stance. If that’s true and they were surprised, then shame on them: this is their legislation the mayor is working with; they were instrumental in crafting it. They should have foreseen the problem with the mayor being able to pick and choose titles and advised that it be written out. But I have my doubts about their being surprised. I wonder if it was purposefully left in the legislation for the cover it provides to all. The mayor is covered, the union is covered, and the rest of us are left out in the cold, scratching our heads, trying to figure out who to blame.
To be clear CSA also postponed their retro and if you want to try and pit union against union then he should work with csa and not uft because there would be more uft jumping ship than csa, especially if he’s concerned about retaining as many people as he can. See how that works and sounds. Not so fun from that vantage point. Let’s stay united. I’m hoping for the best for uft and csa, because the reality of the situation is that we all need this!!
WHAT DID EITHER IF US GET FOR THE POSTPONEMENT ON THE RETRO??? If this doesn’t pass, we got nothing. So they just figured it out now that a lot of people MAY leave. Put in a 5 percent a year reduction and let’s see how many people leave.
This is our update from Mr. Mulgrew——We will continue to fight until the final hour,
City Hall has until May 31 to tell the state if it is going to offer an early retirement incentive for any municipal workers. The city is concerned that a broad incentive will lead to a shortage of qualified staff in certain titles. It has become an uphill battle for us since the influx of federal COVID relief funds for education means that the city plans to hire more educators, not reduce its workforce.
Our Progress
State legislature passes an early retirement incentive as part of the state budget.
The UFT submits its plan to City Hall.
City Hall reaches an agreement with the UFT regarding the details of the program before the city’s May 31 reporting deadline to the state.
UFT members are notified with the details and invited to attend information sessions.
I am wondering what plans did “UFT” submit
was this sent recently to you? Or is this from earlier in the week?
This was sent during the week
Mulgrew has not said a word.
The last 2 parts — City Hall reaches an agreement with the UFT regarding the details of the program before the city’s May 31 reporting deadline to the state.
UFT members are notified with the details and invited to attend information sessions.——-is what is in progress.
Get rid of us and they CAN HIRE MORE EDUCATORS. Now they have money. Gimme a break. Retro??? Threatening us with layoffs. Go ahead. Lay people off. They would never.
in addition Mayor Moron is setting the city up to have to layoffs once again with the way he has decided to spend the Fed. Money. When the money runs out where’s the money to pay the people with the more jobs he’s creating.
@David the fact he hasn’t said a word leads me to believe that they are indeed trying to get something done. just my opinion.
I believe that as well.
ok, so I;m throwing this theory out there just for argument sake, could we being made to left in the dark because they’ve known it will happen but aren’t allowed to say till after Monday? therefore making it look more of a bleak situation? I mean does anyone have any hard concrete evidence that they know exactly what the union heads know?
That’s quite possible. Your guess is AS GOOD, AND I LIKE IT BETTER, than anyone else’s on here!
Just a side thought- the federal budget passed before the New York State budget- so NY knew it was getting money. Yet, the unions and city council, senators etc still fought hard to get the ERI into the NY State budget and the governor signed it- so obviously there is a need down the road that warranted getting the ERI done. Again- Senator Gounardes, among others, said this ERI was for the long term. I can understand the concern about titles but will those titles really prevent them from doing the right thing for that long term? Besides, as I said before, this is an opportunity for the new chancellor to hire diversity, multilingual people- I know we need that in my school for sure. I am sensing a little drama play here. Okay not a little- alot.
Your post has many truths. The titles decciision component was around in 2010, back then all we heard was that the city was finalizing titles and the ERI was enacted….. Now in 2021, blurbs come out about specific titles, etc holding things up? I for one ain’t buying it. My belief is the city’s OMB people know the number of people they want off payroll, and know agreeing to an ERI they will get the 5-7K or more people off payroll within months of enactment
So you think we are still in business? If I understand you correctly.
Yes . 33 years in and after watching the last 3or 4 ERI’s, it’s the same old song and dance. From it’s not happening to get your papers in by the ERI last date allowed….The City is in a financial mess. Headcount needs lowering.. ERI or layoffs. deblassio mentined back in 2020 maybe even both, yet he was posturing for federal money, which we all know is only going so far….. So back to lowering headcount one way or another…Richard Ravich who guided the city back in the 70’s was quoted as saying the city is worse now, back then at least business revenue was coming in’’ This ERI is in the right place and right time for the City, plus the Unions will say how they pushed hard and strong for members.
So you think there is a chance?
If it’s a principals and Ap mass exodus sticking point, why are teachers grouped with them? Do not give me the TRS line. Two different Unions. We should not have to suffer. There are thousands of us to a few of them. It’s funny. We get screwed but THEY ARE STILL GETTING 8 1/4 FIXED IN THEIR TDA’S. Anyone look at theirs? I’m only getting 7. Yep. UNITY. I love it.
From NYCERS:
For NYC Department of Education (DOE) employees, a resolution must be passed by the Board of Education and signed by the Chancellor electing to participate in the ERI by May 31, 2021.
What does this mean? A six month chancellor has a say?