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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.
190 Comments leave one →
  1. April 6, 2021 pm30 11:58 pm 11:58 pm

    I couldn’t even get to the end. Wtf?

    >

  2. Maryellen Ambrosio permalink
    April 7, 2021 am30 2:46 am 2:46 am

    No

    Sent from my iPhone

    >

  3. Ray permalink
    April 7, 2021 am30 8:20 am 8:20 am

    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!

    • April 7, 2021 am30 8:25 am 8:25 am

      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.

    • Alissa Mishkin permalink
      April 8, 2021 am30 1:29 am 1:29 am

      Thanks Ray for making sense of something that does not make ANY sense. 🙏

      • diane triunfo permalink
        April 12, 2021 am30 11:57 am 11:57 am

        So if I’m 66 with 21 yrs I will not get additional credit.

    • DAVID VOTA permalink
      April 8, 2021 pm30 1:01 pm 1:01 pm

      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.

      • Ray permalink
        April 8, 2021 pm30 2:42 pm 2:42 pm

        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!

        • David Vota permalink
          April 8, 2021 pm30 6:04 pm 6:04 pm

          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 .

        • David Vota permalink
          April 8, 2021 pm30 6:24 pm 6:24 pm

          I am Tier 4-30 years and 55 years old to retire. I don’t retire at 62.

        • Sophia Martin permalink
          April 12, 2021 pm30 8:14 pm 8:14 pm

          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.

        • Ray permalink
          April 15, 2021 pm30 10:59 pm 10:59 pm

          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!

        • Anonymous permalink
          April 15, 2021 pm30 11:12 pm 11:12 pm

          Any word on health and hospitals?

        • Seth permalink
          April 16, 2021 am30 6:50 am 6:50 am

          @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.

      • RICHARD OB permalink
        April 8, 2021 pm30 9:35 pm 9:35 pm

        37 YEARS IN AND 63 YEARS OLD SO I WOULD GET40 YEARS CREDIT?

        • April 8, 2021 pm30 9:44 pm 9:44 pm

          You are the first person I’ve “met” who outranks me! Ending my 35th year.

        • Anonymous permalink
          April 8, 2021 pm30 9:51 pm 9:51 pm

          Drinks are on Richard OB!

        • Hey Teach permalink
          April 9, 2021 am30 12:22 am 12:22 am

          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 ????

        • David Vota permalink
          April 9, 2021 am30 7:15 am 7:15 am

          In my opinion, you shouldn’t, and I wouldn’t give you anything. You leave on your own.

        • April 9, 2021 am30 9:46 am 9:46 am

          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.

    • Anonymous permalink
      April 10, 2021 am30 7:45 am 7:45 am

      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.

    • David Vota permalink
      April 13, 2021 am30 6:32 am 6:32 am

      Tier 4. 55/30. Under normal circumstances for retirement. Where are you getting this reduction penalty for retirement before the age of 62???

  4. Mike madden permalink
    April 7, 2021 am30 9:06 am 9:06 am

    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.

    • Anonymous permalink
      April 7, 2021 am30 9:37 am 9:37 am

      I am so confused

    • Anonymous permalink
      April 8, 2021 am30 1:29 am 1:29 am

      It’s pathetic!!!! 🤦‍♀️

  5. kris permalink
    April 7, 2021 am30 9:30 am 9:30 am

    So if I’m already eligible with full benefits, there’s no incentive is that right?

    • kris permalink
      April 7, 2021 am30 9:32 am 9:32 am

      *. Is that right?

      • Anonymous permalink
        April 8, 2021 pm30 9:44 pm 9:44 pm

        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!

        • April 8, 2021 pm30 9:52 pm 9:52 pm

          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?

      • Anonymous permalink
        April 8, 2021 pm30 9:45 pm 9:45 pm

        No, Kris, you may be eligible for extra months of service credit.

        • Anonymous permalink
          April 9, 2021 am30 5:51 am 5:51 am

          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.

    • AR6423 permalink
      April 7, 2021 pm30 1:59 pm 1:59 pm

      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.

      • Anonymous permalink
        April 8, 2021 am30 1:33 am 1:33 am

        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!!

        • Anonymous permalink
          April 8, 2021 pm30 9:53 pm 9:53 pm

          No, Anonymous, the parts are separate… you can only take advantage of one or the other, whichever works best for your specific situation.

    • April 8, 2021 pm30 7:50 pm 7:50 pm

      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)

      • Anonymous permalink
        April 8, 2021 pm30 8:03 pm 8:03 pm

        i tried calling nycers to put a hold on my retirement but they claim they know nothing about this

    • Lisa permalink
      April 9, 2021 pm30 3:18 pm 3:18 pm

      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.

      • Ray permalink
        April 15, 2021 pm30 11:06 pm 11:06 pm

        Of course you can retire with 2 years extra credit. You can enjoy your golden year! Cheers and stay healthy

  6. Anonymous permalink
    April 7, 2021 am30 9:38 am 9:38 am

    who can we call or email to get clearer information?

    • April 8, 2021 pm30 7:50 pm 7:50 pm

      If it is adopted the UFT will provide guidance.

      • David Vota permalink
        April 8, 2021 pm30 7:56 pm 7:56 pm

        What happened to Bill S559?

  7. Anonymous permalink
    April 7, 2021 pm30 1:41 pm 1:41 pm

    Why is it for only New York City employees , what about Long Island

    • ar6423 permalink
      April 7, 2021 pm30 2:03 pm 2:03 pm

      Are you in the NYC retirement system? It seems anyone in that system would be eligible.

      • David Vota permalink
        April 9, 2021 am30 7:19 am 7:19 am

        Eligible for what? To take a penalty and lose between 5 and 20 percent of your pension?

  8. ar6423 permalink
    April 7, 2021 pm30 2:01 pm 2:01 pm

    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.

  9. Anonymous permalink
    April 8, 2021 am30 6:02 am 6:02 am

    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?

  10. John S permalink
    April 8, 2021 am30 7:51 am 7:51 am

    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…).

    • Anonymous permalink
      April 8, 2021 am30 8:12 am 8:12 am

      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?

    • Melinda Herman permalink
      April 8, 2021 pm30 1:12 pm 1:12 pm

      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.

  11. Anonymous permalink
    April 8, 2021 am30 11:04 am 11:04 am

    Think so, Anonymous, and closer to 22. City still has to buy in.

  12. John S permalink
    April 8, 2021 am30 11:05 am 11:05 am

    If I am reading this correctly, Anonymous, then YES, and the additional credit would be closer to 22.

  13. anad permalink
    April 8, 2021 am30 11:33 am 11:33 am

    NYC gets incentive and the rest of us can go …

    • anna collins permalink
      April 10, 2021 am30 11:48 am 11:48 am

      I agree should have been offered state wide!!!!

  14. Anonymous permalink
    April 8, 2021 am30 11:41 am 11:41 am

    Anon 4/8 Yup… Merry Early Christmas

  15. Anonymous permalink
    April 8, 2021 pm30 12:25 pm 12:25 pm

    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?

    • John S permalink
      April 8, 2021 pm30 2:11 pm 2:11 pm

      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.

  16. Anonymous permalink
    April 8, 2021 pm30 12:31 pm 12:31 pm

    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.

    • Anonymous permalink
      April 14, 2021 pm30 9:35 pm 9:35 pm

      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

  17. Anonymous permalink
    April 8, 2021 pm30 1:47 pm 1:47 pm

    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.

    • April 8, 2021 pm30 7:52 pm 7:52 pm

      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)

      • Anonymous permalink
        April 8, 2021 pm30 8:04 pm 8:04 pm

        thank you. can you please copy paste the part you say is relevant for me?

        • April 8, 2021 pm30 9:21 pm 9:21 pm

          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?

    • James permalink
      April 13, 2021 pm30 6:05 pm 6:05 pm

      I am in the same position. Hopefully, we find out an answer soon.

      • Anonymous permalink
        April 13, 2021 pm30 7:00 pm 7:00 pm

        @James If I hear anything I will post. Please do the same.

  18. yvette permalink
    April 8, 2021 pm30 4:35 pm 4:35 pm

    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.

    • April 8, 2021 pm30 4:53 pm 4:53 pm

      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!

      • Yvette permalink
        April 8, 2021 pm30 5:04 pm 5:04 pm

        Thank you hopefully it all works out.

        • Anonymous permalink
          April 8, 2021 pm30 5:41 pm 5:41 pm

          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

        • Yvette permalink
          April 8, 2021 pm30 5:58 pm 5:58 pm

          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.

        • David Vota permalink
          April 8, 2021 pm30 6:27 pm 6:27 pm

          There is NO WAY anyone could retire at age 50 or 51 with that much of a penalty. Something here doesn’t make sense.

        • Yvette permalink
          April 8, 2021 pm30 6:58 pm 6:58 pm

          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.

        • David Vota permalink
          April 8, 2021 pm30 7:10 pm 7:10 pm

          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

  19. Yvette permalink
    April 8, 2021 pm30 7:33 pm 7:33 pm

    I just read it Hopefully, it’s what is in the ERI. I wish they would have just posted the information.

    • April 8, 2021 pm30 8:03 pm 8:03 pm

      You 100% right

    • David Vota permalink
      April 8, 2021 pm30 8:03 pm 8:03 pm

      My name became T!

  20. Anne permalink
    April 9, 2021 am30 7:40 am 7:40 am

    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?

    • Anonymous permalink
      April 9, 2021 am30 8:29 am 8:29 am

      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.

      • David Vota permalink
        April 9, 2021 am30 8:41 am 8:41 am

        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.

        • April 9, 2021 am30 8:48 am 8:48 am

          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

        • David Vota permalink
          April 9, 2021 am30 11:39 am 11:39 am

          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?

  21. RICHARD OB permalink
    April 9, 2021 am30 8:45 am 8:45 am

    I’m 63 with 37 years in would I get the 36 months credit?

  22. sparks permalink
    April 9, 2021 am30 9:31 am 9:31 am

    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.

    • David Vota permalink
      April 9, 2021 am30 11:20 am 11:20 am

      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

  23. Anonymous permalink
    April 9, 2021 am30 11:54 am 11:54 am

    David, you haven’t heard the word “penalty” because the word being used is “reduction.”

    • David Vota permalink
      April 9, 2021 pm30 12:44 pm 12:44 pm

      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.

  24. Anonymous permalink
    April 9, 2021 pm30 12:58 pm 12:58 pm

    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.

  25. Jen permalink
    April 9, 2021 pm30 1:00 pm 1:00 pm

    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.

    • David Vota permalink
      April 9, 2021 pm30 3:14 pm 3:14 pm

      No shot

  26. Anonymous permalink
    April 9, 2021 pm30 2:13 pm 2:13 pm

    I don’t think so, Jen. it’s a one time deal, as written. Sorry.

    • Anonymous permalink
      April 9, 2021 pm30 7:16 pm 7:16 pm

      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

  27. Mary permalink
    April 9, 2021 pm30 5:45 pm 5:45 pm

    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

    • Anonymous permalink
      April 9, 2021 pm30 6:00 pm 6:00 pm

      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.

    • David Vota permalink
      April 9, 2021 pm30 6:22 pm 6:22 pm

      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.

      • Anonymous permalink
        April 9, 2021 pm30 6:25 pm 6:25 pm

        that would be so unfair!

        • David Vota permalink
          April 9, 2021 pm30 6:37 pm 6:37 pm

          You are absolutely right.

    • Anonymous permalink
      April 9, 2021 pm30 7:19 pm 7:19 pm

      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

  28. Anonymous permalink
    April 10, 2021 am30 7:00 am 7:00 am

    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

  29. Yvette permalink
    April 10, 2021 am30 8:44 am 8:44 am

    How do we calculate our pension?

    • Anonymous permalink
      April 10, 2021 am30 11:11 am 11:11 am

      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.

      • Yvette permalink
        April 10, 2021 am30 11:26 am 11:26 am

        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.

        • Anonymous permalink
          April 10, 2021 pm30 2:29 pm 2:29 pm

          The UFT does preliminary consultations. You might want to give them a call.

        • Anonymous permalink
          April 11, 2021 pm30 12:53 pm 12:53 pm

          Yvette, if you are represented by the UFT, the number to call to schedule a preliminary consultation is 212-331-6311.

        • Yvette permalink
          April 11, 2021 pm30 1:30 pm 1:30 pm

          I’m with Nycers but thank s for the information i am sure someone can use it.

        • Anonymous permalink
          April 11, 2021 pm30 2:06 pm 2:06 pm

          to the person who is with nycers, why arent they giving us the information we need to make informative decisions?

        • Yvette permalink
          April 11, 2021 pm30 2:29 pm 2:29 pm

          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.

        • Anonymous permalink
          April 11, 2021 pm30 2:32 pm 2:32 pm

          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??

      • David Vota permalink
        April 10, 2021 pm30 6:45 pm 6:45 pm

        I keep figuring out mine but it keeps leaving 3 zeros off! Something is wrong!!

        • Yvette permalink
          April 10, 2021 pm30 7:15 pm 7:15 pm

          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.

      • Candace Riley permalink
        April 14, 2021 am30 11:53 am 11:53 am

        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.

        • David Vota permalink
          April 14, 2021 am30 11:57 am 11:57 am

          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

  30. Anonymous permalink
    April 10, 2021 am30 10:31 am 10:31 am

    I am 22/65. Would I be eligible for anything?

  31. Anonymous permalink
    April 10, 2021 am30 11:23 am 11:23 am

    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?

    • Anonymous permalink
      April 11, 2021 am30 9:12 am 9:12 am

      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.

      • April 11, 2021 am30 9:20 am 9:20 am

        Thank you. This begins to clarify much.

        But the comment uses “we” – who is “we”?

  32. Anon permalink
    April 11, 2021 pm30 12:19 pm 12:19 pm

    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?

    • Anonymous permalink
      April 11, 2021 pm30 1:10 pm 1:10 pm

      VERY wishful thinking, Anon.

  33. guiermo permalink
    April 11, 2021 pm30 12:57 pm 12:57 pm

    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?

    • Anonymous permalink
      April 11, 2021 pm30 1:15 pm 1:15 pm

      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.

    • Anonymous permalink
      April 11, 2021 pm30 1:19 pm 1:19 pm

      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.

      • David Vota permalink
        April 11, 2021 pm30 4:25 pm 4:25 pm

        NO WAY. YOU DO NOT HAVE ENOUGH YEARS. you have 23 and you need 25. They are not pushing you to 25

        • Anonymous permalink
          April 12, 2021 pm30 7:49 pm 7:49 pm

          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…

        • David Vota permalink
          April 13, 2021 am30 7:34 am 7:34 am

          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.

    • Anonymous permalink
      April 11, 2021 pm30 3:23 pm 3:23 pm

      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.

      • Anonymous permalink
        April 11, 2021 pm30 3:40 pm 3:40 pm

        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

        • Anonymous permalink
          April 11, 2021 pm30 4:45 pm 4:45 pm

          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.

  34. Anonymous permalink
    April 11, 2021 pm30 3:38 pm 3:38 pm

    Yes, 25 years x2 percent a year = 50 percent of FAS – the reduction (based on your 23 years).

  35. Nicholas A. permalink
    April 11, 2021 pm30 3:38 pm 3:38 pm

    53 with 22 years. I would get 22months credit and
    a 10 percent reduction. Am I correct?

  36. Anonymous permalink
    April 11, 2021 pm30 3:50 pm 3:50 pm

    I think so, Nicholas, but you’ll want to confirm with someone you trust at your union.

    • Franklin permalink
      April 11, 2021 pm30 4:16 pm 4:16 pm

      I’m 56 with 29 years teaching. I signed up for 55/25. Would I get any benefits from this ERI?

  37. Anonymous permalink
    April 11, 2021 pm30 5:46 pm 5:46 pm

    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.

  38. Anonymous permalink
    April 11, 2021 pm30 8:07 pm 8:07 pm

    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?

  39. Anonymous permalink
    April 11, 2021 pm30 9:24 pm 9:24 pm

    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?

    • guiermo permalink
      April 12, 2021 am30 11:47 am 11:47 am

      Absolutely!

  40. Anonymous permalink
    April 12, 2021 am30 12:45 am 12:45 am

    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/

  41. Feroz Khan permalink
    April 12, 2021 am30 12:55 am 12:55 am

    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.

  42. Anonymous permalink
    April 12, 2021 am30 10:54 am 10:54 am

    IF the Governor signs and City opts to implement it, then, yes, it would seem that you do. Big IF’s, though.

    • David Vota permalink
      April 12, 2021 am30 11:48 am 11:48 am

      It’s happening. No if’s,buts or ands. It would not have been talked about ALL YEAR if it wasn’t happening.

    • David Vota permalink
      April 12, 2021 am30 11:49 am 11:49 am

      And you can take that, to the bank.

  43. Anonymous permalink
    April 12, 2021 am30 11:45 am 11:45 am

    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?

    • David Vota permalink
      April 12, 2021 am30 11:52 am 11:52 am

      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”.

  44. Chris permalink
    April 12, 2021 am30 11:49 am 11:49 am

    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?

    • Seth permalink
      April 12, 2021 pm30 7:39 pm 7:39 pm

      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

  45. Feroz Kahn permalink
    April 12, 2021 pm30 12:00 pm 12:00 pm

    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.

  46. Feroz Kahn permalink
    April 12, 2021 pm30 12:00 pm 12:00 pm

    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.

    • Anonymous permalink
      April 12, 2021 pm30 4:20 pm 4:20 pm

      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.

      • Anonymous permalink
        April 12, 2021 pm30 5:19 pm 5:19 pm

        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.

        • Anonymous permalink
          April 12, 2021 pm30 5:21 pm 5:21 pm

          The comments above relate to managerial – not union positions. Unions may have their own rules negotiated based on titles involved.

        • Anonymous permalink
          April 12, 2021 pm30 5:23 pm 5:23 pm

          any word from HHC?

        • David Vota permalink
          April 12, 2021 pm30 6:50 pm 6:50 pm

          I never realized that teachers were on the same level as doctors. They could hire three teachers off my salary.

      • David Vota permalink
        April 12, 2021 pm30 6:14 pm 6:14 pm

        There are either giving money or credit. If you are eligible to retire with no help, you won’t be getting anything.

        • Feroz Khan permalink
          April 12, 2021 pm30 7:22 pm 7:22 pm

          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

        • Anonymous permalink
          April 12, 2021 pm30 7:47 pm 7:47 pm

          no surprise there. private businesses get rid of the older employees too. sucks

        • David Vota permalink
          April 13, 2021 am30 7:36 am 7:36 am

          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.

        • Seth permalink
          April 13, 2021 am30 8:25 am 8:25 am

          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.

        • David Vota permalink
          April 13, 2021 am30 10:16 am 10:16 am

          Unfortunately
          It’ll be at least a 20 percent loss

        • Seth permalink
          April 14, 2021 pm30 2:12 pm 2:12 pm

          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.

  47. Anonymous permalink
    April 12, 2021 pm30 4:23 pm 4:23 pm

    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.”

  48. Seth permalink
    April 13, 2021 am30 7:11 am 7:11 am

    @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?

    • Anonymous permalink
      April 13, 2021 am30 8:13 am 8:13 am

      @Seth, then what happens to those of us who are 62 and have put in 21 years?

      • Seth permalink
        April 13, 2021 am30 8:37 am 8:37 am

        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.

  49. Anonymous permalink
    April 13, 2021 am30 9:39 am 9:39 am

    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????

  50. Michelle L Dunbar permalink
    April 13, 2021 am30 9:43 am 9:43 am

    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????

  51. AP the anon permalink
    April 13, 2021 pm30 12:21 pm 12:21 pm

    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?

  52. AP the anon permalink
    April 13, 2021 pm30 12:36 pm 12:36 pm

    AP the anon…forgot, optioned into in 55/25 plan.

    • Anonymous permalink
      April 13, 2021 pm30 9:36 pm 9:36 pm

      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.

      • David Vota permalink
        April 14, 2021 am30 6:49 am 6:49 am

        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.

        • Anonymous permalink
          April 14, 2021 pm30 10:17 pm 10:17 pm

          It’s in the bill. The proposed extra time = extra money. But nobody gets anything if the bill doesn’t become law.

        • David Vota permalink
          April 15, 2021 am30 7:29 am 7:29 am

          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.

  53. James permalink
    April 13, 2021 pm30 5:56 pm 5:56 pm

    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?

  54. Bill Rich permalink
    April 14, 2021 am30 8:36 am 8:36 am

    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?

  55. Anonymous permalink
    April 14, 2021 am30 11:23 am 11:23 am

    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.

    • David Vota permalink
      April 15, 2021 am30 7:31 am 7:31 am

      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.

  56. Louise permalink
    April 15, 2021 am30 7:57 am 7:57 am

    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??

    • David Vota permalink
      April 15, 2021 am30 8:53 am 8:53 am

      Could be 5 percent for every year under 55.
      Basically
      You worked for free for 30 years

      • Anonymous permalink
        April 15, 2021 am30 8:56 am 8:56 am

        Not looking good for us under 50 then

        • Anonymous permalink
          April 15, 2021 am30 8:56 am 8:56 am

          55

      • Seth permalink
        April 15, 2021 am30 9:29 am 9:29 am

        David asking your thoughts would the penalty be till one hits 55? had they opted into 25/55?

  57. Feroz Khan permalink
    April 15, 2021 am30 10:05 am 10:05 am

    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.

    • Seth permalink
      April 15, 2021 am30 11:10 am 11:10 am

      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.

      • David Vota permalink
        April 15, 2021 pm30 5:56 pm 5:56 pm

        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.

        • Seth permalink
          April 15, 2021 pm30 7:10 pm 7:10 pm

          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?

    • Seth permalink
      April 15, 2021 pm30 4:44 pm 4:44 pm

      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.

      • Feroz Khan permalink
        April 15, 2021 pm30 5:52 pm 5:52 pm

        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

        • Anonymous permalink
          April 15, 2021 pm30 7:39 pm 7:39 pm

          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.

        • Anonymous permalink
          April 15, 2021 pm30 7:51 pm 7:51 pm

          I’m still confused. Why can’t they have some webinars set up ASAP

        • Feroz Khan permalink
          April 15, 2021 pm30 8:59 pm 8:59 pm

          I think they will pay for vacation time to non managerial employees also

  58. April 15, 2021 pm30 8:55 pm 8:55 pm

    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.

    • Seth permalink
      April 15, 2021 pm30 9:16 pm 9:16 pm

      @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.

  59. April 15, 2021 pm30 9:03 pm 9:03 pm

    David Vota- you said the union broke the story- where was that? Just curious.

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