Last post, I wrote about the possibility of a buyout so teachers could retire early. These buyout plans are now taking shape in Albany, with one particular plan looking like it has lots of support from both houses.
The Assembly has had bills around for months, some since last year. Many of these had been recently dusted off due to the crisis but, up until recently, the Senate had only one -a paltry looking bill that did nothing for Tier II employees.
These days, nothing that we see on the New York Senate or Assembly website are very trustworthy. Albany has become very opaque and the governor's achievement of emergency powers has accelerated this "behind closed doors" trend. So it is important understand that, due the extreme secrecy in Albany, none of these bills may amount to a hill or beans (which I think is nuts and should anger everyone, but .. I digress).
Having said that, the recent addition of new bills has all the markings of a serious piece of legislation. In the Assembly, the bill is A10595. It's matching bill in the Senate is S8599 . The Assembly version has been re-published on the Senate website here. The bill as it appears in both houses was introduced on the same day (June 5) and have multiple cosponsors. (In the legislative world, these are significant markers that bill has some juice to it).
The bill offers an Early Retirement Incentive to almost every public employee in the state (as long as the employer chooses to offer it) who is ... 55 years of age or older and (that's *and* everybody. Not *or) has 25 years of service in the retirement system.
For those folks .. folks who make the 55/25 threshold, the state would offer up to three years of pension credit (1/12 of credit for every year served up to three years).
So, if you make the threshold .. if you're 55 and have 25 years in, you may be able to retire with no penalty and with 28 of service in. This is a no brainer for some people who fit the bill.
I said almost. Looks to me like employees of CUNY are explicitly exempt. Take a look for yourself.
55/25
3 years credit
Not a bad deal.
Change it to "or" and I'm out.
ReplyDeletehaha. Change it "or" and I'm still in. I just have no stick in that game.
DeleteIf they're going to offer a buyout to encourage people to retire, why don't they also offer a severance to encourage Tier 6 untenured teachers like me to resign?
ReplyDeleteGive me a year's salary or something close to it, and I'd gladly jump off the sinking ship known as the DOE.
Wow. Ship's been sinking for a while now. 76,000 teachers tossing buckets overboard have averted that. I think you should stay.
DeleteI’ve come to hate this profession and the DOE system completely.
DeleteI just don’t want to be a teacher anymore. I was already going to resign at the end of this school year before COVID hit.
Now, I’m waiting to see if I get excessed or not. But the end is in sight for me as far as this career goes.
I’m 32, and I’m better off following my dream at this point.
@ 12:28 the goal is get rid of high salary employees-not to clean house- they will still need experienced and qualified teachers to keep the facade up
ReplyDeleteI'm about to turn 50 and have 27 years in... I'm holding out hope for a buyout like the one in 1995. Back then teachers could retire before 55 if the 3 years of credit brought them up to 30 years. Probably won't happen, but a guy can hope! ;)
ReplyDeleteGreat points! Hold the presses on that one! An anonymous commenter (who is obviously an insider and/or a bill reader) discovered language that said 50 with 10 years in (just like back in the 90s). You may in like Flynn (sadly, I am not. I would miss by a year or two).
DeleteScruffy 5:10..it is true that if you were Tier I you could retire and collect if you had 30. Under or over age 55. With or without the incentive. One of the bennies of Tier I that did not make it to subsequent Tiers. .
DeleteNo other Tier since then permits retire AND collect at under 55. Incentive can't change that.
Scruffygrognard, I'll be right there hoping for you!
Delete@Anon 11:54 ... The rules you mention are set by law and this, or any, incentive, if passed, is law. This bill, like any incentive bill would, has language specifically stating any other ages or rules "notwithstanding" .. in other words, that the old rules won't apply to certain people until a certain date. Anything is possible in law. That's actually what these past few posts have been about and I invite you to read the bills I have linked to (the "memo" versions are very short. Very readable).
DeleteI won't be 55 until October 15th. Have 32 years in..wish it had a provision for 30 years/ 50 or 54. Definitely throwing in the towel in June. Would rather not even start this school year. Our contract has a nice incentive for 55/30 and working your last full year. Would give that up though for 3 extra years.
ReplyDeleteI’m similar to you. I am 54 and have 29 years. Barely got through last year before all this.
DeleteI’ll be fifty soon, I have 29 yrs of service. What does this mean for me?
ReplyDeleteYou're in (almost) the same boat as me (I'll be 50 in October and have 27 years in). I'm hoping it means that we can escape the DOE so long as the 3 years bumps us up to 30+ years of service.
DeleteI'm in the process of trying to purchase some Parks Department time back... which should add another year to my service credit and push me that much closer to 30 years.
Fingers and toes are crossed!
Do you know if this applies to Nurses that work for the state, Stonybrook medical center. I cant get a answer from PEF our union.
ReplyDeleteI will be 60 in September with over 30 years. Also a CUNY employee would I be eligible?
ReplyDeleteI will bee 62 in August with 24 3/4 years would I get the 1 month for every year incentive if this gets passed.
ReplyDeleteThe current bills are as good or much better than any Early Retirement Incentive bill in state history. As written, they would help the most at risk age group of employees currently still working, young people looking for public employment in NYS, and NY taxpayers.
ReplyDeleteCSEA members are in favor of the bills but CSEA management has been ignoring their own members and pointlessly obstructing. It's easy to add additional unreasonable requirements to any proposed legislation and then claim that it's "flawed" because it doesn't bow to every new additional requirement you can dream up.
Sept,9, 2020 How soon will NYC DOE Teachers will know if a buyouts will take place by this year. 2020 ? Everyone is waiting.
ReplyDeleteI just turned 50 but have only 24 years. But I am already in the 55/25. The last one in 2002 was a sweet one, 50 with 10 years would qualify. They also get 1 month for every year worked. If the city want to avert the 22,000 layoffs, I think they should make another sweet one ;)
ReplyDeleteI have read in the comments section that Part A of the bill allows for retirement at age 50- 10 years of service.....but I can't seem to find that written anywhere. I have found it stated 50 - 25. Can any one confirm 50 - 10 Thanks in advance
ReplyDeleteAnything for a 60 year old with 17 years???
ReplyDeleteWill there be a buyout in April.1, 2021 for all NYC Teachers ? Do anyone from the UFT can provide some info please ! Everyone in the DOE is waiting for April.1, 2021 Thank You !!
ReplyDeleteWill there be a buyout in April.1, 2021 for all NYC Teachers ? Do anyone from the UFT can provide some info please ! Everyone in the DOE is waiting for April.1, 2021 Thank You !!
ReplyDeleteWill there be a buyout in April.1, 2021 for all NYC Teachers ? Do anyone from the UFT can provide some info please ! Everyone in the DOE is waiting for April.1, 2021 Thank You !!
ReplyDeleteI am a NYCDOE teacher 56 years old with 18 1/2 years in August.... how would this affect me?
ReplyDeleteAre you in the 25/55 program? If so, you could retire with about 18 months extra credit. That should put you exactly at 20 years and give you 40% of your FAS. So if you are making $100K, you could end up with $50K pension. However, if you aren't in 55/25 then you may need to take the Part B (if and when it is approved by Mayor/Council). You won't be entitled to the extra credit but you won't get hit with a penalty if you are in the 62/5. Goodluck!
ReplyDelete