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.
3 years credit
Not a bad deal.