NYS Buyout?

[bxhousing]

Should be interesting... for SUNY, Parks, etc.

Early Retirement Possibility for State Employees

ALBANY, N.Y. (AP) -- There's talk in Albany about a potential early retirement package for New York state employees.

An early retirement package could reduce the state's payroll and result in some crucial spending cuts. Gov. David Paterson has partially blamed the state's fiscal crisis on spending for special interests - including benefits, salaries and pension benefits for public employee unions.

Republican and Democratic legislators confirmed there is discussion of an early retirement incentive for state employees, but no proposal yet.

They say Paterson may propose one in his budget Dec. 16, a measure that could help longtime Republican Senate staffers ease out of state service by Jan. 1, when the Democrats are expected take the majority.

[soon2retire]

Yeee-haaaaa

[Dinosaur32]

Look for an offer to Tier 3 & 4 to get out without age or time penalties, or at least very reduced penalties.

[JackieBoy]

What would be the direct impact on ALES if this happens?

Should be interesting... for SUNY, Parks, etc.

Early Retirement Possibility for State Employees

ALBANY, N.Y. (AP) -- There's talk in Albany about a potential early retirement package for New York state employees.

An early retirement package could reduce the state's payroll and result in some crucial spending cuts. Gov. David Paterson has partially blamed the state's fiscal crisis on spending for special interests - including benefits, salaries and pension benefits for public employee unions.

Republican and Democratic legislators confirmed there is discussion of an early retirement incentive for state employees, but no proposal yet.

They say Paterson may propose one in his budget Dec. 16, a measure that could help longtime Republican Senate staffers ease out of state service by Jan. 1, when the Democrats are expected take the majority.

[CO1989]

I can only wish!

[Letmypeoplego]

Look for an offer to Tier 3 & 4 to get out without age or time penalties, or at least very reduced penalties.


There should be NO penalty whatsoever. What about the years of 0%? What about paying into a pension for 20 years and now newer people only pay for 10 years? Guess the don't take your raise next year didn't go over well.

[soon2retire]

Bingo-we took enough zeros when times were good, and more when times were not so good. I paid into the pension system for 18 years. Now I read in the paper that "The public is angry with civil service" because they think we make more than them and we get more benefits etc. etc. Whatever, man

[SlowDownThere]

I don't see it happening. The Governor has already said no.

But I suppose things could change. I'm keeping an empty cardboard box at work in case I have to clean my desk out asap.

[soon2retire]

It depends on who you believe-some accounts say he won't do it and some say he will . Who knows with this guy? I must agree with Benjamin Franklin thoughI don't see it happening. The Governor has already said no.

But I suppose things could change. I'm keeping an empty cardboard box at work in case I have to clean my desk out asap.

[Dinosaur32]

They're not going to give away the store. Tier 1 & 2 have too few members in the Retirement System and have over 32 years service already, so no real imopetus to give them anything. The lsgislature just looks at cutting the payroll expense and shifting the cost over to the Retirement System. If they do a buyout they'll be looking to get those borderline workers off the books. So if you've got 30 years in but aren't 55 they'll kill the penalty, or if you're not 62 but have the 25 they'll give you the 50%.....other penalties would probably be reduced. The Gov and the Lefgislators aren't going to look at the zeros we ate.....they don't care.

[Letmypeoplego]

[QUOTE=Dinosaur32;1522795] 25 they'll give you the 50%.....QUOTE]

Thats no bargain, could have done 20/out if I went city, didn't want to do midnights and weekends,I wanted a life. After all they have put us through, I'll do the 30. I only need 2 1/2. NBD.

[Dinosaur32]

I understand that it is no bargain....BUT that's what the Assembly came up the last time they put together a buy out (didn't go anywhere). An oldtimer (that means he pulled the pin before I did) told me you go out ONLY when the money coming into your pocket will make you happy and don't worry about the time on or the age.