You've successfully subscribed to this newsletter! ... 2020. “We’re going to look into November and see where things are, and then we would look at what needs to be undertaken to do any kind of permanent spending reduction,” Klopott continued. Pre-virus, the budget was on shaky ground, including big out-year deficits. De Blasio says early retirement incentives should be, De Blasio open to early retirement incentives for NYC, NYS should authorize local governments to offer early, Bills Pending New York Senate Civil Service and Pensions, Buyouts and early retirement stir buzz in New York's, Bill Introduced To Offer Early Retirement. “Timing matters,” he said. ©2020 FOX News Network, LLC. According to an August report by CNHI, counties around the state, including Albany, Chemung, Dutchess, and Westchester, have plans to reduce their payrolls by offering retirement incentives, and several other counties are expected to follow suit, according to Mark LaVigne, deputy director of the New York State Association of Counties. Updated Nov 2, 2020; Q.: How does a TRS-TDA participant report a TDA withdrawal on his or her New York State personal income tax return? Assemblyman Tom Abinanti (D-Greenburgh) has introduced two bills that address early retirement for state and local government employees. 0 videos remaining. September 16, 2020 @ 8:31 PM According to the NYS Division of Budget the budget gap will grow to $30 billion in two years. Download it here. This material may not be published, broadcast, rewritten, or redistributed. Anecdotally, it’s also become a frequent topic of conversation among older teachers heading back into the classroom this month, some of whom are fearful of contracting COVID-19. With 20 years of service credit, you can apply for early retirement regardless of your age. “It seems to me that this is the best way to move forward, to thin out the workforce for the state and our localities, and still make sure that people aren’t going to be put on the unemployment line,” Abinanti told Spectrum News. Get updates from New York and beyond on the virus. "I've spoken to the leadership of the legislature in Albany and many members of legislature, and there's a strong consensus that early retirement will have to be part of this package," he said. In looking at the ERI authorized on June 2, 2010, by then-Governor David Paterson, the CBC estimated that over two years, New York State saved $249 million and New York’s local governments saved $402 million. “We’ve frozen pay increases, frozen hiring, frozen new contracts, temporarily withholding portions of payments. Legal Statement. The other bill provides a similar incentive for educators. Log in for unlimited access. “We’ve already reduced spending by $4 billion year-over-year,” Klopott said. If New York is to be saved gov't needs to get out of the way: Marcus. In 2011, the Citizens Budget Commission issued a report on the savings the last official state early retirement incentive package brought in. ©2020 FOX News Network, LLC. Find more details about upcoming events here. Sign-up for our newsletter for the day's best stories. His goal, he says, is to simply try to get all the parties to the table to have this discussion. 2020-04-08 To Senate Civil Service and Pensions Committee: NY: S05906: Intro: Relates to allowing certain members of the New York city police pension fund to borrow from contributions. "So definitely a piece of the solution, it’s not the whole solution, but early retirement will definitely be a piece of the solution. Monday's remarks indicate his latest attempt to avoid the expected layoffs for more than 20,000 municipal employees due to virus-related budget losses. The early retirement benefit equals 42 percent of your FAS for 20 years of service credit plus an additional 4 percent of your FAS for each year of service (or prorated portion thereof) beyond 20 years. Pre-virus, the budget was on shaky ground, including big out-year deficits.