The other bill provides a similar incentive for educators. According to the NYS Division of Budget the budget gap will grow to $30 billion in two years. The proposed legislation would offer retirement incentives to state employees more than 50 years old with 25 years of service or more than 55 years of age with 10 years of service. 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. Grants retroactive membership with Tier II status in the New York state teachers' retirement system to Lori Cohen. There's more but no link in the Chief piece to the actual bill. 2021-02-17 To Senate Civil Service and Pensions Committee: NY: S04890: Intro: Authorizes Anthony Pocchia to qualify for post-retirement health insurance benefits. New York City employees facing potential layoffs should get early retirement incentives as part of the city’s efforts to identify savings amid a worsening fiscal … There are a number of retirement incentive bills but so far there has been no action taken on them. Meanwhile, Albany, Chemung, Dutchess and Westchester counties have all assembled plans to reduce their payrolls by offering retirement incentives, and … The Retirement System administers programs that are signed into law. Based on the interview with the Assembly Member, it seems, just as with past Early Retirement Incentives, it will be aimed at people at the top of the seniority scale. The New York State Legislature (not NYSLRS) occasionally enacts these retirement incentive programs, which are approved by both houses and signed into law by the Governor. At this time, we’re not aware of any discussions about statewide retirement incentives. Retirement Incentive; There has been much interest in the possibility of a retirement incentive. This program has similarities to New York’s 2010 Early Retirement Incentive program, estimated to have saved state and local governments $681 million over two years. PEF will support and work for an early retirement incentive for use as a tool to achieve I assume any incentives will track the ones employed in 2010. I have a question about the application of potential early retirement incentives. Normally there is a substantial benefit reduction for early retirement. Over the next four, the gap will grow to $62 billion. 336 thoughts on “ NYSLRS – One Tier at a Time: ERS Tiers 3 & 4 ” Jordan December 21, 2020 at 1:36 pm. The current bills are as good or much better than any Early Retirement Incentive bill in state history. One of the bill provides a temporary retirement incentive for certain public employees older than 55 with 25 years of service. 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