Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Early Retirement Incentive Battle Begins in Enter a message to your senator. It had been a back burner issue for a while, but in August, it moved to the front of the stove when it became clear that Democrats and Republicans in Washington werent able to cook up an agreement on stimulus funding. This act amends the Executive Law, by adding 137-a, to allow notarizations to be done electronically with the use of video conference technology. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. New York Legislature | 2023-2024 | General Assembly | LegiScan "The savings are diminished to the extent early retirees are replaced by new hires. Furthermore, for incentives increasing pension benefits, the actuarial cost to government can be spread out over time, which can increase near-term savings while deferring costs that may also violate the principle of intergenerational equity. Spectrum: Moderate Partisan Bill (Democrat 8-1). Home address is used to determine the senate district in which you reside. 518-429-2959. pm WebOne reason the GFOA cautions against ERIs is that governments can overstate the savings and understate the costs. As of January 2021, tax revenues for fiscal years 2020 to 2024 (collections to date and current forecast) are $20 billion below January 2020 projections. (18 Lines), View More (312 Lines). The next step in this process is for the Mayor to pass a local law by June 30, 2021, or in the case of the DOE, the Chancellor must pass a resolution by May 31, 2021, electing to participate in the incentive. In addition, the act sets forth comprehensive requirements for electronic notarization. Early retirement incentives (ERIs) are offered by state and local governments, often during fiscal distress, to reduce headcount and achieve savings, while avoiding furloughs or layoffs. We recommend using the latest version of IE11, Edge, Chrome, Firefox or Safari. This law is effective as of July 1, 2021. Check the latest closings and delays for schools, business, and churches around CNY and the Mohawk Valley. The beneficiaries of the following NYCERS members are covered: Correction Officers, Housing and Transit Police, Uniformed Sanitation members, certain EMTs and TBTA members. S04170 | 2021-2022 | General Assembly Cowboys O-Line Target Steve Avila of TCU Drafted by Rams We introduced the bills because its a common-sense solution to the impending financial crisis for state and local governments, and an attempt to stimulate a conversation between the executive branch of all of our governments and our labor organizations, Abinanti said. Sponsors History Same As/Similar To A04548 (Same As) 2022-01-05 - referred to governmental employees New York State Sources Bill Comments Amounts payable are reduced by payments of any ordinary death benefits. Early retirement incentives were used by many states and cities during the Great Recession to reduce the workforce and achieve savings. 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 arent going to be put on the unemployment line, Abinanti told Spectrum News. WebPursuant to Legislative Law, Section 50: This bill (legislative bill draft 03546-01-1) would provide a tempo- rary retirement incentive to retirement system members throughout the state and NYC during fiscal year 2021-2022. Early Retirement Incentives | CBCNY His goal, he says, is to simply try to get all the parties to the table to have this discussion. The benefit is provided, subject to documentation requirements, to the eligible beneficiary of a member; where such member reported to their usual place of employment or an alternate worksite outside their home at the direction of their employer on or after March 1, 2020 and contracted COVID-19 within 45 days after reporting for work, and whose death was caused by COVID19 or where COVID19 contributed to such members death. Get hyperlocal forecasts, radar and weather alerts. Subscribe to our e-alerts to stay up-to-date on new publications and the latest insights from CBC! Were 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. Each component is wholly 5 contained within a Part identified as Parts A and B. The coronavirus pandemic has greatly impacted the finances of the State, as well as all of our municipalities, and early retirement incentives offer bottom-line relief to their budgets, Harckham said. Early Retirement Incentive 2021 Get hyperlocal forecasts, radar and weather alerts. New York, NY 10001 Subpart B of the Act allows certain Tier 2, 3 and 4 Members to retire early with an unreduced benefit. Other levels of government are already looking into early retirement incentives. 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. New York State Early Retirement Incentive California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information. Many states, counties, and cities used themduring the Great Recession, and many are considering them now, as a response to the current COVID-19 pandemic fiscal crisis. Open Legislation is a forum for New York State legislation. New York City, with a fiscal year 2022 budget of $95.6 billion, is facing Early-Retirement Option For Some City Workers If localities are considering an ERI, it is important to do a thorough analysis of the costs and benefits and commit to a strict hiring freeze, or theERI could actually cost more than expected. The 2009 program was similar to the New York City proposal. The ERI financial incentive is usually an additional pension credit that boosts the pension benefit of the employee, or a lump-sum payment to the employee, either fixed or variable, based on years of service. 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