Sign-up for our newsletter for the day's best stories. âWeâre 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,â Klopott continued. Should Early Retirement Incentives Be On the Table Now? 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. or redistributed. âTo date, CSEA has not seen any Early Retirement Incentives proposed through the legislature that we could support,â said Mark Kotzin, CSEA Spokesman. "The savings are diminished to the extent early retirees are replaced by new hires. âWe introduced the bills because itâs 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,â Abinanti said. ©2020 FOX News Network, LLC. He has repeatedly stressed that he is doing so with little help from the federal government. The other bill provides a similar incentive for educators. âTiming matters,â he said. Lowry also expressed concern over the diminishing strength of the education workforce. Mutual Fund and ETF data provided by Refinitiv Lipper. "I think early retirement as a policy is something we have to put into play," he said. âWeâve already reduced spending by $4 billion year-over-year,â Klopott said. However, de Blasio questioned how effective it will be if an early retirement option is provided but the retiree's role is later filled with another person. When asked to respond to criticism by some that the Cuomo administrationâs strategy to deal with the recession might be summed up as âwaiting for federal aid,â Klopott said thatâs not the case. 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 crisis, Mayor de Blasio said Monday. Powered and implemented by FactSet Digital Solutions. The Covid-19 pandemic has driven a stake into the heart of state finances. Over the next 4 years, the gap will grow to $62 billion, The revenue shortfall is largely due to the COVID-19 economic shutdown, While the state has instituted 20% aid withholdings to schools and localities as well as freezes on hiring, new contracts and raises, a Cuomo spokesman says that early retirement options for the state workforce have not yet been actively considered. Nyc early retirement incentive 2020 rumors. You're not saving money," he said. Pre-virus, the budget was on shaky ground, including big out-year deficits. Bill introduced to offer early retirement incentive as New York faces massive budget gap. When asked if Governor Andrew Cuomo has been actively considering early retirement options for the state workforce, spokesman Rich Azzopardi told Spectrum News, ânot as of yet.â. Abinanti calls them âplaceholder billsâ because they havenât changed much since they were originally introduced back in 2009 during the Great Recession in order to serve a similar purpose: trim state expenses. DE BLASIO SAYS 22K NYC LAYOFFS ON THE TABLE, AS CORONAVIRUS-RELATED BUDGET HOLES DEEPEN. 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 werenât able to cook up an agreement on stimulus funding. Nyc early retirement incentive 2020 rumors. If funding from the federal government is not forthcoming by the November elections, does that mean other steps, like introducing an early retirement incentive, would be taken? âThe combined $681 million savings is the net of gross savings from two-year payroll reductions of $1.4 billion minus pension benefit costs of $755 million," read the report. ", Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. In 2011, the Citizens Budget Commission issued a report on the savings the last official state early retirement incentive package brought in. Our new Spectrum News app is the most convenient way to get the stories that matter to you. California Consumer Do Not Sell My Personal Information, The stateâs current year budget gap is now $14.5 billion, According to the NYS Division of Budget, over the next 2 years, the budget gap will grow to $30 billion. Legislation that would offer retirement buyouts to state and other government workers is garnering a lot of discussion in New York's workforce, but … 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. Assemblyman Tom Abinanti (D-Greenburgh) has introduced two bills that address early retirement for state and local government employees. M.P. Thatâs really going to dictate everything that we do.â. Mayor Bill de Blasio, left, with Dr. Oxiris Barbot, commissioner of the New York City Department of Health and Mental Hygiene, listens to a reporter's question in New York on Feb. 26, 2020. "So definitely a piece of the solution, it’s not the whole solution, but early retirement will definitely be a piece of the solution. Get updates from New York and beyond on the virus. Mutual Fund and ETF data provided by Refinitiv Lipper. 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? Bill Introduced To Offer Early Retirement Incentive As New. ", NYC MAYOR'S OFFICE, INCLUDING DE BLASIO, TO BE FURLOUGHED FOR A WEEK AMID BUDGET CRISIS. 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. ©2020 FOX News Network, LLC. âWe are looking at a wide array of possibilities,â said Freeman Klopott, a spokesman for the NYS Division of the Budget. Bill introduced to offer early retirement incentive as New York faces. Find more details about upcoming events here. Check the latest closings and delays for schools, business, and churches around CNY and the Mohawk Valley. One bill provides a temporary retirement incentive for certain public employees older than 55 with 25 years of service. Legal Statement. âThe real issue is whether or not we get federal funding. âWeâve frozen pay increases, frozen hiring, frozen new contracts, temporarily withholding portions of payments. If New York is to be saved gov't needs to get out of the way: Marcus. âIn order for an ERI to have our support, at minimum, it would have to allow all union members to take advantage of it, and not be targeted for specific groups of workers, while excluding others.â. "If you provide the early retirement option, but then you need to go back and fill that same role with another person and pay their salary.
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