May 28, 2010

Getting closer!

Someone just wrote me that Paterson's incentive bill just passed the legislature.

Here's the message posted by the NYS Office of the Governor, which is two steps forward for some of us.

Governor David A. Paterson Announces Passage of Early Retirement Incentive Legislation

ALBANY, NY (05/28/2010) Governor David A. Paterson today announced that the Legislature has passed his bill authorizing an early retirement incentive . . .


  1. Let's see if Bloomberg buys into it to save the "newbies".

  2. I don't understand this. We already have the 55/25, at least those of us who opted in and have been paying for it. My understanding of what I read is that it is EITHER a or b, not both, which really doesn't help very many people. Part B would only apply to those who didn't opt into 25/55 and have only two or three years to go for 30 years -- not a large number of the potential retirees. Rumors have been running rampant in some schools that we are going to get a sweetheart retirement incentive but none of what I read sounds like it really applies to us, but only to those school districts in the state that don't already have the 25/55 option. Can anyone explain??????

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  4. I feel that there are many teachers, G.C., etc. that fall between the years of service of 20 - 22 and they are older than 55 years and Part B would not benefit them. Here's my concern about that plan. Why should a teacher choose Part B if a penalty is going to be imposed?

    I am confused about the 55/25 retirement plan. If that was passed two years ago, why have it included in the retirement incentive? Clarification is needed here.

  5. Here's an answer an ICEr just wrote to the question anon. posed at 10:33:

    "First let’s not put the cart before the horse. It isn’t a City plan yet. If it becomes a choice the new Tier V (55/25) had to be elected and additional pension contributions taken. The new law would make this available to those who didn’t elect it. Each teacher would have to do the math for themselves. The extra three years would probably absorb the penalty for most teachers. I think we will have to see how it works out."