City Staff Ideas Challenge
#nycspeaks2022 Share your ideas for bold actions the Mayor should take
Most of the NYC employees are currently in Tier 6. They are paying out of pocket for their own retirement / pension from income that is not enough. Make Tier 6 Tier 4 or have people buy into Tier 4. Let tier 6 be vested at 5 years rather than 10years. For every dollar put into the plan, NYC should be able to match at least half of it or even a quarter. We need to know there is some type of light at the end of the tunnel of our dedicated lives to making sure this city runs.
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Difference between tier 4 and 6 especially in regards to how long you have to contribute is astronomical. I support re-evaluation of it.
Conversation with Gina
See NYCERS at https://www.nycers.org/post/2022-laws - Tier 6 now vests at 5 years.
Chapter 56 of the Laws of 2022 (Budget Bill: Part HH, Part TT, Part SS).
Part HH of this Budget Bill amends the RSSL to waive ยงยง 211 & 212 approval and income limitations on retirees as a result of earnings from employment in public schools in the state.
Part HH is effective April 09, 2022 and shall expire and be deemed repealed June 30, 2023.
Part SS of this Budget Bill amends the RSSL to exclude pensionable earnings above the annual base wages of Tier 6 members, such as overtime payments, for purposes of calculating Basic Member Contribution (BMC) rates for plan years April 1, 2022 through April 1, 2024.
Part SS is deemed to be in full force and effect as of April 01, 2022.
Part TT of this Budget Bill amends the RSSL to lower the minimum number of years required for Tier 6 members to vest for service retirement from 10 years to 5 years of credited service.
Part TT is effective April 09, 2022.
I saw this , but i think it only benefits the older people. If they came into the job at an older age and can retire before the younger folks. Unless im understanding it wrong, Open to the explanation,
Yes your reading it kinda wrong. Kim People who came into the system around 2001 or 04 was put into an early retirement plan 5/57. So if they come in at 30yrs old they work 27 yrs and can retire without any penalties, unlike me whom came in 91 and doesn't have this option.I have to stay till im 62yrs old under my tier 4 plan 5/62. This is not Fair.i can leave tomorrow but I'll endure severe penalties
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