City Staff Ideas Challenge
#nycspeaks2022 Share your ideas for bold actions the Mayor should take
Semi-finalists selected 05-02-2022 - ?Process phases
Early Retirement Incentive (ERI)
Mayor Adams' predecessor failed to implement the Early Retirement Incentive, which was passed by the NY State Legislature in 2021. It's time now to revive the ERI with similar requirements from the 2021 law so NYC workers can retire early.
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Conversation with Ciana James
The ERI financial incentive is typically a lump sum payment or an additional pension credit basketball stars that increases the employee's pension benefit.
1989 a person started working fresh out of high school and in 2022 has 35 yrs and wants to retire but they are told they have to work until they reach 62 years old. they would have to work more than 40 years before they can leave. not only would this bill help the person, but it can also help the agency's budget. new employee in the new tier saves the agency money. the policy should change to 50 years old with min 25 years of city service.
Conversation with Joseph Costantino
In my case I'd have to also have to wait till I'm 62 .. I have 28 years in and I'm 56.. after 30 years I'll get 1.5 % more for every extra year I work after 30... The city can save money by letting ppl like me retire before they have to pay the extra percentage.. plus they can hire new people that fall under tire 6 and again would save more money
ERI została po raz pierwszy wprowadzona w budżecie Rady Miasta na lata 2016-17. Był to kluczowy element planu burmistrza Billa de Blasio, wordle aby zmniejszyć narastający kryzys emerytalny w mieście.
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It's unfortunate that the Early Retirement Incentive was not implemented by Mayor Adams' predecessor, especially considering the potential benefits for NYC workers. Reviving the ERI could help incentivize early retirement, https://amsterdamplumber.nl/ creating opportunities for new hires and reducing labor costs for the city. It's important to ensure that any new ERI meets the requirements of the 2021 law to avoid legal issues and provide fair benefits for eligible workers. By taking action to revive the ERI, Mayor Adams could demonstrate a commitment to supporting the needs and interests of NYC employees.
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