Westchester County offered its employees a voluntary buyout option to help close a $180 to $250 million budget gap related to the coronavirus pandemic.
The gap is dependent on how quickly the economy reopens and assumes there won't be a second wave.
The proposed program offers employees a $1,000 payment per year of service and is expected to save the county $1 to $2 million this year and $6 to $10 million in 2021.
The Board of Legislators would have to approve the buyout and some job titles are not included.
A buyout is exactly what some of the teachers close to 40 years old with 18-20 years in the system have been proposing on this blog. Westchester is close by and is trying to pass one. Hey, why not in the city as long as it is voluntary and hopefully a better, bigger incentive to actually entice people? This doesn't change the pension at all so I don't think it needs state approval. The DOE has offered an ATR buyout occasionally. The last one was for $50,000. The teachers who feel burnt out would probably consider it.
18 comments:
That is a terrible deal. 18 years gets a 1 time payment of $18k. Not enough.
What do you think they're gonna give you?
It is voluntary so just like the ATRs, those Westchester workers don't have to take it.
We need an Early Retirement Incentive, not a buyout like this, but both would be ok!
Atr got 50k.
Add five years to my years, $100K buy out.
So I would get 18k and then forfeit the retro in october, which is almost the same amount, would lose my medical...Better off just working sept and october, getting the retro, would make more that way. Bad deal.
This is Westchester, not NYC. We would need a better sweetener in NYC for teachers. Just showing precedents exist.
If they offered as an ERI, 20 years of service with no age requirement and 60% FAS, I'd leave right now. I'd even pay into it. Yes I know, one can dream.
60% after 20 years. Even police and FDNY don't get that.
I'm 57 and have 22 years in. I've been in the 55/25 program since the start of that program in 2008. If I left right now, I'd get slammed with reductions because I'm not 62. I will have my 25 in three years and was ok with retiring at 60. Covid-19 changed everything. I have underlying health conditions which make returning to my school very dicey to say the least. Just give an incentive for anybody 50 and over with 2% for each year of service. I promise I will take my 44% with no penalties or deductions and go quietly into the night.
Apply for an accommodation to work from home.
The younger teachers in Tiers 5/6 etc are financial screwed regardless .
UFT not part of Tier V as far as I know. 27/55 is not that bad compared to Tier IV. Tier VI is as horrible as you say.
Tier V is basically a couple of aspirin and a nice plot in a cemetery one day.
I think you are referring to Tier VI.
Just curious. What do police and fire get?
Half after 20 years in the past. Now it is up to 22 to get that I believe
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