Saturday, May 29, 2010

Early Retirement Law Passed

Yesterday, the governor signed into law a measure which would allow an incentive for teachers to retire early. Under the law the City must agree to the plan to participate which the City has given no indication that it will.

If the City decides to participate it must choose either or both parts of the incentive. The first part (Part A) allows teachers to retire without penalty at 55 with a minimum of 25 years teaching. The second part (Part B) provide an additional month of member service credit up to 36 months, for each year of service. Only those over age 50 with at least 10 years of teaching are eligible for this part of the retirement incentive. (Early retirement penalties will still apply).

The DOE has until July 1, 2010 to "opt-in" to the plan for 55 year old teachers and August 30, 2010 for the additional month up to 36 month plan and must provide a 3 month window for teachers to apply when they do.


Anonymous said...

The three month opt in after August 30th, is that 90 days prior and after the deadline?

Jeff Kaufman said...

The 3 months kicks in when the City opts in.

Anonymous said...

That should say if the city opts in.