Contact: Colleen Roche (212) 788-2958 or Dwight Williams (212) 788-2972
There is one bill before me for consideration today. The bill, Introductory Number 827, was introduced at my request by Council Member Berman. This local law would establish a provision for a retirement incentive for certain employees of the City of New York.
Earlier this year the state enacted legislation which permits the City agencies that participate in the New York City Employees' Retirement System, the New York City Teachers' Retirement System and the Board of Education Retirement System to provide a retirement incentive for eligible employees. This bill would implement that state authorizing resolution and would provide a period in which the retirement incentive is made available, commencing September 3, 1996 and ending on November 8, 1996. The retirement incentive program is not available to elected officials, members of the policemen's or firemen's retirement system, judges of courts of record, certain high ranking administrative officials and certain other excluded categories of public officers and employees.
Pursuant to the state legislation, an eligible employee serving in an eligible title and who is entitled to a retirement incentive shall receive a retirement incentive of one-twelfth of a year of additional retirement credit for each year of pension service credited as of the date of retirement, up to a maximum of three years of retirement services credit at the time of retirement. The utilization of this retirement incentive should allow for maximum participation and savings; the ability to extend payments of accrued leave time and other related pay over twenty-four months, rather than one lump sum, will soften the financial impact of increased retirements on the City in the first year.
I will now turn to the bill's sponsor; next to any elected official wishing to speak. I will now turn to the general audience; is there anyone wishing to speak in favor of this bill?
Is there anyone wishing to speak in opposition to this legislation?
There being no one else to be heard, and for reasons previously stated, I will now sign the bill.