PEP Nov. 2002: Early retirement is still open in several agencies

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Early Retirement Deadlines
(English)

Fechas de retiro temprano
(Spanish)

While the early retirement incentive is now closed at mayoral agencies and the Dept. of Education, it is still currently available at other public agencies. These include the Health and Hospitals Corp., City University, and the Housing and Transit Authorities, Off-Track Betting Corp. and the New York Public Library. (Click on charts at right for deadlines.)

So far, some 4,300 workers have opted in, which is more than the city expected. “We encourage all union members considering early retirement to take advantage of our counseling services to help them decide on whether to participate,” DC 37 Executive Director Lillian Roberts said.

“People should pay very close attention to the deadlines and make sure their health care coverage is in order before putting in their papers,” said Dennis Deahn, director of field services at the DC 37 Health and Security Plan. “We are here to help.”

For information on the early retirement incentive program or on union counseling sessions, call (212) 815-1200.

The incentive includes two programs:

Part A is a traditional program modeled on past incentives. Participants must be at least 50 and have 10 years of service and two years of membership in a pension plan. Part A provides up to 36 months of extra credited service, but pension payments may be reduced based on the member’s retirement age, except for people in the Chapter 96 plan, who may qualify for a year of bonus credit.
Part B allows qualified members with 25 years of credited service in pension tiers 2 and 4 to retire as early as 55 without the usual penalties for retiring before 62.
Part B does not offer any extra pension credits.

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