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Friday, May 28, 2021

Probably No Early Retirement Incentive This Year | JD2718

Probably No Early Retirement Incentive This Year | JD2718
Probably No Early Retirement Incentive This Year

Today’s email from Mulgrew held out the smallest glimmer of hope, “We will continue to fight until the final hour.” But the final hour is just about here.

When the NY State legislature included in the state budget a provision that would allow the City to negotiate with unions for an early retirement incentive, some teachers got excited.

But the negotiations bogged down. The City made ridiculous proposals (for some teacher licenses, but not others) that they knew the UFT would never agree to. It does not look like the City is serious. They will probably just run out the clock.

What happened? Here’s my guess.

An incentive would save the City money today, but increase overall pension liability. And, with the COVID economy and scary budget this fall, the City was thinking about the incentive more seriously than in any recent year (An incentive gets raised every single year, but usually dies a quiet death. One assemblyman gets to score points at home for introducing it).

Bureaucracy moves slowly, and the City’s interest in the fall turned into serious legislative moves over the winter, and the adoption of the incentive with the State budget last month.

Bureaucracy moves slowly, but the world doesn’t.

While an incentive was working its way through votes and negotiations and back-room deals, the feds sent money – a huge infusion. But at least some of it is only one-year money. So now the City’s CONTINUE READING: Probably No Early Retirement Incentive This Year | JD2718