Posted by (American Life Insurance Guide 04/24/2021 News)New York Governor Andrew Cuomo signed and passed the Early Retirement Stimulation ERI Act on the 19th to fund employees of the New York Municipal and New York State Department of Education to retire early.
According to this bill, eligible employees can apply for early retirement as long as they are over 55 years old.
2 out of 1 early retirement plan
At present, the specific details of the implementation are still under further negotiation with the New York City Municipality.The specific retirement application opening period has not been officially announced, but according to the announcement of the New York Municipal Employees’ Retirement Agency, those who wish to retire early have two options.
The first option is Part A, which will give you 3 years of service and use this to calculate retirement benefits.Another option is Part B, which does not reduce early retirement under normal retirement benefits.
Only one of these two retirement options can be chosen.
How to calculate early retirement benefits?
According to the interpretation of relevant personnel, this new law in New York means thatAnyone who has reached the age of 55 and has worked for 25 years can apply for retirement without reducing the benefits of normal retirement.
For employees who choose the Part A retirement plan, the City of New York provides three different "stalls" of benefit calculation plans.
If you have worked for 10 years, but do not meet the requirements for 25 years, you want to retire early, The bill also provides a way to recalculate working years.
Since the bill has just come into effect in New York, the opening date for applying for early retirement with this bill has not yet been determined. Employees of the New York City and Education Bureau can contact the personnel department of their institution to learn about the latest developments in the retirement opening period. (End of full text)
