Release #328-00

 

Contact:

Sunny Mindel/Michael (212) 788-2958

Remarks by Mayor Giuliani at Public Hearing on Local Law

The bill before me today is Introductory Number 790, sponsored at my request, by Council Member Berman. This bill will preserve the City's right to offer qualified City employees the opportunity to join a retirement incentive program establish under state law.

Through this legislation, certain designated City employees will be eligible to receive one month of additional service credit to their pensions for every year that they have worked for the City. Under the plan, the amount of additional service credit cannot exceed three years. This incentive will allow City employees with eligible titles, who are at least 50 years old and who have at least 10 years of City service, the option to retire more quickly. State law further allows the City to determine which eligible employees will ultimately be given the option of joining the retirement incentive program. However, State law does not extend the incentive to elected officials, police officers and firefighters.

My administration will work with the City Council to designate which employees will be eligible to join this program. However, we should only offer the incentive to employees with job titles where a retirement incentive will be economically justified, and assist the City in continuing to reduce its workforce.

For the reasons previously stated, I will now sign the bill.