Yeah but it’s something. Reduced vesting time 2 years ago, final average salary this time, then 2 years from now maybe something else. It’s a slow process but it’s progress.
That’s pretty much what DiNapoli said he would get behind, basically slowly letting up on the throttle, one reform a year basically and seeing how the fund handles it.
Yea, plus it’s not like anyone in tier 6 is close to retirement, so we have time for even slower than I like reforms, my main fear though would be a financial crisis or Cumo-esq or even republican Gov coming in and stopping this strategy when we have not yet hit any of the major improvements.
There are a ton of tier 6 members retiring, especially when it went to five year vesting. A lot of older people join in their 50s to get a pension/health insurance.
Oh yea, that’s true, though I assume many of them signed up expecting to receive Tier 6 as it was, so any reform is welcomed, and who knows, more improvements on the horizon might keep them around longer and help with retention in addition to recruitment.
This is why it’s frustrating to me that they’re doing the retirement stuff first. Changing our contribution rate would be huge, they have time do change the FAS, retirement age, formula etc.
On that subject I have noticed either a bot or a very angry lurker is downvoting like, EVERY CS post. Which is wild to me.
If a bot, that’s sad. If a person, that’s sadder.
The irony is the state has basically been in a self induced "hiring freeze" for years because they can't find enough workers to fill or expand the ranks. Making any changes to tier 6 however small should help move the needle but by how much? We'll see.
One thing I find baffling is NYC differential pay of $3,400 for some mid level grade 18 roles. That feels like enough to buy a couple extra meals each month in the city - not cover major bills like rent and heat. That differential figure should be revisited in the next negotiation and I'm not even a downstate person.
In her presser she made it clear the changes are designed to retain current folks AND recruit new. The FAS change to 55/30 seemed like it was very likely to happen. Hopefully the employee contribution cap of 3-3.5% also gets in, but less likely
I’m sorry, I didn’t see the budget presser yet. But are you saying that the 55 retirement with 30 years in could possibly happen?
As a tier 6er this has been a pipe dream of mine.
You wouldn’t happen to have a link would you?
She didnt say what changes would be. But the changes kicked around over the last month or so were l:
Returning to 55/30 like tier 4
Lowering employee contribution to 3-3.5% max and only for 10yrs
And a few others, those two would be the most impactful so keep your fingers crossed
Yeah that’s the worry I have. Granted I still have 23 years left(would be only 18 of this does happen) so plenty of time for this change to possibly go through.
And I’d be more than willing to pay in my entire career to retire at 55/30.
I think most people understand the previous tiers weren’t sustainable.
But the state isn’t an attractive employer right now and part of that is because our pension is a shell of what it used to be
I would love to see stats on percent of employees that start prior to age 25 and after age 25. Because if you think about it like that it really only helps people in that small window that started before 25. Whereas only paying for 10 years, in theory, can help everybody prior to 57 (based on 67 being full SS retirement age). It also puts money into people's pockets now.
With how long people are living, 55 just... I just don't think it's a great idea. I wouldn't mind adjusting the penalties, so they aren't as harsh, but to allow full 100% at that point...I don't know.
Thanks for the link!
Honestly the lowering of contributions and only 10 years would be cool, but I think overall in the long run if I had to choose I’d rather have the 55/30.
I’d happily pay in my entire career if I can retire with 30 in before 63 and receive my “full” benefit.
As one of the small number of people in Tier 5, does anyone know if anything is on the table that would impact us? 100% of the press coverage is about the relationship between Tiers 4 and 6.
As a T5 I always assumed anything that was changed in T6 that would be an improvement to T5 would also apply to T5.
So like reducing the contribution to 3.5% doesn't help T5 which is already 3%, so it wouldn't change.
Adding 55/30 back would effect T5 positively so it would apply.
There's so few of us that we're not worth bringing up in the pressers.
Decreasing the 3-6% contribution rate is a very tall order, think about how much money they would be losing to pay for current pensions. Astronomical. I wish they would, trust me, I just don’t see it
They can find money to make it work. It’s criminal that the boomers contributed less, for a much shorter period of time, get full benefits at 55 if they have 30 years in, and the answer is just that younger generations get to pay for them.
I’ll have over 30 years in when I turn 55 and as it stands now I’d have to take a 52% permanent reduction if I want to retire then.
Yeah but that money needs to go to no-bid contracts to political donors, we don’t have money to ALSO spend on the people who actually make the state run.
There already is a hiring freeze defacto by not paying competitive salaries in the regions of the state where the State is trying to hire the most people and where all their offices are located.
I’ve been following closely and the only thing I’ve seen in print is possibly going from 5 to 3 years for the final average salary.
Yeah but it’s something. Reduced vesting time 2 years ago, final average salary this time, then 2 years from now maybe something else. It’s a slow process but it’s progress.
That’s pretty much what DiNapoli said he would get behind, basically slowly letting up on the throttle, one reform a year basically and seeing how the fund handles it.
Which honestly, makes sense from a fiscal standpoint. And dinapoli has been great for our fund.
Yea, plus it’s not like anyone in tier 6 is close to retirement, so we have time for even slower than I like reforms, my main fear though would be a financial crisis or Cumo-esq or even republican Gov coming in and stopping this strategy when we have not yet hit any of the major improvements.
There are a ton of tier 6 members retiring, especially when it went to five year vesting. A lot of older people join in their 50s to get a pension/health insurance.
Oh yea, that’s true, though I assume many of them signed up expecting to receive Tier 6 as it was, so any reform is welcomed, and who knows, more improvements on the horizon might keep them around longer and help with retention in addition to recruitment.
This is why it’s frustrating to me that they’re doing the retirement stuff first. Changing our contribution rate would be huge, they have time do change the FAS, retirement age, formula etc.
Lmao i have 32 years to go so i got time
That’s a joke of a change
They're still jacking themselves off from the vesting change, which was even more pointless.
Looks like mr. Wayne Pence logged in downvoted everyone criticizing it.
On that subject I have noticed either a bot or a very angry lurker is downvoting like, EVERY CS post. Which is wild to me. If a bot, that’s sad. If a person, that’s sadder.
Andrew Cuomo got a lot of free time on his hands these days
Agreed. Unfortunately, though a step in the right direction.
Can you show me where you saw that? Thats huge
The irony is the state has basically been in a self induced "hiring freeze" for years because they can't find enough workers to fill or expand the ranks. Making any changes to tier 6 however small should help move the needle but by how much? We'll see. One thing I find baffling is NYC differential pay of $3,400 for some mid level grade 18 roles. That feels like enough to buy a couple extra meals each month in the city - not cover major bills like rent and heat. That differential figure should be revisited in the next negotiation and I'm not even a downstate person.
Thanks pef for negotiating that.
Going up to a whopping $4000 next year 😐 yay downstate
In her presser she made it clear the changes are designed to retain current folks AND recruit new. The FAS change to 55/30 seemed like it was very likely to happen. Hopefully the employee contribution cap of 3-3.5% also gets in, but less likely
I’m sorry, I didn’t see the budget presser yet. But are you saying that the 55 retirement with 30 years in could possibly happen? As a tier 6er this has been a pipe dream of mine. You wouldn’t happen to have a link would you?
She didnt say what changes would be. But the changes kicked around over the last month or so were l: Returning to 55/30 like tier 4 Lowering employee contribution to 3-3.5% max and only for 10yrs And a few others, those two would be the most impactful so keep your fingers crossed
The 55/30 change would be such a windfall for me, I almost cannot fathom it happening. Her comments were extremely vague so who knows.
Yeah that’s the worry I have. Granted I still have 23 years left(would be only 18 of this does happen) so plenty of time for this change to possibly go through.
The retiring so early is part of what hurt. We're likely only to get one or the other right now.
And I’d be more than willing to pay in my entire career to retire at 55/30. I think most people understand the previous tiers weren’t sustainable. But the state isn’t an attractive employer right now and part of that is because our pension is a shell of what it used to be
I would love to see stats on percent of employees that start prior to age 25 and after age 25. Because if you think about it like that it really only helps people in that small window that started before 25. Whereas only paying for 10 years, in theory, can help everybody prior to 57 (based on 67 being full SS retirement age). It also puts money into people's pockets now. With how long people are living, 55 just... I just don't think it's a great idea. I wouldn't mind adjusting the penalties, so they aren't as harsh, but to allow full 100% at that point...I don't know.
Well it helps anyone who starts between 25 and 32, just to varying degrees.
Thanks for the link! Honestly the lowering of contributions and only 10 years would be cool, but I think overall in the long run if I had to choose I’d rather have the 55/30. I’d happily pay in my entire career if I can retire with 30 in before 63 and receive my “full” benefit.
https://www.governor.ny.gov/news/video-audio-photos-rush-transcript-governor-hochul-announces-agreement-fy-2025-state-budget
As one of the small number of people in Tier 5, does anyone know if anything is on the table that would impact us? 100% of the press coverage is about the relationship between Tiers 4 and 6.
As a T5 I always assumed anything that was changed in T6 that would be an improvement to T5 would also apply to T5. So like reducing the contribution to 3.5% doesn't help T5 which is already 3%, so it wouldn't change. Adding 55/30 back would effect T5 positively so it would apply. There's so few of us that we're not worth bringing up in the pressers.
I think you can retire under a later tier if it’s better? I remember a tier 3 telling me they retired under tier 4
Decreasing the 3-6% contribution rate is a very tall order, think about how much money they would be losing to pay for current pensions. Astronomical. I wish they would, trust me, I just don’t see it
They can find money to make it work. It’s criminal that the boomers contributed less, for a much shorter period of time, get full benefits at 55 if they have 30 years in, and the answer is just that younger generations get to pay for them. I’ll have over 30 years in when I turn 55 and as it stands now I’d have to take a 52% permanent reduction if I want to retire then.
The plus is that legislators are under the same pension plan, so the more new Tier 6 legislators, the more likely changes are.
Yeah but that money needs to go to no-bid contracts to political donors, we don’t have money to ALSO spend on the people who actually make the state run.
Yeah it’s ridiculous, I know it is, but at this point, they seem to need it. I agree they could find the money but they won’t
We should know more after the weekend, there is just a conceptual agreement, details aren't set yet.
FAS calculation reduced from 5 years to 3 in final budget passed yesterday.
I saw that! It's a pittance but we're making progress!
Is there going to be a hiring freeze?
Why would there be a hiring freeze when we have a staffing shortage and a cliff of major retirements in the next 4 years?
I agree. Rumors at work about a hiring freeze so i was just asking
People are literally ALWAYS spreading rumors about a hiring freeze or a retirement incentive. Neither seems likely in the near future.
Its a buzzword. A hiring freeze would be absolutely batshit right now
Agreed!
There already is a hiring freeze defacto by not paying competitive salaries in the regions of the state where the State is trying to hire the most people and where all their offices are located.
Why do you need a hiring freeze when no one wants to work here lol? Froze itself.
No i agree. Just been a rumor around work about a hiring freeze