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Early-Retirement Option For Some City Workers

By BOB HENNELLY
Posted 4/19/21

Thousands of city employees may have the option to retire early while getting up to 36 months' additional pension credit under a provision included in the state's $212-billion budget that was approved April 6.

The Municipal Labor Committee since last summer had urged the de Blasio administration to consider an early-retirement incentive at a time when it was threatening up to 22,000 layoffs unless it got at least $1 billion in savings from the unions to close what then loomed as a $9-billion city budget gap caused by a drop in tax revenues caused by the impact of the coronavirus on the city's economy.

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