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Unions Throw Weight Behind Bill Adding 3 Years' Pension Credit

Posted 10/23/20

The municipal unions are backing a bill introduced in Albany that offers an early-retirement incentive of up to three years of additional pension credit to tens of thousands of civil servants who are at least 55 years of age and have logged 25 years of service or are otherwise eligible to retire.

State Sen. Andrew Gounardes, Chairman of the Committee on Civil Service and Pensions, and Assemblyman Peter Abbate, who heads the the Committee on Governmental Employees, drafted the measure they estimate will save the city hundreds of millions of dollars and help close its $9-billion budget gap.

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