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Albany cut the retirement age for teachers to 58, then quietly moved a chunk of the bill to the 2030s

Teachers got a retirement win. Then the bill quietly moved to the 2030s.

Albany cut the retirement age for teachers to 58, then quietly moved a chunk of the bill to the 2030s
The New York State Capitol in Albany, where lawmakers cut the teacher retirement age.
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New York’s public workers won a retirement fight years in the making this spring. The part that got less attention is the accounting move that makes today’s budget look easier and hands a much bigger bill to the next decade.

In the state budget, lawmakers enacted a package of Tier 6 pension enhancements, the tier covering everyone hired after April 2012, that cut the retirement age for public school teachers from 63 to 58, letting educators retire without penalty after 30 years of service. The combined Tier 6 changes are estimated to cost around $557 million a year statewide, and New York City’s share is about $123.3 million annually. The budget also added an FDNY longevity bonus that boosts pensions for firefighters with 25 or more years of service, rising to a maximum at 35 years.

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Featured image: Public domain (CC0), via Wikimedia Commons

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