Bill introduced to offer early retirement incentive as New York faces massive budget gap

New York’s current budget gap is growing. At this point it’s $14.5 billion.

Assemblyman Tom Abinanti (D-Greenburgh) has introduced two bills that address early retirement for state and local government employees as a means to help ease the budget grind.

However, as Democrats and Republicans remain split on stimulus funding – it’s becoming clear that the state will need to act to find relief itself.

According to the NYS Division of Budget the budget gap will grow to $30 billion in two years. Over the next four, the gap will grow to $62 billion.

One of the bill provides a temporary retirement incentive for certain public employees older than 55 with 25 years of service. The other bill provides a similar incentive for educators.

“We introduced the bills because it’s a common-sense solution to the impending financial crisis for state and local governments, and an attempt to stimulate a conversation between the executive branch of all of our governments and our labor organizations,” Abinanti said.