State retirements dropping Sour economy produces lowest level of new requests in 4 years
By RICK KARLIN, Capitol bureau First published in print: Wednesday, January 7, 2009
ALBANY — Seeing their savings and investments battered by the crash on Wall Street and facing dim prospects of finding new jobs, state workers are increasingly holding off on retirement plans.
While the numbers aren't vast, data from state Comptroller Thomas DiNapoli shows a clear drop since May in the number of public employees who have put in for retirements.
"Because of what's happening, people are delaying (retirement)," DiNapoli said Tuesday.
In November, for instance, the comptroller's office handled 1,522 cases, or new requests for retirement, which are usually put in 30 days before leaving.
That's compared to 1,838 in 2007 and 2,047 in 2006.
In fact, retirement numbers since May have, with just a few exceptions, fallen to their lowest levels in least four years, according to data provided by the comptroller.
Retirements started to slow just as Gov. David Paterson began his warnings about New York's dire fiscal situation. He's expected to continue that theme today with his State of the State address, which follows his earlier plan for a sharply curtailed 2009-2010 budget.
Even though public employees, unlike many in the private sector, receive set pensions that are guaranteed by law, lots of people also look to savings and other investments such as deferred benefit plans (similar to 401ks) to fund retirement as well.
The average state worker pension is $16,909 — although it's $24,744 for those who retired in 2008. (Police and firefighters do better, averaging $37,030 and $58,106, respectively.)
The bad economy means that retired state workers would have a much harder time making a career change or landing a part-time job to supplement their pensions.
"How do I know the new jobs will be there?" asked one employee of the state Office of Children and Family Services, who asked that his name not be used out of concern for workplace repercussions. In his late 50s — a prime retirement age for state employees — he had planned to retire this year, take some time off and perhaps launch a second career.
But now he's not so sure. "Leaving is permanent, staying is easy," said the employee, who added that employees of retirement age usually give 30 days notice, so they can depart almost anytime.
David Ernst, spokesman for the state Civil Service Department, said he was recently talking with some retired state workers about filling a $13-an-hour part-time clerical job, and was surprised at the level of interest in the position.
Another factor: the ongoing hope among state employees that New York will offer a financial incentive to boost retirements. While state Budget Director Laura Anglin has said that's not on the table, some believe...............................http://timesunion.com/ASPStories/Story.asp?StoryID=757336&LinkFrom=RSS
Part of this is because the economy's so bad, they need to keep working. Another part is that the state is doing so bad that they're holding on for dear life waiting for the early retirement packages to start rolling out. I know this for a fact. I sit right next to a state worker at work whose husband is waiting for exactly this.
And part of it is a clueless Governor who refuses to slash bloated public payrolls. His only answer is another tax and forcing more New Yorkers to flee to the South.
Part of this is because the economy's so bad, they need to keep working. Another part is that the state is doing so bad that they're holding on for dear life waiting for the early retirement packages to start rolling out. I know this for a fact. I sit right next to a state worker at work whose husband is waiting for exactly this.
I heard the same thing from a friend of mine that works for the state.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
The state workers are waiting for a retirement package but with the state in such a bad financial situation there isn't any money to fund a decent retirement package.
It gets worse. Next we will hear that the State Pension Fund under funded and the oppressed residents must send in more money to Albany to stabilize it. Here's an idea, start a long over due slashing of unnecessary State positions. Stop worrying about their retirement-they will be laughing all the way to the bank at the sheeple that work in the private sector.
Logged
And part of it is a clueless Governor who refuses to slash bloated public payrolls. His only answer is another tax and forcing more New Yorkers to flee to the South.
