June 19, 2008
Pick a number, any number
A bill allowing New York City government workers to retire early would cost:
a) $200 million.
b) Zip.
c) $68 million.
The city's Independent Budget Office Wednesday said the bill--which would permit certain city workers to retire at 55 rather than 62 with full pension benefits--would cost $68 million.
"It should be emphasized that these are first-year costs," the IBO noted in its report.
Mayor Michael Bloomberg, who opposes the retirement sweetener, puts the tab at $200 million--$88 million in the first year and $120 million long-term.
The bill itself, quoting actuary Jonathan Schwartz, states "there would be no cost to the City in fiscal year 2008-09 or in any subsequent fiscal year." When it was revealed Schwartz was a union-paid consultant, Assembly Speaker Sheldon Silver said the bill would not go forward until an independent actuary calculated its cost.
The bill has been stuck in the Assembly Ways and Means Committee since April 8. In the Senate, it has been on third reading since May 19.
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