Leaked Plan To Let Millions Of New Yorkers Retire Early

New York lawmakers are considering a plan that would allow many New Yorkers to retire at 55. We've uncovered all the details.

This is great news for some, but taxpayers are going to want to pay attention to this one.

Hochul May Let Some Public Workers Retire At 55

Gov. Kathy Hochul is reportedly in talks with the New York AFL-CIO on a proposal that would lower the retirement age for public workers, including teachers and nurses, from 62 to 55.

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The workers affected are those hired after 2012, known as Tier 6 employees.

Anyone hired before 2014 can already retire at 55. This proposal would extend that same benefit to the newer hires.

Former New York Governor Andrew Cuomo created the Tier 6 pension plan in 2012 to keep New Yorkers working longer to try and save the state and local governments $80 billion over three decades.

Could Cost New York Taxpayers $1.5 Billion.

The catch? The plan carries a price tag of roughly $1.5 billion, the New York Post reports.

The plan has two main pieces. Lowering the retirement age would cost an estimated $835.9 million. Reducing employee pension contributions from 4.5 percent to 3.5 percent of their paychecks would run another $593 million.

Here's where it gets complicated for Hudson Valley residents. A chunk of those costs wouldn't be picked up by the state. They'd be passed down to local school districts and governments. New York City alone could be on the hook for $328 million.

Unions Want This

The unions are pushing hard for this, arguing that the current setup is hurting their ability to recruit and retain teachers and other public workers. Thousands of union members rallied in Albany last week to make that case.

Gov. Hochul and the New York AFL-CIO have not publicly commented on the plan.

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