School Election Results
SCREA
Spring
Cocktail
Party
SCREA Cocktail Party
Hot and Cold Hors d'oeuvres
Pasta and Salad Bar
Cash Bar
Guests Welcome
"Please join us on the beautifully-appointed
Barefoot Princess docked at Harbor Crab."
Photos coming soon!!
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SCREA
Party Photos
BTA Retirement Party
Honoring Honoring Class of 2012
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South Country Superintendent
Cipp Resigns
Acting Superintendent Koenig Appointed
Board president Victor Correa
announced a resolution to accept the resignation
of district superintendent Joe Cipp Jr....
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Spotlight
on
Bill Reynolds
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to View
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Tier 6:
Be Happy you are retired…
• Increases employee
contribution rates for new hires. Employees who
make up to $45,000 will pay 3 percent. Employees
who earn $45,000 to $55,000, will pay 3.5
percent; from $55,000 to $75,000, 4.5 percent;
from $75,000 to $100,000, 5.75 percent and those
earning $100,000 or more, 6 percent.
• Increases the
retirement age to 63 for all public employees
and penalizes those who retire before that age.
For each year of retirement prior to 63,
employee pension allowances will be permanently
reduced by 6.5 percent. Cuomo had sought to
increase retirement age to 65.
• Changes the pension
multiplier to 1.75 percent for the first 20
years of service, and 2 percent starting in the
21st year. So an employee who works 30 years
would get a pension worth 55 percent of Final
Average Salary (FAS) under Tier 6, instead of 60
percent under Tier 5.
• Increases the time
period for FAS calculation to five years, up
from the current three.
• Eliminates lump sum
payments of unused sick and vacation time for
calculating FAS.
• Limits to two the
number of employers that can be used for
calculating retirement benefits.
• Limits how much
overtime can be used to determine an employee's
pension at $15,000 plus inflation for civilian
and non-uniformed employees. Uniformed employees
outside of New York City are capped at 15
percent of base pay.
• States that any income
earned above the governor's salary (currently
$179,000) will not be eligible for pension
calculation under Tier 6.
• Limits by half, from
200 to 100, the number of sick and leave days
that can be used for retirement service credit.
Adjustments to the SUNY/CUNY
TIAA-CREF plan:
• New SUNY and CUNY
employees who elect to participate in the
Optional Retirement Plan will receive an
employer contribution of 8 percent for the first
seven years and 10 percent thereafter. Employee
contributions will be based on the new employee
contribution schedule for Tier 6 employees.
What was deleted:
- the option of the
401(k) proposal for all but high-earner
management employees.
- keeping the years
required to vest at 10 years
lessening the impact on those who make up to
$55,000.
Updated
5/31/12
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