Chapter 105 of the Laws of 2010 authorized a two track Retirement Incentive Program intended to achieve permanent financial savings. The Retirement Incentive Program includes a Targeted Retirement Incentive and a “55/25 No Penalty” Retirement Incentive. The open period of the Retirement Incentive Program is 7/1/10-9/28/10.
In order to track and monitor the program, OSC has created two new Reason Codes to be used by agencies to report retirement transactions in PayServ that fall under the program.
For additional information on the Retirement Incentive program, please refer to Budget Bulletin B-1190 issued on June 3, 2010.