The Glen Cove City Council recently unanimously approved an early retirement incentive program.
“The cost of this program will be quickly recuperated during 2018, and savings will be realized thereafter,” Mayor Timothy Tenke said at the council meeting.
Employees represented by the Civil Service Employees Association union who began work with the city in 2008 or earlier are now eligible to receive 1 percent of current salary for each year of employment up to a 20 percent maximum. The “separation incentive payment” is being offered through May 31, Tenke said. The employees also will be paid for accumulated sick, vacation and personal time.
The city saves money because a newly hired employee typically makes less money than a veteran employee who accepts the incentive, personnel officer John Charon said in an interview.
Tenke told council members that “the city expects to save an average of $26,000 in personnel costs for each year each employee that takes the incentive.”
Charon said 17 employees took similar incentives in 2014 and 2016, reducing annual salary expenses by about $360,000.