NIFA approves Nassau retirement incentive for county employees

The Nassau Interim Finance Authority on Thursday evening approved the Blakeman administration's plan to offer an early retirement incentive to employees with 10 or more years, but cautioned it might not produce the $27 million in savings predicted in the 2026 county budget. 

The unanimous vote by the state-appointed panel allows county officials to begin considering employee applications on Feb. 1 for a one-time, lump-sum incentive payment equal to $2,000 for each year of service. The members of six of the county's employee unions are eligible. The Voluntary Separation Incentive Program would be offered through March 5. 

"I had serious reservations about whether they are going to achieve the stated savings and what the staffing might be in the county," NIFA Chairman Richard Kessel said. "We are going to monitor the results very closely." 

When asked whether the panel would require the county to submit frequent status reports, Kessel said "no."

"I don't know that we are going to put any conditions on it but we want to see when the window to opt-in closes, how much they've actually saved," Kessel said, referring to the county.

Earlier this week, the program gained the support of Nassau's legislature, even as some questioned Blakeman budget officials about how they would ensure the level of county services wouldn't decline. 

County Executive Bruce Blakeman, after the vote, issued a statement to Newsday, saying: "I am pleased that the Legislature passed our voluntary early retirement program, which will save taxpayers millions of dollars and, at the same time, reward faithful employees for long-time service to the County."

Of nearly 7,200 county employees, about 3,400 are eligible for the incentive, Newsday previously reported. 

By Candice Ferrette

candice.ferrette@newsday.comcandiceferrette

Candice Ferrette covers Nassau County government and politics on Long Island. She has been a reporter at Newsday since 2011.