In response to a reader request, we asked for information on whether GCEDC staff members are eligible to participate in the NYS state retirement system.
Here is the full text of GCEDC's response:
Request: Can I get a list of GCEDC employees who participate in the NYS retirement system and what GCEDC’s annual contribution to the pension program is, please?
Response: Membership in the New York State Retirement System is mandatory for all full-time employees of Genesee County Economic Development Center (GCEDC). Currently there are six employees who are enrolled in the New York State Retirement System including the President and CEO, Sr. VP of Operations, the CFO, VP of Business Development, the Marketing and Communications Manager, and the Office Manager. Contributions to the New York State Retirement System are set by the state. In 2010, the GCEDC received an invoice to pay $41,663.
If I'm remembering this
If I'm remembering this correctly, pension amounts are based on the top three salary years of an employee.
Looks like a few folks at the GCEDC are going to have a comfortable retirement
You remember right Chris.
You remember right Chris. It's called Final Average Salary (FAS) At 55 and with 30 years of service they would receive 60% of that average. The state also at times has certain incentives. Like getting the people out that are at the top of the pay grade, so they can hire a new employee at a lower rate. (2 years credit, 4%on your pension.)And you can also buy up to three years of your military time, which can give you a extra 6% on your pension. That cost you about $1200.00 for each year bought, but the payback is about $100.00 per month on your pension. So its about a 3 year payback.
Also people don't understand, that New York State Retirement covers different people. There are New York State Employees...Local Employees...Police and Fireman. Each group has a different benefit package.
Like you said, some of them will have a comfortable retirement.