If you’re going to give them a lump sum of money, behaviorally, people prefer that approach.”
The buyouts would be offered to 31,000 city retirees and 2,500 active employees who are members of Plan 67, the city’s oldest and most generous pension plan in which employees can receive up to 100 percent of their final salary in retirement. Plan 67 is responsible for $5 billion of the city’s roughly $6 billion in unfunded liabilities.
Thanks. God bless.