Retirement incentive program projected to save City at least $11 million annually

Retirement incentive program projected to save City at least $11 million annually

Mayor John Hickenlooper announced today that 322 employees took advantage of a retirement incentive program offered by the City earlier this year.
 
“The retirement incentive program was a win-win for the City and for employees who chose to accept the offer,” Mayor Hickenlooper said. “The City expects to see an annual savings of at least $11 million in future years because of the vacancies created by the retirements. We are grateful for the service these employees provided to our community and wish them well in the next chapter of their lives.”
 
The City announced Aug. 31 it was offering a voluntary retirement incentive program for all employees covered by the Denver Employees Retirement Plan who were at least 65 years old or who were at least 55 years old and met the Rule of 75 – that is, their age and years of service to the City added up to at least 75. The City offered the retirement incentive to ease the 2010 budget crisis and help reduce the number of employees who were laid off.
 
The final number of employees who were laid off is not yet available, but it should be under 80 employees – down from the 176 lay-offs expected when the proposed budget was released in September.
 
There were 932 employees eligible for the retirement incentive program. Approximately half of positions left open by the retirements will be filled to avoid interruption of vital services to the community.
 
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Contact:
Communications Director Eric Brown or
Deputy Comm. Dir. Sabrina D’Agosta
W. 720-865-9016

Posted on Dec 01, 2009 (Archive on Mar 01, 2010)
Posted by chani  Contributed by chani
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