The city, through the NYC Department of the Aging, has presented a program called Silver Stars that “…creates opportunities for City retirees to work part-time while collecting their City pension.
I guess this is a new way to present an old existing policy. There were always earnings limitations if you were to get hired by another city mayoral agency when you retire from city service. New York State Retirement and Social Security Law section 212 (RSSL 212) states “if you are under age 65 and return to public service or are elected or appointed to any public office within New York City or New York State, you are subject to earnings limitations”. And prior to the Silver Stars program I’ve known of several people who were offered part time work.
If you are taking Social Security Benefits before your full retirement age, you have earnings limits, so your Social Security benefit may be reduced depending on how much you earn, so please keep that in mind.
According to a brochure from the NYC Board of Education Retirement System it appears that you can receive some benefits, such as annual and sick leave. It also says you are subject to the NYC Conflict of Interest Rules, so if you’re working for another employer doing business with the city or something else that may conflict with the city’s interest, you’ll want to know that up front.
Over 65 Can Earn More
As indicated in the NYCERS brochure , the earnings limitations only apply if you are under age 65. Over 65, as per RSSL 212, you do not have to worry about an earnings limit. Of course, you’d want to check with the pension system first to be sure…
I’m on the fence with it. Maybe it’s my suspicious side thinking this is a way to hire without hiring full time employees, saving on benefits and probably less or no union protections, so you can be used only as needed and let go without much fanfare. On the other side, I was never able to hire a replacement employee until the one that was leaving actually retired. This was devastating because I was not able to have a knowledge transfer take place – the retiring employee took all his knowledge with him. It would have been great to have that employee come back part time and effect that transfer.
But then again, this ability to hire part time was always available. Just when they were offered the retiree didn’t want to earn that little. Additionally, some of the jobs had good hourly pay. They wouldn’t take less than that rate as a retiree. For some jobs you’d be lucky to get 8-12 hours a week at those rates. For example, using a Radio Mechanic’s hourly rate of almost $53/hour would get you about 12 hours/week for $35k. Count in travel time, train/subway fares or gas/other transportation, and some of those earnings get eaten away.
On the other hand, if this is enough money or are short a couple of bucks, and/or you’re bored in retirement – which is a real thing – going back to your old job or some similar city job may work out for you.
Questions and comments welcomed here.
