Despite the ERI, layoffs have remained underway in several agencies, and it is anticipated that larger numbers of pink-slipped employees will be leaving this year. Most of these workers have not reached retirement eligibility.

The plan, which offered an extra five years in service or age credit for employees who were eligible to retire, was put into effect for a limited period of time by the Governor and Legislature.

Group 4 (public safety) and Group 2 (mostly direct care) employees were not eligible for this offer. The one Group 2 exception was court employees who were facing immediate layoffs.

In 1992, a similar plan offered to state employees, saw 4,102 employees accept the early-out. However, that year’s offer also included Group 2 employees, and 602 of those workers were able to take advantage of the plan.

It is possible that another state early retirement incentive offer will be put into effect by the Governor and Legislature this year. Another ERI could hinge on Governor Romney’s FY04 Budget to be filed in late February.

The following chart prepared by the Division of Public Employee Retirement Administration Commission shows the 2002 ERI pensions by age distribution. It should be noted that the average pension of $29,096 was well above the norm. The largest group of retirees, 1,319 college professors and teachers, with average pensions of over $50,000, plus a number of high-end salaried employees, served to skew the average.