Friday, May 23, 2008

Here we go again

Luzerne County is thinking of doing another early retirement incentive with the promise of saving millions in the future.

TL: An early retirement incentive may be offered to 368 Luzerne County employees, county officials said during Wednesday’s retirement board meeting.
If all employees accepted, the incentive would cost anywhere from $6.7 million to $17.4 million, depending on the degree of benefits offered to eligible employees, said Hank Stiehl of the Hay Group, the county pension fund’s actuary...If all take early retirement incentives, Luzerne County could save up to $5.5 million.

The last time they did this the commissioners floated a bond to finance the plan that will cost $23 million over 15 years in the hope of saving $2+million if salaries are kept in check. Then after giving a golden parachute to some employees they hired them back through a temp agency (which one Meuser fans?)and some of them are still working as contractors.

I would like to see an accounting of the "Life Transition Plan" to see if it has actually saved any money.

More on the Life Transition Plan can be found here.

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