Early retirement offer could save city $7.2M 12.8.10

City officials estimate a proposed early retirement program would save $7.2 million or more over the next three years, with 87 employees signing up to take advantage of it.

The City-County Council's Administration and Finance Committee endorsed the proposal 5-2 on Tuesday. The full council is expected to vote Dec. 20.

Indianapolis Mayor Greg Ballard's administration offered the program as a way to save on future budgets. More than 1,100 city and Marion County employees were eligible; the enrollment deadline has passed.

If the council approves, the city would pay $1,500 per full year of service, with a $45,000 cap. The payout would be split into three annual installments, paid through 2013.

http://www.indystar.com/article/20101208/LOCAL18/12080367/-1/7daysarchives/Early-retirement-offer-could-save-city-7-2M