The City of Manchester will be offering early retirement to its employees in 2022.
On Monday night, the City Council unanimously approved the Voluntary Early Retirement Program. The program, which was last offered by the City in 2016, provides an incentive that promotes an orderly means of attrition of employees and an anticipated cost savings to the City.
The Voluntary Early Retirement Program will be available to City of Manchester employees who are at least 55 years old by the time they’ll retire and have worked at least 20 consecutive years with the City.
Employees who choose to retire early will receive two lump sum payments of $20,000 into their Health Reimbursement Accounts – the first payment on the day they retire and the second on July 1, 2022.
The City says there are six employees eligible by definition.