In an effort to trim costs, Gov. Gina Raimondo’s administration is offering veteran state employees an incentive of up to $40,000 in an early retirement package, according to a memo sent to state employees by State Administration Director Mike DiBiase.
The incentive consists of a “one-time payment” equal to twice the value of a retirement-eligible employee’s annual longevity bonus dollar amount, capped at $40,000.
In the memo, DiBiase says the program is restricted to state workers who are eligible for normal retirement before December 31, 2017. State police and correctional officers are not eligible.
The administration department will work with employees to explain the incentive before November 1, the memo stated.
“I want to note that we will continue to focus on budget savings, as the state faces a $237 million projected deficit for fiscal year 2019,” DiBiase wrote in the memo obtained by Rhode Island Public Radio.
Neither the governor’s office nor the administration agency issued a new release on this program. This story was first reported by the Providence Journal. Raimondo's press relations people were not immediately available for comment.