Supervisor says retirement incentive will save Riverhead $819,000 for 2027

Supervisor Jerry Helpin told the board the town offered a retirement incentive that will lower payroll costs in 2027 by an estimated $819,000. "This year, we are able to offer a retirement incentive that yielded $819,000 in savings directly to the general fund for 2027," Helpin said at the meeting.

Helpin provided a brief breakdown, saying the incentive produced a $746,000 reduction in salaries and payroll taxes and a $341,000 reduction in New York State retirement contributions, with those savings partially offset by increased retirement health-insurance costs. The presentation did not provide a longer-term actuarial analysis or a line-item showing net savings after year-over-year staffing needs were replaced.