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City Offers the Golden Handshake

More than 100 Newport Beach employees could net at least $15,000 if they agree to retire early.

City Offers the Golden Handshake

In the latest installment of living the dream, more than 100 Newport Beach employees are eligible for a deal in which they would be paid thousands of dollars to retire.

The City Council voted unanimously Tuesday to offer the retirement package or ‘golden handshake’ to city employees who are at least 50-years-old.

The one-time, lump sum cash incentive offers $15,000 to $27,000 to employees who retire early before the new fiscal year.

"The Voluntary Separation Incentive Program was created to further shrink the size of government in Newport without having layoffs," City Manager Dave Kiff said.

The deadline for employees to accept the VSIP is March 15.

As part of the overall effort to reduce the city’s pension liabilities, the City Council also approved an agreement for non-sworn employees that will increase their pension contributions.

"Our employees have really sacrificed in this and I commend them for their willingness to work with us in way that is totally different than you see in other cities," Curry said. 

"Newport Beach is leading the county as far as having their employees contribute now close to half of the overall pension costs," Daigle added.

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