Bill > A07449

This bill establishes a temporary retirement incentive for certain public employees who are members of the New York State Teachers' Retirement System and have reached the age of 55 with at least 25 years of service. The incentive allows these eligible employees to retire during a specified "open period" without the usual reduction to their retirement benefits. Educational employers can elect to provide this retirement incentive to their employees by passing a resolution. The pension benefit costs associated with this incentive will be paid by the employers over a period of up to five years.