Bill > S08602

This bill establishes a temporary age 55/25 retirement incentive for certain public employees who are members of the New York State Teachers' Retirement System. Eligible employees must have been in active service at an educational employer (such as a school district) since March 1, 2020 and must retire during a 60-day open period after the employer elects to participate. The pension benefit costs will be paid by employers over a period of up to five years starting in the 2022 fiscal year. The bill specifies that it does not impact any pre-existing retirement incentives negotiated before the bill's effective date.