Bill > A10897

This bill enables public employers to offer a temporary retirement incentive to certain public employees. Specifically, it allows eligible employees to retire at age 55 with 10 years of service or age 50 with 25 years of service without the usual early retirement reductions. Eligible employees must be in active service from February 1, 2020 through the start of the open enrollment period, and must file for retirement during the open period, which is 90 days long and cannot extend past September 30, 2020 for state employers or December 31, 2020 for other participating employers. Employers who elect to offer this incentive will be responsible for paying the pension cost over a 5-year period starting in the 2022 fiscal year.