Bill > S09041

This bill authorizes certain public employers in the city of New York to offer temporary retirement incentives (Part A) and provides an age 55/25 years temporary retirement incentive for certain public employees in the city of New York (Part B). The key provisions include allowing eligible public employees to receive additional retirement service credit of up to 3 years (Part A) or to retire without reduction in their pension benefits if they are at least age 55 with 25 or more years of service (Part B), with the public employer required to demonstrate cost savings from the incentives. The bill is intended as a temporary measure to achieve cost savings and avoid layoffs during a period of fiscal need.