Bill > A11089

This bill authorizes certain public employers in the city of New York to offer a temporary retirement incentive (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: Part A allows eligible city of New York employees in certain job titles to receive one-twelfth of a year of additional retirement credit for each year of pension service, up to a maximum of three years, if they retire during a defined open period. Part B allows eligible city of New York employees who are at least age 55 with 25 or more years of service to retire without reduction in their retirement benefit during a defined open period. The benefits of the respective Parts cannot be combined. The city of New York must demonstrate cost savings from the retirements in order to offer the incentives.