Bill > A04548

This bill authorizes certain public employers in New York City to offer temporary retirement incentives to their employees. Specifically: Part A allows the City of New York to offer eligible employees who are members of the New York City retirement systems (NYCERS, TRS, BERS) up to 3 years of additional retirement service credit if they retire during a designated open period. Eligible employees must have been continuously employed prior to the open period and file for retirement during the open period. The incentive can be subject to early retirement reduction factors depending on the employee's plan. Part B requires the City of New York to offer an unreduced retirement benefit to eligible employees who are at least age 55 with 25 or more years of service if they retire during a 90-day open period. Eligible employees must have been continuously employed prior to the open period and file for retirement during the open period. The bill is intended to achieve cost savings for the City through eliminating positions or demonstrating compensation savings from new hires. The pension benefit costs are to be paid by the City over a 5-year period.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2021/A4548