Bill > A06486

This bill establishes a temporary retirement incentive for certain public employees who are members of the New York State Teachers' Retirement System. The incentive allows eligible employees who are at least 55 years old with 25 or more years of creditable service to retire without the early retirement reduction that would normally apply. To receive the benefit, the employee's educational employer (such as a school district) must elect to participate by passing a resolution, and the employee must retire during a 60-day open period starting on or after June 30, 2021. The pension benefit costs will be paid by the employers over a period of up to five years starting in the 2022-2023 fiscal year.