Bill > S05529

This bill enables public employers to offer a temporary retirement incentive to certain public employees. Specifically, it allows eligible employees who are members of a retirement system to retire at age 50 with 25 years of service or age 55 with 10 years of service, without the usual early retirement reductions. The bill defines the types of public employers and eligible employees who can participate, the process for employers to elect to offer the incentive, and the timeframe for the open enrollment period. The pension benefit costs associated with the incentive will be paid by the employers over a 5-year period starting in 2026.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/S5529