Bill > A06566

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 and have at least 25 years of service to retire without the early retirement reduction that would normally apply. Educational employers, such as school districts and boards of cooperative educational services, can elect to provide this incentive to their employees during a 60-day open period starting on or after June 30, 2024. Participating employers will pay the cost of the incentive over a period of up to five years. The bill clarifies that it does not affect any existing retirement incentives or inducements negotiated prior to its effective date.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/A6566