Bill > A07547

This bill amends the Retirement and Social Security Law to allow certain individuals to receive additional service credit in an optional 20-year retirement plan. Specifically, the bill authorizes state university police officers, regional state park police officers, and detective investigators for the Office of the Attorney General to receive up to 5 years of additional service credit upon completion of 20 years of service and retirement. To obtain this credit, the affected members would be required to pay a contribution equal to 3% of their prior 12 months of compensation for each year of service credit claimed. The additional pension benefit would be calculated as one-sixtieth of the member's final average salary for each year of additional service credit.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/A7547