Bill > S09770

This bill establishes a temporary retirement incentive for certain members of the New York State Teachers' Retirement System. The key provisions are: 1. Eligible employees are members of the Teachers' Retirement System who are employees of an educational employer (e.g., school district, BOCES, etc.), hold a position represented by a NYSUT-affiliated bargaining unit, and have attained age 55 with at least 25 years of service. 2. Eligible employees who retire during a 60-day "open period" starting on or after June 30, 2024 can do so without the early retirement reduction that would normally apply. 3. The pension benefit costs of this incentive will be paid by the participating employers over a period of up to 5 years starting in the 2025-2026 fiscal year. 4. The incentive is temporary and does not create an expectation of a future or continuing retirement benefit for employees not eligible during the specified time period.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/S9770