Bill > A07360

This bill amends the retirement and social security law to provide an enhanced retirement benefit for certain correction officers employed by Nassau County. Specifically, the bill allows correction officers with titles such as correction recruit, correction officer, corporal, sergeant, lieutenant, and captain to receive a retirement allowance of 60 percent of their final average salary upon completing 30 years of service, compared to the previous benefit of 50 percent upon completing 25 years of service. The bill also ensures that full credit is given for service during wartime for members who were employed by Nassau County at the time of entering the armed forces. The financial impact of this change is estimated to increase Nassau County's annual retirement contributions by approximately $390,000, with an immediate one-time past service cost of around $5.50 million. Nassau County can choose to amortize this one-time cost over a 10-year period, with annual payments of $703,000 including interest. The bill applies to all members who retire on or after its effective date and is based on data from 713 affected members with an annual salary of approximately $90.5 million as of March 31, 2024.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7360