Bill > A07684

This bill establishes a temporary retirement incentive for certain members of the New York State Teachers' Retirement System, allowing eligible employees who are at least 55 years old and have 25 or more years of creditable service to retire without the typical early retirement benefit reductions. Specifically, the bill creates a 60-day open period starting on or after June 30, 2026, during which educational employers (such as school districts, BOCES, and certain specialized educational institutions) can elect to offer this benefit to employees in positions represented by recognized collective bargaining units affiliated with the New York State United Teachers. To qualify, employees must have been continuously in active service from March 1, 2026, until the start of the open period, file a retirement application during that period, and meet the age and service requirements. The retirement incentive will be available to building-level administrators like principals and assistant principals as well. The pension benefit costs will be paid by participating employers over a period not exceeding five years, starting in the state fiscal year ending March 31, 2028, with an estimated annual cost of $86.9 million. The bill emphasizes that this is a temporary measure and does not create an expectation of ongoing retirement benefits for employees who do not qualify during the specified time frame.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7684