Bill > A07925

This bill establishes a special optional twenty-year retirement plan for state correction officers and other state employees directly engaged in correction officer duties, allowing them to retire after twenty years of creditable service, which includes service as a correction officer, state police, or a paid firefighter or police officer, with a retirement allowance equal to one-fortieth of their final average salary for each year of service, not exceeding half of their final average salary. Members can also retire upon reaching age sixty-two, receiving a pension based on their years of service and any additional pension for other creditable service, though the total allowance will not exceed half of their final average salary. The state will cover the cost of these increased pensions through additional contributions, and the plan also allows for an optional additional pension for service beyond twenty years, up to three-quarters of the final average salary, if elected by the employer. Importantly, this bill is intended to take effect immediately and carries significant fiscal implications for the state, including increased annual contributions and substantial past service costs, and also raises concerns about maintaining the retirement system's governmental plan status with the Internal Revenue Service (IRS).

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7925