Bill > A07975

This bill establishes an optional twenty-five year retirement plan specifically for employees of the New York Power Authority who are members of the labor organization certified to represent such employees. Under this plan, eligible members can retire after completing twenty-five years of total creditable service and receive a pension equal to fifty percent of their final average salary, regardless of their age. The bill modifies existing retirement and social security law to create a new section (89-z) that details the retirement provisions, including full credit for service during wartime and the ability to use this service for other retirement plans. Importantly, the bill stipulates that the New York Power Authority will bear all past service costs associated with implementing this new retirement option, which is estimated to cost approximately $15.3 million as a one-time payment and increase annual contributions by around $3 million. The plan is optional, meaning affected employees can choose to remain in their current retirement plan, but those who elect this new option must do so within one year of the bill's effective date or when they become eligible. The bill aims to provide a more flexible retirement option for a specific group of power authority employees.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7975