Bill > S08038

This bill enacts the State Police Retention Act, which establishes a Deferred Retirement Option Plan (DROP) for members and officers of the New York State Division of State Police. Under this plan, eligible state police officers who have completed 20 years of creditable service can elect to participate in DROP, which allows them to defer receiving their retirement benefits while continuing to work. Participants can choose a DROP period between 12 and 36 months, during which their monthly retirement benefit is held by the retirement system and earns 1.5% interest. At the end of the DROP period, the officer is considered retired and can receive their deferred benefits in a lump sum, direct rollover, or partial lump sum. The bill includes provisions for what happens if a participant dies, becomes disabled, or fails to complete their selected service period. The retirement benefit is calculated based on the member's service and final average salary at the start of DROP, with limitations on benefits after 32 years of total service. The act is set to expire five years after becoming law, but members who have elected to participate can complete their chosen DROP period. The fiscal note estimates an initial past service cost of approximately $205 million and anticipates administrative costs for implementation.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8038