Bill > A09155

This bill enacts the State Police Retention Act, which creates 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 continue working while deferring their retirement benefits. 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, members will receive their deferred benefits and begin receiving their normal service retirement benefit. The bill includes provisions for various scenarios such as death, disability, or early termination of employment during the DROP period. Members can receive their DROP benefits through a lump sum, direct rollover, or partial lump sum payment. The act will take effect immediately but is set to expire five years after becoming law, though members who have already elected to participate in DROP can complete their selected period. The fiscal note estimates an initial past service cost of approximately $205 million and anticipates administrative costs for implementing the program.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A9155