Bill > A10263

This bill establishes an optional twenty-five-year retirement plan for certain employees of the New York Power Authority, specifically those with job titles such as mechanic, technician, electrician, equipment operator, power plant operator, utility security officer, or lineperson, who are members of the recognized labor organization representing these employees. Under this plan, eligible employees can retire after completing twenty-five years of creditable service, which includes all service with the New York Power Authority, and receive a retirement allowance equal to fifty percent of their final average salary, without regard to age. The bill also clarifies that past service costs associated with implementing this act will be borne by the New York Power Authority, and it amends existing retirement and social security laws to incorporate these provisions, allowing these employees to retire earlier than under standard plans and ensuring their retirement benefits are calculated based on this new twenty-five-year service requirement.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A10263