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NY S08225
Bill
Status
8/13/2010
Primary Sponsor
George Onorato
Click for details
AI Summary
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Establishes alternative retirement benefits for qualifying members of the New York Power Authority employed at the Charles Poletti 825 MW Powerhouse in Queens, which ceased operations in 2002
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Eligibility requires membership in UWUA Local 1-2, employment in specified job titles at the facility, age 50 or older by November 15, 2010, and no reassignment from the powerhouse after March 1, 2010
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Allows qualifying members to retire without reduction after completing 25 years of creditable service by filing an application during the open period (August 1, 2010 to November 15, 2010)
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Retirement benefit calculated as 2% of final average salary multiplied by years of qualifying service, with applications filed at least 30 days before retirement
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Estimated immediate cost of approximately $2.57 million to be paid by the New York Power Authority as a one-time payment on February 1, 2011
Legislative Description
Provides alternate retirement benefits for employees of the New York Power Authority, who are employed at the Charles Poletti Power Project.
Last Action
VETOED MEMO.6770
8/13/2010