NY S08328

Court reporters employed by the unified court system may retire after completing 25 years of creditable service without reduction in retirement benefits.

Retirement allowance equals one-half of final average salary upon completion of 25 years of service, with no early retirement reduction applied.

Tier 5 court reporter members required to contribute only 3% of salary for the first 10 years of service, rather than 3% for all years of service.

Service credit includes all service as a court reporter for the unified court system, with full credit given for military service during wartime.

Estimated annual cost to the state of $3.2 million for Tiers 1-4 plus 4.8% of salary for all Tier 5 court reporters, with a one-time past service cost of approximately $15.2 million; costs borne by the unified court system.