NY A09162

Creates optional twenty-year retirement plan (Section 384-F) for police and fire retirement system members who joined between July 1, 2009 and March 31, 2012 and are not covered by collective bargaining agreements, if their employer elects to offer it.

Members electing this plan are not required to make mandatory contributions under Article 14 or Section 1204 of the retirement law.

Provides six-month window to elect the plan: within six months of becoming a member, within six months after employer makes benefits available, or within six months of the effective date.

Allows members who became part of the system between July 1, 2009 and January 10, 2010 to join special retirement plans under collective bargaining agreements, even if they missed original filing deadlines.

Fiscal impact: Estimated 4.0% increase in annual employer contributions for fiscal year ending March 31, 2015, with additional future costs and past service costs depending on member age, service, and salary.