NY A06612

Creates Article 14-C in the Retirement and Social Security Law establishing an optional 20-year retirement plan for county correction officers and deputy sheriffs performing correction officer duties.

Allows eligible members to retire after 20 years of service or upon attaining age 62, with pension equal to 1/40 of final average salary per year of service, capped at 1/2 of final average salary.

Permits participating counties to elect additional pension benefits of 1/60 of final average salary for each year of service exceeding 20 years, not to exceed 15 additional years, with total allowance capped at 3/4 of final average salary.

Requires counties electing these benefits to make additional employer contributions calculated by the retirement system actuary to cover the increased pension liability, which must be included in annual county appropriations.

Allows counties to amortize any past service payments required by this plan over a period of up to 10 years and takes effect immediately upon enactment.