NY A10744

Allows hourly-rate general members employed by the Power Authority of the State of New York at specified facilities to retire without reduction of benefits at age 55 with 30 years of service, matching benefits available to peace officers and teachers.

Applies to employees at generating stations, operation and maintenance centers, substations, remote metering and equipment delivery points, including Blenheim-Gilboa Project, St. Lawrence Project, Niagara Project, James A. Fitzpatrick Plant, and Clark Energy Center.

Amends sections 442, 503, and 603 of the Retirement and Social Security Law to include Power Authority hourly employees in early service retirement provisions.

Estimated fiscal impact of approximately $27,000 annually for fiscal year 2017 (0.6% of Tier 5 compensation and 0.8% of Tier 6 compensation), plus a one-time past service cost of approximately $44,800.

Applies to approximately 57 affected members represented by Local 2104 of the International Brotherhood of Electrical Workers, AFL-CIO.