NY S04001

Allows counties to elect by resolution or local law to provide an optional 20-year retirement plan for county correction officers and deputy sheriffs performing correction officer duties.

Members participating in the plan may retire after 20 years of creditable service or at age 62, whichever comes first, receiving a pension equal to 1/40 of final average salary per year of service (capped at 50% of final average salary).

Counties may additionally elect to provide an extra pension of 1/60 of final average salary for each year of service beyond 20 years, not exceeding 75% of final average salary total.

Creditable service includes work as sheriffs, deputy sheriffs, correction officers, state police, firefighters, and police officers, provided such service was performed while contributing to the retirement system.

Any past service payment costs resulting from adoption may be amortized over up to 10 years at the county's option, with annual contribution costs estimated at 4.8-7.3% of affected officers' salaries depending on current plan coverage.