NY A10950

Creates an optional 20-year retirement plan for county correction officers and deputy sheriffs engaged in correction officer duties, available only in counties that elect to provide the benefit by resolution or local law.

Allows eligible members to retire after 20 years of creditable service or at age 62, whichever comes first, receiving a pension of one-fortieth of final average salary per year of service, not exceeding one-half of final average salary.

Permits participating employers to offer an additional pension benefit of one-sixtieth of final average salary for each year of service exceeding 20 years, with total allowance capped at three-quarters of final average salary.

Requires employers to make additional contributions calculated by the retirement system actuary to cover the cost of increased pension benefits, with past service payments allowed to be amortized over up to ten years.

Members may elect to participate within one year of becoming eligible, may withdraw their election after holding it for one year, and full credit is granted for military service and other law enforcement service.