NY S05640

Establishes temporary age 55/25 retirement incentive for members of the New York State Teachers' Retirement System employed by eligible educational employers and represented by New York State United Teachers (NYSUT) unions.

Permits eligible employees age 55 with 25 years of creditable service to retire without early retirement reduction during a 60-day open period beginning on or after June 30, 2018 and ending no later than August 31, 2018.

Requires participating educational employers (school districts, BOCES, vocational boards, and schools for deaf and blind) to adopt a resolution to participate and file it with the retirement system.

Pension benefit costs of approximately $210 million in present value shall be paid by participating employers over a period not exceeding five years, beginning in fiscal year 2019-20, with estimated annual cost of $56.2 million or 0.34% of payroll.

Benefit is temporary and creates no expectation of future or continuing retirement benefits for employees not eligible to receive and qualify during the specified open period.