NY S07134

Creates a new optional 20-year retirement plan (Article 14-C) for county correction officers and deputy sheriffs performing correction officer duties whose employer elects to provide it.

Allows eligible members to retire after 20 years of creditable service or at age 62, whichever is later, receiving a pension equal to one-fortieth of final average salary per year of service, capped at 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 beyond 20 years, not exceeding three-quarters of final average salary total.

Requires employers to adopt a resolution or local law to make benefits available and to pay additional actuarial contributions; any past service payments may be amortized over up to 10 years.

Takes effect immediately upon enactment.