A11089 Summary

• Part A authorizes NYC to offer a temporary retirement incentive providing up to three years of additional service credit for eligible employees in designated titles, calculated as one-twelfth of a year per year of service

• Part B establishes an age 55/25 program allowing employees age 55 or older with 25+ years of service to retire without early retirement reductions during a designated open period

• Eligible employees must be continuously in active service, file retirement applications during specified open periods (30-90 days for Part A, 90 days for Part B), and cannot receive both Part A and Part B benefits

• NYC must demonstrate cost savings by either eliminating vacated positions, limiting new hire salaries to no more than half of what retiring employees earned over two years, or transferring/reassigning employees to vacant positions

• Pension cost increases from this act are to be paid by NYC over a maximum five-year period starting in the fiscal year following enactment