S. 9041 Summary

• Authorizes New York City to offer temporary early retirement incentive programs (Parts A and B) to eligible municipal employees in the Teachers' Retirement System, Board of Education Retirement System, and Employees' Retirement System.

• Part A provides eligible employees with up to three years of additional retirement service credit (one-twelfth per year of service) if they retire during a designated open period; eligibility requires continuous active service, seniority-based selection from eligible titles, and written notice at least 21 days before the open period ends.

• Part B allows employees age 55 or older with at least 25 years of creditable service to retire during the open period without early retirement reduction penalties; the city may deny participation for positions deemed critical to public health and safety.

• Requires the City to demonstrate cost savings through eliminating positions, achieving compensation savings where new hire salaries don't exceed half of the vacated employee's two-year salary, or transferring employees into vacant positions; pension benefit costs paid over five-year period maximum.

• Employees cannot receive benefits from both Part A and Part B; benefits are temporary and create no expectation of future retirement incentives; takes effect immediately upon enactment.