NY S09277

Establishes an optional 25-year retirement plan for NYC Department of Probation officers who are members of the Employees' Retirement System (NYCERS), effective immediately upon enactment.

Eligible probation officers must elect to participate within 180 days of enactment (or 180 days of becoming a probation officer); participation is mandatory for new Tier 6 members hired after enactment.

Service retirement benefit provides 55% of final average salary for 25 years of service, plus 1.7% of final average salary for each additional year up to 30 years maximum.

Vesting benefit available at 5-24 years of service (Tier 4) or 10-24 years (Tier 6), payable at completion of 25 years (Tier 4) or age 63 (Tier 6), equal to 2.2% of final average salary per year of service.

Participants must contribute an additional 6.75% of compensation in addition to regular member contributions, continuing until the later of one year after the program start date or 30 years of credited service.