NY A05013

Creates optional 20-year retirement plan for New York state correction officers and state employees engaged directly in correction officer duties under Article 14-C of the Retirement and Social Security Law.

Eligible members may elect to join within one year of the law's effective date or within one year of becoming a member, with option to withdraw after one year.

Provides retirement benefit equal to one-fortieth of final average salary per year of creditable service, capped at 50% of final average salary after 20 years of service.

Includes creditable service from prior work as state correction officer, state police member, paid firefighter, police officer, or officer in organized fire departments or police forces.

Fiscal cost estimated at $56-75 million annually plus one-time past service cost of $735 million to $1.26 billion, depending on whether additional pension benefits for service beyond 20 years are enacted.