NY A05679

Allows uniformed court officers and peace officers employed by the unified court system to retire without reduction at age 55 with 30 years of service, regardless of when they became members.

Reduces normal retirement age from 63 to 62 for peace officers and uniformed court officers in the unified court system who became members on or after April 1, 2012.

Eliminates the requirement for members who joined on or after January 1, 2010 to make additional member contributions for all years of credited service when retiring under the 55/30 provision.

Reduces early retirement benefit reductions for uniformed court officers and peace officers in the unified court system retiring before normal retirement age.

Estimated cost to New York State of approximately $27.2 million in present value benefits, with $12.2 million due as a past service cost by March 1, 2024, and approximately $1.6 million in recurring annual costs.