NY A06566

Establishes a temporary retirement incentive allowing eligible New York State Teachers' Retirement System members to retire at age 55 with 25 years of service without early retirement reductions.

Applies only to employees of participating educational employers (school districts, BOCES, vocational boards, and certain institutions) represented by New York State United Teachers (NYSUT) collective bargaining units.

Requires educational employers to elect participation by adoption of a governing body resolution on or after June 30, 2024, with a 60-day open period for retirement applications beginning no sooner than June 30, 2024 and ending by August 31, 2024.

Requires employees to have been continuously in active service from March 1, 2024 through the commencement date and must file retirement applications at least 14 days prior to their effective retirement date.

Employers who elect to participate must pay pension benefit costs over a five-year period beginning in fiscal year 2026, with estimated annual costs of $64.8 million or 0.33% of payroll.