NY A07601

Creates Article 14-C of the Retirement and Social Security Law establishing an optional twenty-year retirement plan for county correction officers and deputy sheriffs performing correction officer duties (at least 50% of service).

Allows counties to elect by resolution or local law to provide benefits, including retirement after twenty years of service or at age 62 with a pension equal to one-fortieth of final average salary per year of service, capped at 50% of final average salary.

Permits counties to further elect to provide additional pension benefits equal to one-sixtieth of final average salary for each year of service exceeding twenty years, with total benefits not exceeding 75% of final average salary.

Requires participating employers to make additional contributions calculated by the retirement system actuary to cover the cost of enhanced pensions, with past service payments allowed to be amortized over up to ten years.

Includes creditable service for prior work as a sheriff, deputy sheriff, state police officer, firefighter, or police officer performed while contributing to the retirement system.