NY S08788

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

Reduces the normal retirement age from 63 to 62 for peace officers and uniformed court officers employed by the unified court system who are Tier 6 members.

Removes the restriction that previously limited the 55/30 benefit to court officers who became members before April 1, 2012, extending eligibility to all court officers regardless of membership date.

Reduces the early retirement benefit penalty from 6.5% per year to a lower rate for court officers and peace officers who retire before age 62.

Estimated cost of approximately $34.2 million in present value of benefits, with a retrospective cost of $18.9 million and ongoing annual prospective costs of approximately $2.2 million beginning in fiscal year 2025.