NY A07684

Creates 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 benefit reductions

Eligible employees must be members of the teachers' retirement system employed by educational employers (school districts, BOCES, vocational education boards, or schools for the deaf and blind) and hold positions represented by NYSUT-affiliated collective bargaining units

Educational employers must adopt a resolution to participate on or after June 30, 2026, with a 60-day open period for eligible employees to file retirement applications not extending beyond August 31, 2026

Participating employers will pay the pension benefit costs over a period not exceeding five years, beginning in the state fiscal year ending March 31, 2028

Estimated annual cost to participating employers is $86.9 million (0.42% of payroll) per year over the five-year payment period