NY A07925

Creates a new optional 20-year retirement plan for New York State correction officers and employees directly engaged in correction officer duties, allowing retirement after 20 years of service or at age 62

Provides a retirement benefit equal to 1/40th of final average salary per year of service, capped at 50% of final average salary; employers may elect to provide additional 1/60th per year beyond 20 years, up to 75% of final average salary

Allows crediting of prior service as state police, firefighters, or police officers toward the 20-year requirement, plus full credit for military service

Requires mandatory separation from service at age 62 for participants in this plan

Estimated fiscal impact of $61-79 million in annual contributions to the state, plus a one-time past service cost of $756 million to $1.29 billion, affecting approximately 15,926 members with $1.5 billion in annual salary