NY A07975

Allows New York Power Authority employees who are members of a certified labor organization to retire after 25 years of service regardless of age, with a pension equal to 50% of their final average salary

Creates an alternative retirement option under a new Section 89-z of the Retirement and Social Security Law, which members can choose instead of other available retirement plans

Grants full service credit for military service in wartime (post-World War I) for members who were in state service when entering the armed forces

Requires the New York Power Authority to pay all past service costs, estimated at $15.3 million as a one-time payment, plus approximately $3.0 million in increased annual contributions (averaging 4.0% of salary annually)

Applies to approximately 564 affected employees with combined annual salaries of about $58.8 million, and allows members under Article 14 one year to make an irrevocable election to switch to the new plan