NY A09155

Creates a Deferred Retirement Option Plan (DROP) allowing State Police members with 20+ years of service to defer retirement benefits while continuing to work for 12 to 36 months

Deferred monthly retirement benefits accumulate in an account earning 1.5% interest, payable as a lump sum, direct rollover, or partial lump sum upon completion of the DROP period

Once a member's total service exceeds 32 years, monthly DROP deposits are reduced to 60% of the single life allowance

Members who die, become disabled, or leave employment before or after their scheduled DROP end date forfeit all DROP benefits and are treated as if no DROP election was made

Estimated one-time past service cost of approximately $205 million to be paid by the State, based on 1,958 eligible members with $333 million in annual salary; bill expires after 5 years