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NY A10263
Bill
Status
2/12/2026
Primary Sponsor
Marianne Buttenschon
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AI Summary
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Creates an optional 25-year retirement plan for New York Power Authority employees in specific job titles including mechanic, technician, electrician, equipment operator, power plant operator, utility security officer, and lineperson who are members of the recognized labor organization
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Allows eligible employees to retire after 25 years of creditable service regardless of age with a retirement allowance equal to 50% of their final average salary
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Requires employees covered under Article 14 to make an irrevocable written election within one year of the effective date or within one year of becoming eligible to participate in the special retirement plan
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Imposes a one-time past service cost of $12.1 million on the New York Power Authority, plus an estimated $1.4 million annual increase in contributions beginning fiscal year 2027
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Applies to approximately 435 affected members with combined annual salaries of approximately $52 million as of March 31, 2025
Legislative Description
Establishes an optional twenty-five year retirement plan for employees of the New York Power Authority with the job title of mechanic, technician, electrician, equipment operator, power plant operator, utility security officer, or lineperson who are a member of the public employee organization certified or recognized to represent employees of such authority.
Last Action
referred to governmental employees
2/12/2026