NY S06688

Creates a new optional 20-year retirement plan for county correction officers and deputy sheriffs who perform correction officer duties at least 50% of their service time

Allows eligible members to retire after 20 years of creditable service with a pension equal to 50% of final average salary (calculated at 1/40th per year of service)

Permits counties to elect an additional benefit providing 1/60th of final average salary for each year of service beyond 20 years, with total benefits capped at 75% of final average salary

Requires mandatory separation from service at the end of the calendar month following attainment of age 62

Increases annual employer contributions by 4.0% to 11.8% depending on the member's current plan and benefit options elected, with past service costs that may be amortized over 5 or 10 years at the county's option