NY S07004

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

Provides a retirement allowance equal to 1/40th of final average salary per year of service, capped at 50% of final average salary after 20 years

Allows employers to elect additional pension benefits of 1/60th of final average salary for each year of service beyond 20 years, with total benefits not to exceed 75% of final average salary

Requires mandatory separation from service at the end of the month following the member's 62nd birthday

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