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Legislation providing an early retirement incentive for certain employees of educational entities signed into law

Legislation providing an early retirement incentive for certain employees of educational entities signed into law
S6972A/A.10065A into law

Governor Paterson signed S6972A/A.10065A into law.

In the words of the Act, it authorizes a temporary retirement incentive for "certain employees" of:

1. a school district; or

2. a board of cooperative educational services; or

3. a vocational education and extension board; or

4. an institution for the instruction of the deaf and of the blind as enumerated in section 4201 of the Education Law; or

5. a school district as enumerated in section 1 of chapter 566 of the laws of 1967, as amended.

To be eligible for the "early retirement" incentive, the employee:

1. must serve in a position represented by a "recognized collective bargaining" unit affiliated with the New York State United Teachers; and

2. the employee must participate in the New York State Teachers' Retirement System or the New York State and Local Employees' Retirement System.

The bill set out a temporary retirement incentive and permits a Tier 2, 3 and 4 retirement system member to retire without early retirement reductions upon retirement if he or she is at least age 55 with at least 25 years of service during the 90-day "window of opportunity" to so retire.

In order to be eligible to qualify to receive the early retirement benefit upon his or her retirement, the eligible individual must retire during the designated 90-day open period, which commences on June 1, 2010.

Currently at least 30 years of service are required in order to retire without reduction.

Full post as published by New York Public Personnel Law on April 15, 2010 (boomark / email).