This TU story today says a bill passed by the Assembly Monday "would allow state workers as well as local public employees to retire at age 55 after 25 years of service without penalty." But according to the New York State Teachers Retirement System, "The 55/25 retirement incentive for educators represented by NYSUT, Chapter 45 of the Laws of 2010, was signed into law April 14, 2010. The incentive grants an unreduced retirement benefit to eligible Tier 2, 3 and 4 members who are at least age 55 with a minimum of 25 years of service credit." I think that one just applied to educators.
Confusingly, NYSTRS also refers to "pending legislation" which in Part B "allows Tier 2, 3 and 4 members who are at least age 55 or older with a minimum of 25 years of service credit to retire without an age reduction." Part A of this bill (A11144) "provides one-twelfth of a year of additional service credit for every year of credited service, to a maximum of three years of additional credit." This Part A has aroused the interest of my Tier 1 public school teacher wife, who is not affected by 55/25 legislation. And it's this bill, A11144 , which passed the Assembly this week (so the TU story is not wrong).
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