The Senate is likely to take up and pass the early retirement bill tomorrow, from what I could gather from conversations on the floor this afternoon just before a brief session. As I mentioned yesterday, the Assembly passed a two-part bill this week which includes a 55/25 provision, although that provision for NYSUT members was passed into law last month. That law was apparently the product of the Tier 5 pension deal.
The new bill would extend 55/25 to other public sector workers, along with the other part which 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." The governor is expected to sign the measure, and to commit the executive branch to offering it to employees. Other entities such as school districts will have the option of whether or not to provide the benefit.
The Senate now stands at ease, while the Assembly session has yet to start.
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