Restores the 20 year service retirement for certain New York city corrections officers and sanitation workers.

This bill restores the 20 year service retirement for certain New York city corrections officers and sanitation workers. It amends the retirement and social security law to allow NYCERS Tier 3 sanitation and correction revised plan members who retire with at least 20 years of service to receive an annual benefit equal to 50% of their Final Average Salary. The normal retirement age for these members is set at the age they complete or would have completed twenty years of service. The bill also adjusts employer contributions and actuarial assumptions to reflect these changes.

Restores the 20 year service retirement for certain New York city corrections officers and sanitation workers.

This bill restores the 20 year service retirement for certain New York city corrections officers and sanitation workers. It amends the retirement and social security law to allow NYCERS Tier 3 sanitation and correction revised plan members who retire with at least 20 years of service to receive an annual benefit equal to 50% of their Final Average Salary. The normal retirement age for these members is set at the age they complete or would have completed twenty years of service. The bill also adjusts employer contributions and actuarial assumptions to reflect these changes.